Nasdaq delists Insys after bankruptcy filing; China's Zai Lab licenses solid tumor drug from Deciphera
→ On the heels of a bankruptcy filing, Insys announced that it’s getting delisted from the Nasdaq. Trading of the stock $INSY — relegated to the over-the-market these days — will come to a halt on June 19, 2019. The opioid maker, which agreed to pay $225 million to settle the US government’s investigations into the marketing practices around its fentanyl spray Subsys, does not plan on appealing the determination.
→ Deciphera Pharmaceuticals has found a Chinese partner in Zai Lab, bagging $20 million in upfront cash in exchange for rights to ripretinib in the region. Now tested in Phase III, the drug is a kinase switch control inhibitor designed to treat gastrointestinal stromal tumors and other solid tumors driven by KIT or PDGFRα.
→ Germany’s Evotec has secured a grant from the Bill & Melinda Gates Foundation to run some analysis on how to best combine current treatments for tubercolosis by generating standardized, high-quality preclinical data. The company will receive $23.8 million over five years for the work, with a goal to come up with new regimens that are “safer, shorter in duration and more efficacious than the current standard of care.”
→ Lund University spinout SAGA Diagnostics has raised 40 million SEK (around $4.1 million) in venture-backed financing to advance ultrasensitive cancer liquid biopsies. Hadean Ventures, a Nordic-focused European life science fund manager, leads the round along with existing shareholders including Fårö Capital and the Gunnar Nilsson Cancer Foundation.