Neil Woodford. Woodford Investment Management via YouTube

Neil Wood­ford re­fresh­es port­fo­lio with fire sale while in­vestors pon­der fu­ture of sus­pend­ed fund

Ahead of an ex­pect­ed up­date on the sus­pen­sion of his flag­ship fund, Neil Wood­ford has re­port­ed­ly raised £459 mil­lion from share sales across his port­fo­lio of funds, City­wire re­ports.

The in­vest­ment man­age­ment firm is hold­ing some of it in cash while putting the rest to use in oth­er stocks, a spokesper­son told Bloomberg — which counts at least £300 mil­lion ($379 mil­lion) in sales from the frozen Eq­ui­ty In­come Fund. Sell­ing off illiq­uid or un­list­ed as­sets is key to Wood­ford’s turn­around mis­sion for the fund, which was suf­fer­ing from an ex­o­dus of in­vestors that shrunk the fund from £10.2 bil­lion to £3.7 bil­lion in two years and squeezed its abil­i­ty to meet any fur­ther re­demp­tions.

“We haven’t dis­put­ed the City­wire or Bloomberg sto­ries, but we do not pro­vide con­fir­ma­tion of every sale or stock bought by Wood­ford,” a spokesper­son told me in re­sponse to a query. “The de­ci­sion on sus­pen­sion is made by Link, the ACD for the fund, and I be­lieve they are plan­ning to make an an­nounce­ment lat­er to­day.”

Link Fund So­lu­tions is tech­ni­cal­ly the “au­tho­rized cor­po­rate di­rec­tor” that del­e­gat­ed Wood­ford’s firm to man­age its funds.

Af­ter abrupt­ly no­ti­fy­ing in­vestors that they would not be al­lowed to re­deem, sell, trans­fer or can­cel their shares in the Wood­ford Eq­ui­ty In­come Fund for at least 28 days, Wood­ford ex­plained that he need­ed the time and re­sources to re­bal­ance the port­fo­lio. To­day marks the end of that four-week time­frame.

Through pub­lic fil­ings and da­ta, Bloomberg found that since dis­clos­ing the dras­tic mea­sure in June, he has sold shares in BCA Mar­ket­place, NewRiv­er RE­IT and Oak­ley Cap­i­tal In­vest­ments, among oth­er po­si­tions.

On top of that, he’s al­so of­floaded stakes in Mereo Bio­phar­ma, e-Ther­a­peu­tics and Sen­syne Health, ac­cord­ing to City­wire. Some sales had ap­par­ent­ly come from the Wood­ford In­come Fo­cus Fund, which is still open and has lost in­vestors de­spite Wood­ford’s best ef­forts. The Pa­tient Cap­i­tal Trust is al­so ex­plor­ing sales af­ter trad­ing down al­most 30% on the Lon­don Stock Ex­change, in part to help cut bor­row­ing.

Days ago, UK fi­nan­cial reg­u­la­tors say they are now tak­ing a hard look in­to the sus­pen­sion of the Eq­ui­ty Fund. How Wood­ford man­aged the liq­uid­i­ty of the fund will like­ly be the cen­ter of the Fi­nan­cial Con­duct Au­thor­i­ty’s scruti­ny.

As in­vestors anx­ious­ly await an up­date, the Times is re­port­ing that Link plans to con­tin­ue the sus­pen­sion in­def­i­nite­ly be­cause they deem the Eq­ui­ty Fund un­pre­pared for the flood of ex­pect­ed re­demp­tion re­quests.

We will be watch­ing for the of­fi­cial re­lease when it drops.

It’s fi­nal­ly over: Bio­gen, Ei­sai scrap big Alzheimer’s PhI­I­Is af­ter a pre­dictable BACE cat­a­stro­phe rais­es safe­ty fears

Months after analysts and investors called on Biogen and Eisai to scrap their BACE drug for Alzheimer’s and move on in the wake of a string of late-stage failures and rising safety fears, the partners have called it quits. And they said they were dropping the drug — elenbecestat — after the independent monitoring board raised concerns about…safety.

We don’t know exactly what researchers found in this latest catastrophe, but the companies noted in their release that investigators had determined that the drug was flunking the risk/benefit analysis.

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Lisa M. DeAngelis, MSKCC

MSK picks brain can­cer ex­pert Lisa DeAn­ge­lis as its next CMO — fol­low­ing José Basel­ga’s con­tro­ver­sial ex­it

It’s official. Memorial Sloan Kettering has picked a brain cancer expert as its new physician-in-chief and CMO, replacing José Baselga, who left under a cloud after being singled out by The New York Times and ProPublica for failing to properly air his lucrative industry ties.

His replacement, who now will be in charge of MSK’s cutting-edge research work as well as the cancer care delivered by hundreds of practitioners, is Lisa M. DeAngelis. DeAngelis had been chair of the neurology department and co-founder of MSK’s brain tumor center and was moved in to the acting CMO role in the wake of Baselga’s departure.

Penn team adapts CAR-T tech, reengi­neer­ing mouse cells to treat car­diac fi­bro­sis

After establishing itself as one of the pioneer research centers in the world for CAR-T cancer therapies, creating new attack vehicles to eradicate cancer cells, a team at Penn Medicine has begun the tricky transition of using the basic technology for heart repair work.

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Tal Zaks. Moderna

The mR­NA uni­corn Mod­er­na has more ear­ly-stage hu­man da­ta it wants to show off — reach­ing new peaks in prov­ing the po­ten­tial

The whole messenger RNA field has attracted billions of dollars in public and private investor cash gambled on the prospect of getting in on the ground floor. And this morning Boston-based Moderna, one of the leaders in the field, wants to show off a few more of the cards it has to play to prove to you that they’re really in the game.

The whole hand, of course, has yet to be dealt. And there’s no telling who gets to walk with a share of the pot. But any cards on display at this point — especially after being accused of keeping its deck under lock and key — will attract plenty of attention from some very wary, and wired, observers.

“In terms of the complexity and unmet need,” says Tal Zaks, the chief medical officer, “this is peak for what we’ve accomplished.”

Moderna has two Phase I studies it wants to talk about now.

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It's not per­fect, but it's a good start: FDA pan­elists large­ly en­dorse Aim­mune's peanut al­ler­gy ther­a­py

Two days after a fairly benign review from FDA staff, an independent panel of experts largely endorsed the efficacy and safety of Aimmune’s peanut allergy therapy, laying the groundwork for approval with a risk evaluation and mitigation strategy (REMS).

Traditionally, peanut allergies are managed by avoidance, but the threat of accidental exposure cannot be nullified. Some allergists have devised a way to dose patients off-label with peanut protein derived from supermarket products to wean them off their allergies. But the idea behind Aimmune’s product was to standardize the peanut protein, and track the process of desensitization — so when accidental exposure in the real world invariably occurs, patients are less likely to experience a life-threatening allergic reaction.

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Rit­ter bombs fi­nal PhI­II for sole lac­tose in­tol­er­ance drug — shares plum­met

More than two years ago Ritter Pharmaceuticals managed to find enough silver lining in its Phase IIb/III study — after missing the top-line mark — to propel its lactose intolerance toward a confirmatory trial. But as it turned out, the enthusiasm only set the biotech and its investors up to be sorely disappointed.

This time around there’s little left to salvage. Not only did RP-G28 fail to beat placebo in reducing lactose intolerance symptoms, patients in the treatment group actually averaged a smaller improvement. On a composite score measuring symptoms like abdominal pain, cramping, bloating and gas, patients given the drug had a mean reduction of 3.159 while the placebo cohort saw a 3.420 drop on average (one-sided p-value = 0.0106).

Ear­ly snap­shot of Ad­verum's eye gene ther­a­py sparks con­cern about vi­sion loss

An early-stage update on Adverum Biotechnologies’ intravitreal gene therapy has triggered investor concern, after patients with wet age-related macular degeneration (AMD) saw their vision deteriorate, despite signs that the treatment is improving retinal anatomy.

Adverum, on Wednesday, unveiled 24-week data from the OPTIC trial of its experimental therapy, ADVM-022, in six patients who have been administered with one dose of the therapy. On average, patients in the trial had severe disease with an average of 6.2 anti-VEGF injections in the eight months prior to screening and an average annualized injection frequency of 9.3 injections.

Alex Ar­faei trades his an­a­lyst's post for a new role as biotech VC; Sanofi vet heads to Vi­for

Too often, Alex Arfaei arrived too late. 

An analyst at BMO Capital Markets, he’d meet with biotech or pharmaceutical heads for their IPO or secondary funding and his brain, trained on a biology degree and six years at Merck and Endo, would spring with questions: Why this biomarker? Why this design? Why not this endpoint? Not that he could do anything about it. These execs were coming for clinical money; their decisions had been made and finalized long ago.

Arde­lyx bags its first FDA OK for IBS, set­ting up a show­down with Al­ler­gan, Iron­wood

In the first of what it hopes will be a couple of major regulatory milestones for its new drug, Ardelyx has bagged an FDA approval to market Ibsrela (tenapanor) for irritable bowel syndrome.

The drug’s first application will be for IBS with constipation (IBS-C), inhibiting sodium-hydrogen exchanger NHE3 in the GI tract in such a way as to increase bowel movements and decrease abdominal pain. This comes on the heels of two successful Phase III trials.