Burt Adelman. Novo Ventures

Here's a $25M seed fund aimed at back­ing some brash new drug ideas out of the Broad

As a for­mer aca­d­e­m­ic and a sea­soned drug de­vel­op­er, Burt Adel­man knew when he was re­cruit­ed as a se­nior ad­vi­sor to No­vo Ven­tures in 2017 that one of his key pri­or­i­ties needs to be in­tro­duc­ing the fund to the net­work he was so deeply em­bed­ded in.

“I was think­ing long and hard on how can I, as a Boston in­sid­er, help No­vo re­al­ly get in­side the ecosys­tem of Boston biotech?” he re­called in an in­ter­view with End­points News.

Is­si Rozen

No­vo Ven­tures, whose head­quar­ters is lo­cat­ed in a Dan­ish cam­pus that al­so hous­es No­vo Nordisk Foun­da­tion, had just re­cent­ly put its foot down in the city. De­spite its broad in­vest­ment man­date in life sci­ences and steady cash flow — it can in­vest any­where be­tween $400 mil­lion to $500 mil­lion per year — it didn’t have the con­nec­tions that oth­er, per­haps small­er, VCs in the area en­joyed. The per­ceived as­so­ci­a­tion with the di­a­betes drug­mak­er per­haps didn’t help, even though the two en­ti­ties are sep­a­rate­ly held by No­vo Hold­ings.

Adel­man found the an­swer while found­ing an­oth­er start­up, Verve Ther­a­peu­tics, with gene edit­ing tech out-li­censed from the Broad In­sti­tute. Catch­ing up with Broad chief busi­ness of­fi­cer Is­si Rozen, he re­al­ized that there was a press­ing need for fund­ing aca­d­e­m­ic projects that were too ad­vanced for NIH grants but not yet ma­ture enough for bio­phar­ma com­pa­nies to bet on.

The ex­plo­sion of new bi­o­log­i­cal con­cepts worth ex­plor­ing and new tar­gets worth val­i­dat­ing, Rozen said, al­so meant an op­por­tu­ni­ty for new part­ners — in ad­di­tion to its ex­ist­ing pacts with phar­ma and VCs like Deer­field — to step up.

“If you asked peo­ple 8 to 10 years ago what is an ide­al can­di­date to start talk­ing about ei­ther a ther­a­peu­tic dis­cov­ery to out-li­cense or start a com­pa­ny around, they would say 12 to 18 months from the clin­ic,” Rozen told End­points News. “Here we’re talk­ing about years be­fore the clin­ic. We’re re­al­ly shift­ing back.”

Scott Beard­s­ley

No­vo is chip­ping in $25 mil­lion to be­come a part­ner on that front over the next five years. All 4,000 of the in­ves­ti­ga­tors af­fil­i­at­ed with the Broad can ap­ply to the ac­cel­er­a­tor, dubbed No­vo Broad Green­house, for around $500,000 to test their ideas with­in a year and a half. If they pass the seed stage, No­vo will fund the projects fur­ther through a sprout stage un­til they are ready to bloom — ei­ther through a biotech spin­off or phar­ma out-li­cens­ing.

“The Broad Green­house was re­al­ly a way to help us start at that ear­li­est point in that cy­cle,” said Scott Beard­s­ley, man­ag­ing part­ner at No­vo Ven­tures about their vi­sion to be the “cra­dle of great life sci­ences.”

Beard­s­ley, Adel­man and Karen Hong, a part­ner in the Boston of­fice, are No­vo’s three per­ma­nent rep­re­sen­ta­tives on the Green­house’s joint steer­ing com­mit­tee, meet­ing every quar­ter with their coun­ter­parts from the Broad’s Cen­ter for the De­vel­op­ment of Ther­a­peu­tics (CDoT). When they are not con­ven­ing, the com­mit­tee al­so coach­es in­ves­ti­ga­tors on putting their ideas in the con­text of drug dis­cov­ery.

Hav­ing earned her PhD in Er­ic Lan­der’s lab be­fore he be­came the Broad’s di­rec­tor, Hong has first­hand knowl­edge of the in­sti­tute’s hu­man ge­net­ic ori­en­ta­tion.

Karen Hong

One ex­am­ple would be the work be­ing done by Dana-Far­ber re­searchers Kent Mouw and Eli Van Allen, one of five projects al­ready en­rolled in the Green­house. In their study of “ex­cep­tion­al re­spon­ders,” on­col­o­gists iden­ti­fied a cer­tain ge­net­ic mu­ta­tion that ap­peared to break a pro­tein and in­ter­fered with DNA re­pair. Pa­tients with that mu­ta­tion were al­so hy­per-re­cep­tive to plat­inum-based chemother­a­py. But they weren’t quite sure why — and they didn’t have the mon­ey to find out.

“Try­ing to come up with a sen­si­tiz­er to an old-fash­ioned chemother­a­py isn’t the most tra­di­tion­al­ly ob­vi­ous thing to do. And it’s pret­ty high-risk,” said Van Allen in a blog post.

With mon­ey from No­vo and sup­port from CDoT, their team will now screen small mol­e­cules in hopes of find­ing one that mim­ics the ef­fects of the bro­ken gene.

The Broad’s es­tab­lished re­la­tion­ship co­or­di­na­tion has saved every­one lots of pa­per­work, Adel­man said. And terms are al­ready in place for when No­vo wants to take an idea to the com­pa­ny cre­ation stage.

“We are not rip­ping the ba­by from the ma­ma,” he said. “We are ac­tu­al­ly cre­at­ing an en­vi­ron­ment where the sci­en­tists who have dis­cov­ered these ideas are in­ti­mate­ly in­volved go­ing for­ward in the process of ad­vanc­ing the idea to the ex­tent that even some of the fund­ing goes di­rect­ly back in their labs.”

That could mean a lot for the sci­en­tif­ic com­mu­ni­ty at large, Rozen added.

“Here we have very much in­creased ca­pac­i­ty to pros­e­cute ini­tial projects at a very large scale,” he said. “This is sig­nif­i­cant for fac­ul­ty to have this op­por­tu­ni­ty to ad­vance this sci­ence.”

Nick Galakatos, Blackstone global head of life sciences

Nick Galakatos and the Black­stone team now have a record $4.6B to in­vest in bio­phar­ma, with a big fo­cus on push­ing com­pa­nies over the top

Nick Galakatos and his team at Blackstone Life Sciences have seen their biggest opportunities swell up in mostly established players who don’t have all the money they need to accomplish everything on the to-do list. And right now, with the industry booming, that’s a long list with some hefty needs.

The Blackstone team has neatly tied up the largest private fund ever raised in life sciences for making big dreams come true in biopharma. Late Thursday, Blackstone put out word that they had closed their highly anticipated fund with the projected $4.6 billion all in.

Endpoints News

Keep reading Endpoints with a free subscription

Unlock this story instantly and join 85,100+ biopharma pros reading Endpoints daily — and it's free.

Bio­gen shares spike as ex­ecs com­plete a de­layed pitch for their con­tro­ver­sial Alzheimer's drug — the next move be­longs to the FDA

Biogen is stepping out onto the high wire today, reporting that the team working on the controversial Alzheimer’s drug aducanumab has now completed their submission to the FDA. And they want the agency to bless it with a priority review that would cut the agency’s decision-making time to a mere 6 months.

The news drove a 10% spike in Biogen’s stock $BIIB ahead of the bell.

Part of that spike can be attributed to a relief rally. Biogen execs rattled backers and a host of analysts earlier in the year when they unexpectedly delayed their filing to the third quarter. That delay provoked all manner of speculation after CEO Michel Vounatsos and R&D chief Al Sandrock failed to persuade influential observers that the pandemic and other factors had slowed the timeline for filing. Actually making the pitch at least satisfies skeptics that the FDA was not likely pushing back as Biogen was pushing in. From the start, Biogen execs claimed that they were doing everything in cooperation with the FDA, saying that regulators had signaled their interest in reviewing the submission.

Endpoints News

Keep reading Endpoints with a free subscription

Unlock this story instantly and join 85,100+ biopharma pros reading Endpoints daily — and it's free.

Regeneron CEO Leonard Schleifer speaks at a meeting with President Donald Trump, members of the Coronavirus Task Force, and pharmaceutical executives in the Cabinet Room of the White House (AP Photo/Andrew Harnik)

OWS shifts spot­light to drugs to fight Covid-19, hand­ing Re­gen­eron $450M to be­gin large scale man­u­fac­tur­ing in the US

The US government is on a spending spree. And after committing billions to vaccines defense operations are now doling out more of the big bucks through Operation Warp Speed to back a rapid flip of a drug into the market to stop Covid-19 from ravaging patients — possibly inside of 2 months.

The beneficiary this morning is Regeneron, the big biotech engaged in a frenzied race to develop an antibody cocktail called REGN-COV2 that just started a late-stage program to prove its worth in fighting the virus. BARDA and the Department of Defense are awarding Regeneron a $450 million contract to cover bulk delivery of the cocktail starting as early as late summer, with money added for fill/finish and storage activities.

Endpoints News

Keep reading Endpoints with a free subscription

Unlock this story instantly and join 85,100+ biopharma pros reading Endpoints daily — and it's free.

Atul Deshpande, Harbour BioMed chief strategy officer & head, US operations (Harbour BioMed)

An­oth­er biotech IPO set-up? Multi­na­tion­al biotech leaps from round to round, scoop­ing up cash at a blis­ter­ing pace

A short four months after announcing a $75 million haul in Series B+ fundraising, the multinational biotech Harbour BioMed pulled in another round of investments and eclipsed the nine-digit mark in the process.

Harbour completed its Series C financing, the company announced Thursday morning, raising $102.8 million and bringing its total investment sum to over $300 million since its founding in late 2016. The biotech plans to use the money to transition early-stage candidates from the discovery phase, fund candidates already in the clinic, and prep late-stage candidates for commercialization.

Endpoints News

Keep reading Endpoints with a free subscription

Unlock this story instantly and join 85,100+ biopharma pros reading Endpoints daily — and it's free.

Gilead boasts of pos­i­tive remde­sivir da­ta on mor­tal­i­ty — but their analy­sis pro­vokes the skep­tics

Gilead is surging again off data that suggest its antiviral remdesivir might improve survival.

The new data come from an analysis Gilead conducted comparing the death rate and recovery time of patients in one of its remdesivir trials to a group of 800 patients “with similar baseline characteristics and disease severity” who received only standard-of-care around the same time. The result, they said, suggested that patients who received remdesivir had a 62% better chance at surviving than those who did not.

Hal Barron, GSK

Win or lose on the mar­ket­ing OK, the FDA just gunned down GSK’s bright hopes for their BC­MA ther­a­py

The FDA’s ODAC — the Oncologic Drugs Advisory Committee — has a well-known bias in favor of adding new cancer drugs to the market, even if efficacy is at best marginal and serious safety issues demand careful management.

Doctors want as many arrows in their quiver as they can get. And when patients are dying after failing multiple drugs, why not give it a go one more time?

GlaxoSmithKline, though, is about to test out how their new BCMA antibody drug conjugate belantamab mafodotin can do after being mauled in an in-house FDA review, ahead of the Tuesday expert panel discussion. Even if the agency goes ahead with an expected green light, this drug will likely be constrained to a small niche — icing any plans they may have for making waves in oncology anytime soon.

Endpoints Premium

Premium subscription required

Unlock this article along with other benefits by subscribing to one of our paid plans.

Covid-19 roundup: BioN­Tech go­ing head-to-head with Mod­er­na as PhI­II mR­NA launch looms; Tri­al on Shin­zo Abe’s once-fa­vorite an­tivi­ral is in­con­clu­sive

It’s a race to the Phase III finish line now for the 2 leading mRNA vaccines in the pipeline for Covid-19.

BioNTech chief Ugur Sahin told the Wall Street Journal that his company will start Phase III testing of their vaccine later this month, setting them up to lateral the data to regulators before the end of this year.

That puts them essentially on the exact same schedule as Moderna is dedicated to. The Massachusetts rival to BioNTech also expects to launch Phase III this month. Lots of rumors have circulated about delays and conflict among the scientists advancing the Moderna jab, but the biotech has consistently stuck to its plan to start a late-stage pivotal this month.

Endpoints News

Keep reading Endpoints with a free subscription

Unlock this story instantly and join 85,100+ biopharma pros reading Endpoints daily — and it's free.

Stephan Christgau, Amanda Hayward, Andreas Segerros and Magnus Persson (Eir Ventures)

A new ven­ture fund amid a pan­dem­ic? In the Nordics? Eir Ven­tures brings it on with €76M first close

From Pharmacia and Lundbeck to Novo Nordisk and AstraZeneca, the Nordic countries have been the birthplace for some legacy pharma companies. But for all that history and reputation, Stephan Christgau counts only five specialized life science investors backing biotechs today.

That leaves plenty of room for Eir Ventures, a brand new venture fund Christgau — one of the founders of Novo Seeds — is launching with three other veteran VCs.

Andrew Kruegel, Kures president and co-founder (Columbia Tech Ventures via Vimeo)

Af­ter psilo­cy­bin and ke­t­a­mine, a new biotech comes along de­vel­op­ing a drug Scott Got­tlieb fought

Andrew Kruegel was six years into his chemistry work at Columbia University, when, one day in August 2016, he learned he might have only 30 days before the government made him destroy his research.

Kruegel had been studying kratom, a leaf long used in Southeast Asia as a stimulant or for pain. It had opioid-like properties, he found, but seemed to offer pain relief without the addictive potential or respiratory side effects of traditional opioids — a riddle that might help illuminate how human opioid receptors work.

Endpoints News

Keep reading Endpoints with a free subscription

Unlock this story instantly and join 85,100+ biopharma pros reading Endpoints daily — and it's free.