PMV Phar­ma gets a whop­ping $74M round to test a new p53 drug in hu­mans

Arnold Levine

Mu­tant p53 pro­teins have been one of the biggest — and most frus­trat­ing — tar­gets in biotech. But an up­start in Cran­bury, NJ has land­ed a whop­ping $74 mil­lion B round to put its ap­proach to the test.

PMV Phar­ma is fol­low­ing a the­o­ry that’s been fo­cused on be­fore. If mu­tant p53 is the cul­prit, then restor­ing the pro­tein and elim­i­nat­ing the mu­tant es­cape mech­a­nisms that have kept this tar­get out of reach could prove the key to com­ing up with an ef­fec­tive ther­a­py. If they’re right, they can go af­ter a path­way in­volved in rough­ly half of all tu­mors.

PMV was co-found­ed by Arnold Levine, who’s de­vot­ed much of his ca­reer to study­ing p53. And it has a far way to go as it looks to get out of pre­clin­i­cal work and in­to the clin­ic for hu­man test­ing.

Top­spin Biotech Fund led a group of in­vestors with Eu­clid­ean Cap­i­tal, with par­tic­i­pa­tion from ex­ist­ing in­vestors In­ter­West Part­ners, Or­biMed Ad­vi­sors, and Os­age Uni­ver­si­ty Part­ners.

“This fi­nanc­ing pro­vides PMV Phar­ma with the re­sources to broad­ly ex­pand our pipeline and to bring p53 ther­a­pies to the clin­ic,” said David Mack, the CEO of PMV Phar­ma­ceu­ti­cals.  “We are ex­cit­ed to have Top­spin join us in our pur­suit of de­vel­op­ing mean­ing­ful new med­i­cines for large seg­ments of the can­cer pop­u­la­tion. The en­thu­si­asm and con­fi­dence from our new and ex­ist­ing in­vestors un­der­score the im­por­tant ad­vances we have made.”

'Chang­ing the whole game of drug dis­cov­ery': Leg­endary R&D vet Roger Perl­mut­ter leaps back in­to work as a biotech CEO

Roger Perlmutter needs no introduction to anyone remotely involved in biopharma. As the R&D chief first at Amgen and then Merck, he’s built a stellar reputation and a prolific career steering new drugs toward the market for everything from cancer to infectious diseases.

But for years, he’s also held a less known title: science partner at The Column Group, where he’s regularly consulted about the various ideas the VCs had for new startups.

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The DCT-OS: A Tech­nol­o­gy-first Op­er­at­ing Sys­tem - En­abling Clin­i­cal Tri­als

As technology-enabled clinical research becomes the new normal, an integrated decentralized clinical trial operating system can ensure quality, deliver consistency and improve the patient experience.

The increasing availability of COVID-19 vaccines has many of us looking forward to a time when everyday things return to a state of normal. Schools and teachers are returning to classrooms, offices and small businesses are reopening, and there’s a palpable sense of optimism that the often-awkward adjustments we’ve all made personally and professionally in the last year are behind us, never to return. In the world of clinical research, however, some pandemic-necessitated adjustments are proving to be more than emergency stopgap measures to ensure trial continuity — and numerous decentralized clinical trial (DCT) tools and methodologies employed within the last year are likely here to stay as part of biopharma’s new normal.

UP­DAT­ED: Pfiz­er hits the brakes on their piv­otal tri­al for a BC­MA/CD3 bis­pe­cif­ic on safe­ty con­cerns while FDA road­block is hold­ing up Duchenne MD PhI­II

Pfizer’s ambitious plan to take a Phase II study of its BCMA CD3-targeted bispecific antibody elranatamab (PF-06863135) and run it through to an accelerated approval has derailed.

The pharma giant said in a release this morning that they have halted enrollment for their MagnetisMM-3 study after researchers tracked three cases of peripheral neuropathy in the ongoing Phase I. They are now sharing info with the FDA as they explore the red safety flag.

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FDA ex­tends re­search agree­ment with MIT-li­censed or­gan-on-chip sys­tems

The FDA on Wednesday extended its four-year agreement with CN Bio, a developer of single- and multi-organ-on-chip systems used for drug discovery, for another three years.

CN Bio said the scope of the research performed by the FDA’s Center for Drug Evaluation and Research has expanded to include the exploration of the company’s lung-on-a-chip system to help with the agency’s evaluation of inhaled drugs, in addition to the agency’s work on its liver model.

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In quest to meet user fee goals, FDA’s per­for­mance con­tin­ues down­ward trend

A recent update to the FDA’s running tally of how it’s meeting its user fee-related performance goals during the pandemic shows an agency that is not out of the woods yet.

The latest numbers reveal that for a second straight quarter in 2021, the FDA has met its user fee goal dates for 93% of original new drug applications, which compares with 94% and 98% for the previous two quarters in 2020, respectively.

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Josh Bilenker, Endpoints JPM 2020

Josh Bilenker and Jeff En­gel­man bun­dle a moth­er lode of cash for their stealthy start­up, at­tract­ing a who's who of biotech in­vestors

Josh Bilenker and Jeff Engelman won’t be worrying about money for their stealthy startup anytime soon.

Late last week the pair filed a Form D for their new biotech Treeline Biosciences outlining a $212 million raise for their new company — which Bilenker founded around the time he ejected from his top position at Eli Lilly’s oncology group.

Their plan is to top out the raise at $220 million, but with Bilenker’s list of marquee investors on board for his latest creation, that won’t be much of a stretch.

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Cynthia Butitta (L) and Joe Jimenez

Is that an­oth­er IPO in the mak­ing? Ex-No­var­tis CEO Joe Jimenez and a lead Kite play­er take up new posts at an off-the-shelf ri­val to 2 pi­o­neer­ing drugs

Right on the heels of taking on a $160 million crossover round in a likely leap to Nasdaq, Century Therapeutics CEO Lalo Flores is now pushing ahead with the high-profile ex-Novartis chief Joe Jimenez as chairman.

Jimenez’s greatest fame at Novartis was earned for one of its weakest products, as their pioneering personalized CAR-T Kymriah won the honors for the first such drug to make it to the market. Now a host of players, including Century, are barreling in behind the frontrunners with allogeneic rivals that can be created for off-the-shelf use.

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Joe Wiley, Amryt CEO

A biotech with a yen for pricey rare dis­ease drugs — and bar­gain base­ment shop­ping — adopts an­oth­er or­phan in lat­est M&A pact

After making it through a long, painful haul to get past a CRL and on to an FDA approval last summer, little Chiasma has found a buyer.

Amryt $AMYT, a company known for its appetite for acquiring expensive drugs for rare diseases at bargain prices, snagged Chiasma and its acromegaly drug Mycapssa (octreotide) capsules in an all-stock deal — with an exchange of 0.396 shares of Amryt for every share of Chiasma.

Ngozi Okonjo-Iweala, Director general of WTO (AP Photo/Keystone/Alessandro Della Bella)

Opin­ion: Waiv­ing Covid-19 vac­cine IP could save lives, but where is the man­u­fac­tur­ing ca­pac­i­ty?

Droves of House Democrats in Washington and members of the European Parliament have now glommed onto a major push by India and South Africa at the WTO to abolish all IP around Covid-19 vaccines.

At first blush, waiving this IP sounds like an easy win: More Covid-19 vaccines made locally for more people means more lives saved. Simple enough, especially as low-income countries have received just a tiny fraction of the world’s vaccine allotment so far.