Todd Harris (L) and Daniel Bensen (Tyra)

RA Cap­i­tal aims to take pre­clin­i­cal biotech to Nas­daq as Tyra files S-1 dur­ing sum­mer lull

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The sum­mer has brought a rel­a­tive breather to the IPO mar­ket af­ter sev­er­al months of boom­ing funds, but the biotech sec­tor saw a new fil­ing last Fri­day in Tyra Bio­sciences.

Based out of Carls­bad, CA, Tyra pen­ciled in a $100 mil­lion ask ahead of the week­end, com­ing less than five months af­ter it com­plet­ed a $106 mil­lion Se­ries B. Tyra’s ul­ti­mate raise may prove greater than the ini­tial es­ti­mate as it’s raised near­ly $160 mil­lion over­all, but the biotech has yet to get any of its ex­per­i­men­tal drugs in­to hu­man test­ing, with the lead pro­gram for blad­der can­cer ex­pect­ed to see an IND fil­ing in mid-2022.

RA Cap­i­tal Man­age­ment and Box­er Cap­i­tal have been there every step of the way for Tyra, and each will take home a nice IPO prize by virtue of own­ing a near­ly 20% stake pre-of­fer­ing. Al­ta Part­ners and Canaan have al­so con­tributed re­peat­ed­ly, lead­ing to 13% and 14.6% stakes, re­spec­tive­ly.

Tyra’s stat­ed goals all deal with en­sur­ing can­cer pa­tients can con­tin­ue tar­get­ed treat­ment should their tu­mors mu­tate or see their ther­a­pies stop work­ing. The biotech has de­vel­oped a plat­form it calls SNAP, which in­volves shoot­ing X-ray beams to dis­cov­er the three-di­men­sion­al struc­ture of a par­tic­u­lar pro­tein.

It’s not a new ap­proach, but Tyra is hop­ing to dif­fer­en­ti­ate it­self with a team that re­peat­ed­ly looks over the mod­els sev­er­al times per week, get­ting as close to an atom-by-atom per­spec­tive of its can­di­dates’ bind­ing process as it can. The pipeline as a whole will be tar­get­ed at the fi­brob­last growth fac­tor re­cep­tor, or FGFR, fam­i­ly, with the lead pro­gram start­ing off at FGFR3.

Known as TYRA-300, the can­di­date is be­ing stud­ied in mus­cle in­va­sive blad­der can­cer and sol­id tu­mors. The MIBC field has on­ly seen one FDA-ap­proved FGFR3 in­hibitor, and Tyra is aim­ing to po­si­tion it­self as a sec­ond-gen­er­a­tion play­er by de­sign­ing TYRA-300 to avoid the phe­nom­e­non of “gate­keep­er mu­ta­tions” that it says have lim­it­ed the ef­fi­ca­cy of that drug, J&J’s Balver­sa.

Funds from the IPO will go to­ward launch­ing a Phase I/II clin­i­cal tri­al for this pro­gram and tak­ing it through the Phase I por­tion, though it’s un­clear when the study will be­gin — and how much Tyra will spend — giv­en the IND is like­ly about a year away. The biotech al­so out­lined fund­ing plans for two oth­er pro­grams in the S-1: an FGFR2 in­hibitor and a sep­a­rate FGFR3 pro­gram for achon­dropla­sia.

Two founders and mem­bers of Tyra’s C-suite will be adding to their per­son­al bank ac­counts as well. CEO Todd Har­ris gets a 7.2% stake ahead of the IPO, while COO Daniel Bensen has a 2.7% piece of the pie.

Though the groundswell of biotech IPOs has slowed down in Au­gust, 2021 is still on pace to eclipse 2020’s record year. More than 80 com­pa­nies have com­bined to raise near­ly $13 bil­lion, in the first sev­en and a half months of the year, per the End­points News’ tal­ly. Last year, 91 biotechs raised $16.5 bil­lion in IPOs, ac­cord­ing to Nas­daq fig­ures.

The Price of Re­lief: Ex­plor­ing So­lu­tions to the Ris­ing Costs of On­col­o­gy Drugs

In 2020, The National Cancer Institute estimated about 1.8 million new cases of cancer diagnosed in the United States, while the costs associated with treatment therapies continued to escalate. Given the current legislative climate on drug pricing, it’s never been more important to look at the evolution of drug pricing globally and control concerns of sustainable and affordable treatments in oncology.

Lat­est news on Pfiz­er's $3B+ JAK1 win; Pacts over M&A at #JPM22; 2021 by the num­bers; Bio­gen's Aduhelm reck­on­ing; The sto­ry of sotro­vimab; and more

Welcome back to Endpoints Weekly, your review of the week’s top biopharma headlines. Want this in your inbox every Saturday morning? Current Endpoints readers can visit their reader profile to add Endpoints Weekly. New to Endpoints? Sign up here.

For those of you who attended #JPM22 in any shape or form, we hope you had a fruitful time. Regardless of how you spent the past hectic week, may your weekend be just what you need it to be.

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A $3B+ peak sales win? Pfiz­er thinks so, as FDA of­fers a tardy green light to its JAK1 drug abroc­i­tinib

Back in the fall of 2020, newly crowned Pfizer chief Albert Bourla confidently put their JAK1 inhibitor abrocitinib at the top of the list of blockbuster drugs in the late-stage pipeline with a $3 billion-plus peak sales estimate.

Since then it’s been subjected to serious criticism for the safety warnings associated with the class, held back by a cautious FDA and questioned when researchers rolled out a top-line boast that their heavyweight contender had beaten the champ in the field of atopic dermatitis — Dupixent — in a head-to-head study.

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Robert Califf, FDA commissioner nominee (Graeme Sloan/Sipa USA/Sipa via AP Images)

Rob Califf ad­vances as Biden's FDA nom­i­nee, with a close com­mit­tee vote

Rob Califf’s second confirmation process as FDA commissioner is already much more difficult than his near unanimous confirmation under the Obama administration.

The Senate Health Committee on Thursday voted 13-8 in favor of advancing Califf’s nomination to a full Senate vote. Several Democrats voted against Califf, including Sen. Bernie Sanders and Sen. Maggie Hassan. Several other Democrats who aren’t on the committee, like West Virginia’s Joe Manchin and Ed Markey of Massachusetts, also said Thursday that they would not vote for Califf. Markey, Hassan and Manchin all previously expressed reservations about the prospect of Janet Woodcock as an FDA commissioner nominee too.

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Michel Vounatsos, Biogen CEO (World Economic Forum/Ciaran McCrickard)

Bio­gen vows to fight CM­S' draft cov­er­age de­ci­sion for Aduhelm be­fore April fi­nal­iza­tion

Biogen executives made clear in an investor call Thursday they are not preparing to run a new CMS-approved clinical trial for their controversial Alzheimer’s drug anytime soon.

As requested in a draft national coverage decision from CMS earlier this week, Biogen and other anti-amyloid drugs will need to show “a meaningful improvement in health outcomes” for Alzheimer’s patients in a randomized, placebo-controlled trial to get paid for their drugs, rather than just the reduction in amyloid plaques that won Aduhelm its accelerated approval in June.

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CRO own­er pleads guilty to ob­struct­ing FDA in­ves­ti­ga­tion in­to fal­si­fied clin­i­cal tri­al da­ta

The co-owner of a Florida-based clinical research site pleaded guilty to lying to an FDA investigator during a 2017 inspection, revealing that she falsely portrayed part of a GlaxoSmithKline pediatric asthma study as legitimate, when in fact she knew that certain data had been falsified, the Department of Justice said Wednesday.

Three other employees — Yvelice Villaman Bencosme, Lisett Raventos and Maytee Lledo — previously pleaded guilty and were sentenced in connection with falsifying data associated with the trial at the CRO Unlimited Medical Research.

Susan Galbraith, AstraZeneca EVP, Oncology R&D

Can­cer pow­er­house As­traZeneca rolls the dice on a $75M cash bet on a buzzy up­start in the on­col­o­gy field

After establishing itself in the front ranks of cancer drug developers and marketers, AstraZeneca is putting its scientific shoulder — and a significant amount of cash — behind the wheel of a brash new upstart in the biotech world.

The pharma giant trumpeted news this morning that it is handing over $75 million upfront to ally itself with Scorpion Therapeutics, one of those biotechs that was newly birthed by some top scientific, venture and executive talent and bequeathed with a fortune by way of a bankroll to advance an only hazily explained drug platform. And they are still very much in the discovery and preclinical phase.

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‘Skin­ny la­bels’ on gener­ics can save pa­tients mon­ey, re­search shows, but re­cent court de­ci­sions cloud fu­ture

New research shows how generic drug companies can successfully market a limited number of approved indications for a brand name drug, prior to coming to market for all of the indications. But several recent court decisions have created a layer of uncertainty around these so-called “skinny” labels.

While courts have generally allowed generic manufacturers to use their statutorily permitted skinny-label approvals, last summer, a federal circuit court found that Teva Pharmaceuticals was liable for inducing prescribers and patients to infringe GlaxoSmithKline’s patents through advertising and marketing practices that suggested Teva’s generic, with its skinny label, could be employed for the patented uses.

A patient in Alaska receiving an antibody infusion to prevent Covid hospitalizations in September. All but one of these treatments has been rendered useless by Omicron (Rick Bowmer/AP Images)

How a tiny Swiss lab and two old blood sam­ples cre­at­ed one of the on­ly ef­fec­tive drugs against Omi­cron (and why we have so lit­tle of it)

Exactly a decade before a novel coronavirus broke out in Wuhan, Davide Corti — a newly-minted immunologist with frameless glasses and a quick laugh — walked into a cramped lab on the top floor of an office building two hours outside Zurich. He had only enough money for two technicians and the ceiling was so low in parts that short stature was a job requirement, but Corti believed it’d be enough to test an idea he thought could change medicine.

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