Search­ing for a few great drugs, Bridge­Bio bags $135M to back a fresh slate of R&D bets

Bridge­Bio is all about shots on goal.

The last time I wrote a sto­ry about the com­pa­ny in April, CEO Neil Ku­mar had just es­tab­lished his 9th sub­sidiary op­er­a­tion to ex­plore a small mol­e­cule ther­a­py for transthyretin (TTR) amy­loi­do­sis. And now it’s lined up $135 mil­lion — more than it’s ever raised be­fore — to es­tab­lish up to 10 more of these R&D ef­forts.

Sig­nif­i­cant­ly, KKR came back in to co-lead the round, joined by new in­vestor Viking Glob­al In­vestors. Ex­ist­ing in­vestor Per­cep­tive Ad­vi­sors came back in, along­side a slate of new in­vestors: AIG, Ais­ling Cap­i­tal, Cor­morant Cap­i­tal and Janus Funds.

Neil Ku­mar

Ku­mar is not your av­er­age cheer­lead­ing biotech CEO. He doesn’t like to tout things, “hates” the way some peo­ple jump up and down when they go over fundrais­ing goals (yes, he did just do that), and doesn’t like to claim every new in­vestor as a true be­liev­er that every­thing they do will work.

In Ku­mar’s world, every­thing em­phat­i­cal­ly will not all work. But if you make enough smart bets, play­ing a full ta­ble of cards, some will, and that will be plen­ty good enough to qual­i­fy for suc­cess.

“The key,” he tells me, “as we dis­cussed, is try­ing to find ear­ly stage” as­sets and push cap­i­tal ef­fi­cient­ly; “see if there’s some­thing in­ter­est­ing there.”

Ku­mar, an ex-McK­in­sey and for­mer BD biotech ex­ec, likes to think that this ex­pand­ed slate of in­vestors prefers a more low-key ap­proach to R&D: fo­cus­ing pri­ma­ry on ear­ly-stage and of­ten over­looked work on ge­net­ic dis­eases that re­quires less ini­tial cap­i­tal out­lay — a Mon­ey­ball mod­el that MIT’s An­drew Lo helped cre­ate in ad­vis­ing Ku­mar while al­so in­vest­ing in the com­pa­ny.

As Bridge­Bio ma­tures, it’s al­so at a key cross­roads, with more clin­i­cal work to fund as their ear­ly-stage drugs be­gin to test the thresh­old on proof-of-con­cept da­ta, and be­yond.

Just a few weeks ago, Bridge­Bio came in to help fund a Phase III study at Pelle­Phar­ma af­ter the Men­lo Park, CA-based biotech an­nounced pos­i­tive topline da­ta from its Phase II tri­al eval­u­at­ing the top­i­cal drug patideg­ib in pa­tients with Gor­lin Syn­drome, a rare ge­net­ic dis­ease that caus­es pa­tients to de­vel­op mul­ti­ple basal cell car­ci­no­mas. Re­searchers tracked com­plete re­spons­es for 12 tu­mors, with “a mean­ing­ful re­duc­tion of a bio­mark­er for hedge­hog sig­nal­ing (GLI1).”

Lo, who has en­joyed con­sid­er­able at­ten­tion for his var­i­ous ex­plo­rations on drug R&D fund­ing, ex­plains Bridge­Bio’s ap­proach this way:

“De­spite the ter­rif­ic sci­en­tif­ic in­no­va­tions we’ve seen in bio­med­i­cine, there’s been much less in­no­va­tion on the cor­po­rate side. Bridge­Bio em­ploys a nov­el struc­ture that com­bines port­fo­lio di­ver­si­fi­ca­tion with as­set-lev­el fo­cus to sus­tain­ably de­vel­op drugs for ge­net­ic dis­ease.”

This new raise gives the com­pa­ny a cou­ple of more years to run. And if some of it looks good, the fi­nan­cial back­ers will like­ly stay on for more.

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.