Shares of Bone Therapeutics dive on PhIII cell therapy failure; GSK-backed Sitryx inks discovery deal
→ Shares of Bone Therapeutics took a nasty, 26% hit $BOTHE after researchers hit the brakes on a Phase III study of their cell therapy for osteonecrosis. The decision was made after the independent monitoring group concluded that the trial was headed to a failure. The company says it will now switch focus to an allogeneic approach, but many of its investors apparently aren’t willing to wait around for step 2.
→ A month after scoring a $30 million startup round from some big name backers, Sitryx Therapeutics has enlisted Sygnature Discovery to assist in their preclinical efforts in immuno-oncology and immuno-inflammation. The multi-target deal will add to the combined drug discovery expertise from investor GSK and Sitryx’s own prominent scientific founders.
→ GSK CEO Emma Walmsley will co-chair a new business committee set up by the British government to help allay fears about the impact of Brexit on the economy. The councils are being set up to provide some high-level feedback to the government, which appears unswayed by recent calls for a new vote.