Stemline comes clean on patient death, but questions linger; Life sciences fund launches with €100M
• Stemline $STML has been forced to admit that it received a report that one of the patients in its pivotal study of SL-401 for blastic plasmacytoid dendritic cell neoplasm (BPDCN) died after developing capillary leak syndrome, a condition that has already been linked to the drug. That admission followed a story from TheStreet’s Adam Feuerstein, who revealed the patient’s death for the first time. The big problem here is the timing. The death notice came on January 18, a day ahead of a $45 million offering, which failed to disclose the issue. The biotech’s shares have been ripped and analysts are wondering if the company can regain shareholders’ confidence.
• Ireland’s Seroba Life Sciences just closed its latest fund with €100 million. It’s already done one deal for Endotronix and Managing Partner Peter Sandys says a second is in the works.
• Braeburn Pharmaceuticals won’t be pursuing an IPO after all. The company, which has been marketing a tiny implant for treating opioid addiction, had been looking to sell 7.7 million shares at $18 to $21 each. New products are also in development.