What's big­ger than a uni­corn? Sa­mumed stuns yet again as an­ti-ag­ing pipeline draws $438M at $12B val­u­a­tion

Sa­mumed came out with a bang a cou­ple years ago, when it bold­ly an­nounced a cou­ple of an­ti-ag­ing pro­grams and a $12 bil­lion val­u­a­tion. The San Diego com­pa­ny, which op­er­at­ed in stealth through much of its first decade, had no late-stage pro­grams and no prod­ucts on the mar­ket at the time, caus­ing quite the hub­bub when it claimed uni­corn sta­tus.

To­day, that com­pa­ny has added $438 mil­lion of eq­ui­ty back­ing to its cof­fers, clos­ing a mega-round that adds to its pre­vi­ous­ly raised $212 mil­lion. And yet again, the com­pa­ny an­nounced its pre-mon­ey val­u­a­tion for the lat­est round at a whop­ping $12 bil­lion. Even in these go-go days of biotech, the dol­lars are eye-pop­ping.

The fig­ure will cer­tain­ly raise eye­brows, but that’s noth­ing new for Os­man Kibar, Sa­mumed’s pas­sion­ate and col­or­ful CEO. I met with Kibar back in 2016, tour­ing the rather qui­et halls of Sa­mumed’s head­quar­ters. His en­thu­si­asm for the com­pa­ny’s in­ves­ti­ga­tion­al os­teoarthri­tis drug left an im­pres­sion on me, as he fer­vent­ly sketched graphs on a white­board to help me un­der­stand the WNT path­way.

“We’re sit­ting on a gold­mine, and this is on­ly the tip of the ice­berg,” Kibar said at the time. “If our strat­e­gy was to sell, no one could af­ford us.”

Found­ed in 2008, Sa­mumed now has eight pro­grams in its pipeline: two Phase II drugs, five in Phase I, and one pre­clin­i­cal. Its late-stage pro­grams are in os­teoarthri­tis and an­dro­ge­net­ic alope­cia (hair loss).

The com­pa­ny’s Phase II tri­al in OA en­rolled 455 pa­tients and went for a year. This pa­tient pop­u­la­tion in­cludes over 20 mil­lion Amer­i­cans who suf­fer from car­ti­lage wear­ing away in their joints and the re­sult­ing pain as­so­ci­at­ed with move­ment. There’s no re­al treat­ment be­sides pain med­ica­tion, which can ex­ac­er­bate the prob­lem (feel­ing less pain, pa­tients tend to move around more and fur­ther wear down that car­ti­lage). Af­ter re­ceiv­ing a sin­gle in­jec­tion, pa­tients showed car­ti­lage growth at the me­di­al joint.

But in Sa­mumed’s very brief press re­lease on this new round of fund­ing, the com­pa­ny did not men­tion where the mon­ey came from. That caught my at­ten­tion, be­cause when I first wrote about Sa­mumed, I thought the com­pa­ny’s lead in­vestors were odd choic­es: IKEA’s pri­vate ven­ture firm, anony­mous high-net-worth in­di­vid­u­als and a sin­gle ven­ture cap­i­tal firm called Vick­ers Ven­ture Part­ners. The biggest in­vestors are a fur­ni­ture com­pa­ny and a ven­ture firm with no his­to­ry of drug dis­cov­ery in­vest­ments. How could they rec­og­nize a valu­able in­vest­ment when they saw one?

I reached out to Kibar this morn­ing to see who was in this new syn­di­cate. Kibar replied with this:

Our ex­ist­ing in­vestors par­tic­i­pat­ed about ~15-20% of this round, the rest are new. And we went with pri­vate cap­i­tal again (fam­i­ly of­fices, high net worth in­di­vid­u­als, and sov­er­eign funds), no VC/PE (ex­cept Vick­ers).

Fin­ian Tan, chair­man at Vick­ers, at the time ex­plained that Sa­mumed was the first of many in­vest­ments in drug dis­cov­ery. Tan him­self is no rook­ie in health­care. He’s served as ex­ec­u­tive deputy chair­man of Sin­ga­pore’s Na­tion­al Sci­ence and Tech­nol­o­gy Board, as well as on the boards of The Na­tion­al Can­cer Cen­ter of Sin­ga­pore, ven­ture firm Life Sci­ences In­vest­ment, and SingHealth, the biggest health care group in Sin­ga­pore.

Though not a sci­en­tist him­self, he ap­par­ent­ly has a knack for eye­ing good in­vest­ments. Tan was an ear­ly in­vestor of Baidu, known as the “Google of Chi­na” and cur­rent­ly val­ued at $80 bil­lion. Tan said his ven­ture firm made the biggest en­try in­vest­ment it’s ever made with Sa­mumed due to the com­pa­ny’s unique­ly high re­ward vs. risk pro­file. The last time he made a sim­i­lar in­vest­ment was Baidu it­self, Tan said.

Sa­mumed’s drug dis­cov­ery plat­form could be “a break­through of huge pro­por­tions,” Tan said in an email. “The im­pact on hu­mankind would be an or­der of mag­ni­tude we have not seen since (Alexan­der) Flem­ing’s dis­cov­ery of an­tibi­otics (in the 1920s).”

Time will tell.

Kibar said Sa­mumed is tar­get­ing its first ap­proval with­in the next few years.

“This round takes us there (in­clud­ing all our pro­grams, clin­i­cal and pre­clin­i­cal pipeline), plus launch cost, plus some ex­tra cush­ion,” Kibar wrote in an email.


Im­age: Os­man Kibar.

Com­mu­ni­cat­ing the val­ue of pre­ci­sion med­i­cine

By Natasha Cowan, Content Marketing Manager at Blue Latitude Health.
Many stakeholders are confused by novel precision medicines, including patients and healthcare professionals. So, how can industry help them to navigate this complexity?

Precision medicine represents a new paradigm in healthcare. It embodies the shift from treating many patients with the same therapy, to having the tools to identify the best treatment for every patient.

Spe­cial re­port: Twen­ty ex­tra­or­di­nary women in bio­phar­ma R&D who worked their way to the top

What differentiates a woman leader in biopharma R&D from a man?

Not much, except there are fewer of them in senior posts. Data suggest women are not more risk-averse, family-oriented or less confident than their male counterparts — indeed the differences between the two sexes are negligible. But a glance at the top R&D positions in Big Pharma leaves little doubt that upward migration in the executive ranks of biopharma R&D is tough.

Endpoints News

Keep reading Endpoints with a free subscription

Unlock this story instantly and join 64,800+ biopharma pros reading Endpoints daily — and it's free.

The lat­est Cin­derel­la sto­ry in on­col­o­gy ends with a sud­den rout as up­dat­ed da­ta dis­play spooks in­vestors

NextCure’s turn as the Cinderella of cancer-focused biotechs was short-lived.
Just a few days after its shares $NXTC zoomed up more than 250% on some very early stage results in a SITC abstract, a more complete analysis over the weekend spiked the hype and left investors in high dudgeon as the stock price collapsed back towards earth Monday.
The focus at NextCure is centered on NC318, an antibody that is intended to shut down the immunosuppressive Siglec-15 — or S-15 — target. After adding a small group of patients to the readout, investigators circled 2 clinical responses, a complete and partial response, along with 4 stable disease cases in non-small cell lung cancer.

Endpoints News

Keep reading Endpoints with a free subscription

Unlock this story instantly and join 64,800+ biopharma pros reading Endpoints daily — and it's free.

Te­va spin­out rais­es $85M in IPO; No­var­tis beefs up gener­ics unit with $440M deal

→ After Teva spinout 89bio recently announced that its IPO was being held up, the company is back in the game offering 5,304,687 shares at a price of $16 per share. The company has raised $84.9 million IPO in gross proceeds and will be listed under the ticker symbol $ETNB. BofA Securities, SVB Leerink and RBC Capital Markets are the joint book-running managers for the offering. Oppenheimer & Co is the co-manager for the offering.
→ Looking to amp up its presence in Japan’s hospitals, Novartis has struck a deal to buy out Aspen’s portfolio of generics in the world’s third largest healthcare market. The pharma giant is paying $440 million for Aspen’s Japanese subsidiary.
→ Novartis said tropifexor, a non-bile acid FXR agonist, has scored on several key biomarkers of NASH in a Phase IIb trial, including reductions in hepatic fat, alanine aminotransferase and body weight compared to a placebo at 12 weeks.

Break­through sta­tus and promise of a speedy re­view ar­rives for Op­di­vo/Yer­voy com­bi­na­tion as Bris­tol-My­ers bites at Bay­er

Its frontline and single-agent aspirations have been set back, but Bristol-Myers Squibb just took a big step forward in its efforts to apply its checkpoint inhibitor Opdivo to liver cancer. The FDA has granted breakthrough status and priority review to a combination, second-line treatment.

The designation is for Opdivo (nivolumab) in combination with Yervoy (ipilimumab),  for treating advanced hepatocellular carcinoma (HCC), the most common form of liver cancer. The PD-L1 drug was already approved as a single-agent, second-line treatment for HCC. A PDUFA date was set for March 10, 2020 — just 4 months from now.

Third time un­lucky: Lipocine's lat­est quest to mar­ket their oral testos­terone drug snubbed again by FDA

Lipocine’s latest attempt at securing approval for its oral testosterone drug has fizzled yet again.

The Utah-based drug developer on Monday said the FDA has spurned its marketing application, indicating that some efficacy data on the drug, Tlando, was not up to scratch to treat male hypogonadism, a condition characterized by low production of the hormone testosterone, which is responsible for maintaining muscle bulk, bone growth, and sexual function.

UP­DAT­ED: De­cry­ing 'ar­bi­trary and capri­cious' ac­tion, Re­genxBio sues FDA over clin­i­cal holds on gene ther­a­py

When RegenxBio disclosed that the FDA had placed a partial clinical hold on one of its lead gene therapies, execs outlined several customary next steps: continuing assessment and monitoring, delaying a related IND filing, and working with the FDA to address the matter.

As it turned out, they were planning something much less mundane. Two days after announcing the hold in its Q3 update, RegenxBio filed a lawsuit seeking to set it aside, the FDA Law Blog noted.

Roche's SMA chal­lenge to Bio­gen's Spin­raza fran­chise looms larg­er with piv­otal win

Roche has just landed a crucial advance in scoring a come-from-behind win on the spinal muscular atrophy field, giving Novartis and Biogen a run for their money.

The update was brief, but Roche said risdiplam hit the primary endpoint in the placebo-controlled pivotal SUNFISH trial, meeting the threshold for change from baseline in the Motor Function Measure 32 (MFM-32) scale after one year of treatment. The results, which is the second, confirmatory portion of a two-part study, involved 180 patients with type 2 or 3 spinal muscular atrophy between 2 and 25 years old.

Endpoints News

Keep reading Endpoints with a free subscription

Unlock this story instantly and join 64,800+ biopharma pros reading Endpoints daily — and it's free.

Roche steers Gazy­va in­to a new PhI­II pro­gram af­ter com­bo shows promise in lu­pus nephri­tis study

Roche is working on putting together a late-stage study for its monoclonal antibody Gazyva in patients with severe kidney disease associated with lupus after a combination approach helped patients in a mid-stage study.

The 125-patient NOBILITY trial evaluated Gazyva, combined with standard-of-care treatment mycophenolate mofetil or mycophenolic acid and corticosteroids, versus standard treatment alone. The combo met the main goal of inducing a statistically superior complete renal response (CRR) of 40% at week 76, versus 18% in patients given standard treatment, Roche said.