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Sunday, September 9, 2018

Pediatric cancer biotech Y-mAbs Therapeutics sets terms for $80M IPO


Y-mAbs Therapeutics, a phase 2 biotech developing monoclonal antibody therapies for pediatric cancers, announced terms for its IPO on Friday.
The New York, NY-based company plans to raise $80 million by offering 5.33 million shares at a price range of $14 to $16. Insiders intend to purchase $30 million worth of shares in the offering (40% of the deal). At the midpoint of the proposed range, Y-mAbs Therapeutics would command a fully diluted market value of $518 million.
Y-mAbs Therapeutics was founded in 2015 and plans to list on the Nasdaq under the symbol YMAB. BofA Merrill Lynch and Cowen are the joint bookrunners on the deal. It is expected to price during the week of September 17, 2018.

Government work has been going out of style


While overall U.S. nonfarm payroll employment went up by 201,000 in August, according to today’s jobs report from the Bureau of Labor Statistics, government employment fell by 3,000, to 22.3 million. That put government’s share of employment at 14.97 percent, the lowest it’s been since 1957.
This does not include uniformed military. If it did, the drop since the mid-1970s would be even more pronounced, given that there were 2.1 million military personnel on active duty in 1975 and just 1.3 million as of this June.
Federal government employment, it turns out, has been shrinking as a share of total employment since 1952. State and local governments kept adding workers at a faster pace than the economy as a whole through the mid-1970s, and their shares of total employment held relatively steady for decades after that, but they have dropped over the past couple of years to levels last seen in the mid- to late 1960s (this chart starts in 1955 because that’s how far back the state and local data series go).
What is the significance of all this? I wrote a column two years ago on declining government employment that was headlined “Big Government Keeps Getting Smaller,” and I heard from a lot of readers who thought that interpretation was nonsense because (1) there are other ways in which government can be big (spending, regulatory reach) than just head count, and (2) that head count doesn’t include government contractors. It still doesn’t, because the BLS doesn’t sort employment that way. New York University public service professor Paul Light did make some estimates of government contract and grant employment in a report published last September, and they showed it going from 4.9 million (2.4 times the official civilian federal workforce) in 1984 to 7.2 million (3.4 times) in 2010 before dropping back to 5.3 million (2.6 times) in 2015. So that doesn’t change the picture that government’s share of total employment has dropped since the 1980s, and it indicates an even sharper overall drop over the course of the current economic expansion than the BLS numbers show.
Early in this expansion, the contraction of government employment was not exactly great for economic growth, as state and local governments shed 255,000 jobs in 2010 and 278,000 in 2011 (federal employment held relatively steady). More recently, though, the decline in government’s share of total employment has been mostly a sign of the health of the private sector.
As for the longer-run decline in government employment, I can think of a couple of things to say about that. One is that it might also be mainly a sign of the health of the private sector and the U.S. economy as a whole. But having just written about how government investment in infrastructure, research and development, and other things is now lower as a share of gross domestic product than at any time since the 1940s, I do wonder at least a little whether we’re reaching a point where key tasks that the private sector isn’t great at performing are being neglected. Here, for example, is the breakdown of state and local government employment between education and all other functions:
Employment at public schools and colleges peaked in 2010, long after the rest of government employment did. Which makes sense, given that public school and college enrollment had kept rising from 32.1 million in 1955 to 52.9 million in 1975 to an all-time high of 68.2 million in 2011, according to the Census Bureau. Since then, enrollment has dropped as the biggest age cohorts of the giant millennial generation have entered their late 20s (a similar demographic falloff occurred in the late 1970s). It’s down 2.1 percent since 2011, while state and local government education employment is down 0.8 percent from its peak in 2008. So … no clear evidence of undue neglect there.
The government jobs numbers may, however, help explain a political landscape in which government workers have been losing clout. President Donald Trump’s announcement last week that he was canceling a planned 2019 pay hike for federal civilian employees may matter in a few congressional districts, but nationwide, there just aren’t enough federal workers to have much election impact. And state and local government workers’ shrinking share of overall employment has probably been a factor in such defeats as Wisconsin’s 2011 legislation limiting collective bargaining for most public employees.

Facial plastic surgeons call for reduction of opioid prescriptions after rhinoplasty


A team of surgeons at Massachusetts Eye and Ear found that, of 173 patients undergoing rhinoplasty, a common procedure performed in the facial plastic and reconstructive surgery field, only two refilled their opioid prescriptions after the procedure — with some patients not filling their initial opioid prescription at all. Published online today in JAMA Facial Plastic Surgery, these results suggest that patients experienced less pain than expected, and that the optimal number of opioid tablets to manage postoperative rhinoplasty pain may be lower than expected.
“When we looked at the number of patients who needed refills, we found this near-negligible number,” said corresponding author David A. Shaye, MD, MPH, a facial plastic and reconstructive surgeon at Mass. Eye and Ear and an instructor in otolaryngology at Harvard Medical School. “This tells us that, as a field, we’re probably overprescribing in rhinoplasty.”
The team reviewed 173 rhinoplasty cases performed at Mass. Eye and Ear over a one-year period. Of the 173 patients, 168 were prescribed opioids in addition to acetaminophen, at an average of 28 pills per patient. Refills were found to be extremely rare, with only two patients refilling, and with some patients (11.3 percent) not filling their initial opioid prescription at all. The team confirmed the refill rate by querying the Massachusetts State Registry.
“After analyzing our data, we were pleasantly surprised by the lack of opioids patients actually required after rhinoplasty, which is especially significant given the current opioid epidemic, said co-author Linda N. Lee, MD, a facial plastic and reconstructive surgeon at Mass. Eye and Ear and an instructor in otolaryngology at Harvard Medical School. “Understanding this data, we as surgeons have a duty to responsibly prescribe opioids and limit the potential for abuse, particularly for cosmetic or elective surgeries.”
A reduction in narcotic prescriptions after rhinoplasty may limit the opportunity for opioid abuse — an epidemic in the United States, where less than five percent of the world’s population consumes two-thirds of the world’s opioid supply. Opioid-related deaths have increased by 200 percent since 2000. Studies show that nearly 60 percent of adults in the United States have leftover opioids in their homes.
As a result of their findings, the authors have reduced the number of opioid tablets they prescribe to patients by at least 50 percent.
In addition to Drs. Shaye and Lee, authors on the JAMA Facial Plastic Surgery letter include Rosh K. V. Sethi, MD, Olivia E. Quatela and Kayla G. Richburg, of Massachusetts Eye and Ear/Harvard Medical School.
Story Source:
Materials provided by Massachusetts Eye and Ear InfirmaryNote: Content may be edited for style and length.

Journal Reference:
  1. Sethi RKV, Lee LN, Quatela OE, Richburg KG, Shaye DA. Opioid Prescription Patterns After RhinoplastyJAMA Facial Plastic Surgery, 2018; DOI: 10.1001/jamafacial.2018.0999

Philips: Validation of instant wave-free ratio (iFR) technology continues to grow


Philips is a leading innovator in image-guided therapies for cardiovascular diseases, as well as other diseases. The company has invested significantly in this important area in healthcare, as it offers strong benefits for both patients and health systems.
Last week, the European Society of Cardiology announced that it had incorporated iFR into its updated revascularization guidelines. This is a very important step in the validation of instant wave-free ratio (iFR) technology.
Unique to Philips, iFR is an innovative pressure-derived index a technology that’s used to assess coronary blockages in patients with ischemic heart disease (IHD), helping to identify the appropriate therapy for each patient. The technology offers a procedure that provides functional measurement while reducing patient discomfort by 90 percent, reducing costs by approximately 10 percent per patient over a one-year average and reducing time spent in the lab by 10 percent.
Diagnostic and Interventional Cardiology recently published an interesting feature giving an overview of the latest developments in this field, including the validation of iFR. You can read the full article here.

A.M. Best Affirms Credit Ratings of Anthem, Inc. and Its Subsidiaries


A.M. Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” of the core Blue Cross Blue Shield-branded insurance subsidiaries of Anthem, Inc. (Anthem) (Indianapolis, IN) [NYSE:ANTM]. The outlook of these Credit Ratings (ratings) is stable.
Concurrently, A.M. Best has affirmed the Long-Term ICR of “bbb+”, the Long- and Short-Term Issue Credit Ratings (Long-Term IR; Short-Term IR) of Anthem and the Long-Term IR on the existing surplus notes of Anthem Insurance Companies, Inc. (Indianapolis, IN). The outlook of these ratings is stable.
Furthermore, A.M. Best has affirmed the FSR of A- (Excellent) and the Long-Term ICRs of “a-” of the UNICARE, AMERIGROUP and the CareMore companies. The outlook of these ratings is stable. (See link below for a detailed listing of the companies and ratings.)
The Blue Cross Blue Shield-branded entities, also referred to as Anthem Health Group (Anthem Health), are part of the core subsidiaries of Anthem.
The ratings reflect Anthem Health’s balance sheet strength, which A.M. Best categorizes as very strong, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management (ERM).
Anthem Health’s risk-adjusted capitalization is viewed as strongest, as measured by Best’s Capital Adequacy Ratio (BCAR). Anthem Health is the main source of earnings for its parent organization, with dividends exceeding $2 billion in four of the past five years, and just under $2 billion in 2017. Anthem Health has consistently reported strong underwriting and net income over the past five years, and produced very favorable results across its diverse set of business lines and in its various core markets. The group has good geographic diversity, as Anthem operates Blue Cross Blue Shield plans in 14 states with strong brand name recognition and leading market share in the majority of these states. Additionally, the Anthem companies have a strong presence in the national account/BlueCard market segment. Nevertheless, there is geographic limitation to its business based on the Blue Cross/Blue Shield licenses.
Anthem Health’s ERM is managed at the ultimate parent, Anthem, level, but it has local functionality as well. Anthem has a well-established ERM program that is coordinated at the corporate level. Anthem’s ERM is considered appropriate for its risk profile, and the company has a mature developed ERM program. Risk identification and reporting are completed on a regular basis, and ERM is incorporated into the corporate strategic planning. There is established oversight and monitoring of the ERM program.
Anthem has strong diversified earnings and revenues through its Blue Cross Blue Shield-branded entities in 14 states, as well as its non-Blue branded with CareMore, AMERIGROUP and UNICARE entities. Financial leverage at Anthem rose to just above 40% due to a combination of its November 2017 and early 2018 issuances; however, financial leverage is expected to moderate throughout 2018. This is expected to occur through a combination of the elimination of existing debt and increases in equity driven by retained earnings. Earnings before interest and taxes interest coverage was adequate at 6.2 times for 2017 but is lower than its peers. Additionally, the holding company maintains good liquidity with access to a $3.5 billion revolving-credit facility, a $2.5 billion commercial paper program, and certain of its insurance subsidiaries are members of the Federal Home Loan Bank of Indianapolis with the ability to borrow funds if needed. While Anthem’s goodwill plus intangibles to equity is considered high at over 100%, it is similar to some of its peers. Furthermore, A.M. Best acknowledges that a portion of the intangibles is the Blue Cross/Blue Shield trademarks, which are required to operate as a Blue Cross Blue Shield-branded entity.

Spectrum-Hanmi partnership to offer new treatment paradigm for lung cancer


South Koreas Hanmi Pharmaceutical said Thursday that its global partner Spectrum Pharmaceuticals will be announcing the results of phase 2 clinical trials for poziotinib, a lung cancer treatment currently under development, at the IASLC 19th World Conference on Lung Cancer.
Spectrum Pharmaceuticals plans to present the results of phase 2 non-small cell lung cancer study using poziotinib, which includes, for the first time, data on the drugs efficacy for patients with EGFR and HER2 exon 20 mutations.
Among the 40 out of 50 patients in the EGFR cohort with analysis-ready data, poziotinib showed a robust efficacy with an objective response rate of 58 percent. The median progression-free survival period was 5.6 months, while the disease control rate was 90 percent.
In the HER2 cohort, the objective response rate was 50 percent, while the disease control rate was 83 percent, according to Spectrum Pharmaceuticals.
The most common side effects were skin rash (27.5 percent), diarrhea (12.5 percent) and paronychia (7.5 percent). Around 45 percent of the patients involved in the study required a dose reduction to 12 milligrams, while 17.5 percent required a dose reduction to 8 mg.
Spectrum Pharmaceuticals said it plans to share updated data on the study during an oral presentation at the lung cancer academic conference in Toronto, Canada, on Sept. 24.
We expect poziotinib to present a new treatment paradigm to patients which havent been responding to existing treatments. We will work hard to commercialize the drug to bring hope to patients suffering from cancer, said Hanmi Pharmaceutical CEO Kwon Se-chang in a statement.
Looking ahead, Spectrum Pharmaceuticals said it is working to expand the poziotinib clinical program to explore the drugs efficacy in a number of new areas, including first-line treatment of NSCLC, treatment of other solid tumors with EGFR or HER2 mutations, as well as other combination therapies.

Philly’s Spark Therapeutics Is Revolutionizing Medicine


The dogs told her it would work, back in 2000.
Jean Bennett had been a gene-therapy researcher for two decades at that point, starting with a lab at the NIH. She began, as many scientists do, wanting to conquer her field in a big way, believing that if the genetic bases for gnarly diseases could be identified, they could be fixed. She picked Alzheimer’s. It wouldn’t, Bennett soon discovered, be quite that simple. Nothing in gene therapy, she would find, is simple.
Eventually Bennett would partner with another researcher working on genetic disease in the retina. This wasn’t a disease like Alzheimer’s, but more straightforward: a genetic defect identified; a healthy gene cloned in a lab, then delivered within a virus that would be surgically implanted. Yet developing the process took years of research. Bennett worked with mice and with rabbits, whose eyes are closer in size and shape to human eyes. She got hired by Penn in 1992 as a professor in ophthalmology; her husband, Al Maguire, an eye surgeon at Children’s Hospital, helped in her retinal research, wheeling large lasers between Penn and CHOP. Penn Med was a hotbed then of gene-therapy research, led by Jim Wilson, who’d been brought in by über-aggressive CEO Bill Kelleyto build a cutting-edge lab with the best collection of genetic scientists, Jean Bennettbelieves, in the world.
Then, in 1999, disaster struck: An 18-year-old boy named Jesse Gelsinger died in a gene-therapy trial overseen by Wilson, and suddenly the whole field came to something of a standstill.
Quietly, Jean Bennett carried on. She could still tap some NIH money, and Penn didn’t put the kibosh on her research. She also had a stroke of luck: A co-researcher at Penn told Bennett about a blind Swedish briard dog that had been bred to produce puppies who were also blind. Bennett tested them and found the problem was with RPE65, the retinal gene she’d end up working on. Al Maguire injected three four-month-old puppies in one eye.
The change was rapid. Bennett got a call two weeks later to come see the dogs. She raced over. They’d been hesitant, nervous, blind. Now they bounced down the halls, tracking where they were going by turning their heads, using their treated eyes. Bennett was soon playing tag and fetch with Lancelot and his siblings.
“It was crystal clear at that point it was going to work,” Bennett says. “We had to figure out how to do it to help children.”
But it would take almost a decade before Bennett could conduct trials on children. Christian Guardino was one of the kids who received a new RPE65. A couple days following his surgery in 2013, when his eye patch was removed and he opened his eye, Christian said, “Mom, Papa? Is that you?”
It worked. And then it took another four years for the FDA to say yes.
Spark Therapeutics was formed in 2013, in collaboration with CHOP, to develop and market gene therapies. Late last year, the FDA approved Spark’s Luxturna, the first gene therapy green-lighted in this country that targets a disease caused by mutation in a specific gene – the cure for the rare retinal disease that Jean Bennett has been working on for the better part of two decades. It marked a turning point for gene therapy, and perhaps for Philadelphia as a center for it. Biotech is having a moment here: Also last year, the FDA approved a game-changing personalized cell-therapy treatment for leukemia developed by researchers at Penn and CHOP and marketed by Novartis.
There’s a new vibe in Philadelphia. Jim Wilson, still considered one of the foremost gene-therapy researchers in the world and still running his research lab at Penn, laughs about how one of his students is already planning to launch his own company. “He hasn’t even started grad school yet,” Wilson says. But that’s the new paradigm: from the lab to the marketplace. Wilson says new companies are nipping at his heels, siphoning off his researchers. He continually gets calls from investors.
In late June, Penn revealed it would be investing up to $50 million in biotech firms, with the proviso that the companies’ headquarters remain in Philadelphia, which is the linchpin in making this region a major player in biotech. The venture capital and support systems for nascent companies have typically been elsewhere, especially in Northern California and Boston.
It’s an interesting time for biotech in Philadelphia, as we seem to risk fighting our own nature. Steve Altschuler, who ran CHOP from 2000 to 2015, says, “Penn is still very conservative.” That $50 million gambit might suggest otherwise. But Altschuler says Penn declined an investment role in Spark, and that overall, the local biotech scene is moving in “fits and starts.”
The science is here, at any rate: Jim Wilson estimates that there are at least 1,200 scientists in the area working on gene and cell therapy. The problem is that we’re now a couple of decades into a pattern of fundamental research being done in Philadelphia, then being lifted to Boston or the Bay Area to make medical products. Biotech players bemoan the lack of venture capital betting on this city. Wilson works with five gene therapy companies in some sort of advisory capacity; none are headquartered here.
Spark, firmly entrenching in West Philly, may be about to change that trend.
If it’s possible to be intense and goofy at the same time, Kathy High has it nailed. I ask the Spark Therapeutics president and head of R&D about frustration – about how long it takes to get anywhere in the gene therapy world. “The way I think about it,” High, 67, says, “we’re blazing a trail, and I may not make it. I may be like Moses and never see the Promised Land.” Then she smiles her impish smile: “Medical journal editors don’t like me, because I try to put everything in a paper so somebody coming along knows what to look for.”
High would like to rid the world of hemophilia, and she’s close to making serious inroads in that direction through a gene-therapy treatment Spark is testing. Spark is really her baby – she’s the big scientific brain behind it – and it was High who gave Jean Bennett’sgene therapy the big push to the FDA finish line.
High also came to Penn in 1992, when she was offered the opportunity to do research in the Bill Kelley era. Around that time, she partnered with Avigen, a biotech start-up in Northern California. Avigen eventually got out of gene therapy, in part due to the cloud over the field after Jesse Gelsinger’s death, so High needed help. In 2004, she went to Steve Altschuler at CHOP with a request: She wanted him to fund her research. She needed Altschuler to invest some serious money in order for her to make clinical-grade vector-the vehicle to deliver corrective genes to hemophiliacs – in his hospital. Really, though, she was asking for a much bigger commitment than that. She’d need facilities and have to recruit scientists and trial designers from industry.
“I expected him to say no,” High says. Since Jesse Gelsinger died during a Penn trial, it would be particularly difficult to overcome the fear of gene therapy here. Gelsinger suffered from a rare metabolic disorder that wasn’t life-threatening; after he was infused with corrective genes, he had a chain reaction of multiple-organ failure, the cause of which was never pinned down.
But Altschuler knew High and her work – he’d been chair of pediatrics at Penn Med before moving to CHOP – and he felt gene therapy had made advances in knowledge and technique. He was ready to make a bold move, though it was a gamble. “Sometimes you’re not 100 percent sure,” Altschuler says.
In fact, it took only a week or so for him to say yes. Altschuler moved fast partly because the top scientists High wanted to hire were going to get picked off by somebody else – the irony of the Gelsinger cloud was that underemployed first-rate talent was available. Altschuler committed $50 million to a clinical center High would run.
But he had a stipulation: Her clinical work couldn’t revolve around just hemophilia. Altschuler had to be able to sell to the CHOP board and patients’ families and the public that his investment would help, first and foremost, children, and hemophilia isn’t necessarily thought of as a children’s disease. “I wanted to be able to say that we’re taking on a platform that could impact all genetic diseases of childhood,” Altschuler says.
Enter Jean Bennett, curing a form of blindness that affects children. High knew Bennett and her work, and bringing her on board would meet Altschuler’s need.
“Kathy knocked on my office door,” Bennett recalls, “and said, ‘Jean, how would you like to run a clinical trial at CHOP for retinitis pigmentosa?'” – trials, that is, on children, not mice or rabbits. “I was stunned, but not so stunned that I didn’t answer yes in a thousandth of a millisecond.”
There were still some major hurdles on the way to getting the FDA on board. One was the FDA’s assumption that surgeons would want to correct both eyes at once, which required Bennett to do more work with dogs to test out any unforeseen risks with that approach. Another was proving that the treatment would have positive real-life consequences – sight tests in blind children didn’t provide the necessary data. So Bennett and her team came up with an obstacle course, first for dogs, later for children, to be navigated pre- and post-surgery.
Clinical tests on children began in 2007, and over the next several years, the results were stunning. Among the success stories was Christian Guardino, who’d spent his childhood honing his singing in part because of limitations with his sight. Last year, Guardino took America’s Got Talent by storm, and when Simon Cowell gave him a standing ovation, he had a clear-eyed view.
If Steve Altschuler took a leap of faith in supporting Jean Bennett’s and Kathy High’sresearch, he took another when it came to launching Spark as a business enterprise. In 2011, Altschuler tasked Jeff Marrazzo with walking the halls of CHOP, trying to identify research and brainstorms that might fly commercially. Marrazzo, now 40, had gotten to know Altschuler in 2006 while working on a dual Wharton/Harvard degree in business and public policy. He’d go on to work for a biotech start-up for a short period. Marrazzo is a businessman who, he says, “fell in love with science.”
Kathy High, it turned out, was the last of 25 CHOP scientists Jeff Marrazzo met with as he searched CHOP for commercial opportunities. As the story goes – perhaps embellished, perhaps not – a one-hour meeting turned into seven hours. Marrazzo’s wife kept texting; he was due home in New York.
“I’m with Kathy,” he texted back.
“Who’s Kathy?”
After the conversation, Marrazzo challenged Steve Altschuler to create a business with High. Though there was risk, the timing was right once again. Altschuler felt CHOP was at a financial crossroads. Post-’08 recession, it would need funding beyond clinical care and NIH or other government support, and Altschuler believed CHOP could make money from its intellectual property. Jean Bennett’s retinal therapy was going into phase three, the final push for FDA approval, which would require a sizeable investment. Kathy High’s progress with hemophilia B looked promising. And gene therapy in general was moving forward.
Meanwhile, Kathy High was getting calls from Big Pharma and from investors, who were more and more interested in what she was up to at CHOP. High was leery of pharmaceutical companies. “They really walked away from gene therapy 10 years ago” – in large part because of Jesse Gelsinger’s death. “I was a little afraid for any of my programs to go to Big Pharma,” she says. “If they have a bad year … ” High smiles, as if all the trials, literal and otherwise, of getting drugs to the marketplace to help children are simply part of a vast puzzle she finds intriguing. But that amusement really masks her fierceness. Gene therapy is her calling. “Talking to Jeff, I thought we could really be a company. As other companies were forming up, they were raiding us all the time.”
The real-world proof that the FDA demanded – how did Bennett’s treatment make an actual difference in the lives of children? – became a video that was shown to the CHOP board and investors: a child who was once blind, navigating an obstacle course with ease.
“It is biblical,” Penn’s Jim Wilson says. “The blind man can now see.”
CHOP committed $50 million, and Spark was launched.
Spark Therapeutics, as of early July, has 342 employees. At the moment, it occupies three spaces in West Philly as it renovates the one-block building just west of 30th Street Station that housed the Philadelphia Bulletin. That, says Jeff Marrazzo, now the CEO of Spark, will be home.
Spark went public in 2015; Steve Altschuler, now head of its board, says CHOP has reaped $300 million selling its stock in the company and still owns about 10 percent, worth an additional $300 million. It has been, to say the least, a good investment – one that Penn missed out on.
Luxturna, in treating a rare form of blindness, won’t be a big moneymaker; so far, post-FDA approval, Spark has provided treatment for nine patients, at $850,000 each. The company’s market value is really, at this point, a bet on Spark’s FDA approval for a hemophilia A gene-therapy treatment; the market for all hemophilia treatments is in the $10 billion range, Altschuler believes.
Finally, the Jesse Gelsinger tragedy has subsided as a bugbear for the risks of gene therapy. But there are still some thorny ethical issues to consider. Since gene therapy as a medical tool is so new, how Spark or any other company would get a treatment for hemophilia A to the developing world, for example, is a big unknown.
As far as the potential of genetic modification to make us better, faster, stronger, that’s not a question of if, but when: “People say we’ll just fix diseases – are you kidding me? People in Philly pay $70,000 to get their kids in the right nursery school,” says Arthur Caplan, a longtime bioethicist at Penn who now works at NYU. The good news is, we’re not there yet: “We won’t be tweaking up the music or math gene in the next 10 years. But it’s coming.”
At any rate, there’s plenty on our doorstep right now. “We’ve got three target tissues,” Kathy High says in answering what’s on Spark’s plate, “the retina, the liver, and the central nervous system.” Spark is targeting the liver for hemophilia and Pompe disease and the CNS for Batten disease. All of these procedures are gearing up for the long trek toward FDA approval. “Also,” says High, “we’re working on a program for Huntington’s” – that smile betrays her again – “but we haven’t disclosed the strategy.”
The potential remains vast, and there’s another unanswered question: Is Spark the tipping point for Philadelphia in the biotech world? No one knows. But here we are, poised, as this city often seems to be, at the starting line.
Published as “Seeing the Future” in the September 2018 issue of Philadelphia magazine.