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Monday, September 10, 2018

Five Prime Starts Phase 3 for Gastric Cancers Med


  • Five Prime plans to submit Phase 1 lead-in data for presentation at medical conference in the first half of 2019
Five Prime Therapeutics, Inc. (Nasdaq:FPRX), a biotechnology company discovering and developing innovative immuno-oncology protein therapeutics, today announced that the company completed the Phase 1 safety lead-in portion and has initiated the Phase 3 portion of the FIGHT Phase 1/3 clinical trial of bemarituzumab (FPA144), an isoform-selective anti-FGF receptor 2b antibody, in combination with chemotherapy in patients with previously untreated, advanced gastric cancer (GC) or gastroesophageal junction (GEJ) cancer.
“We are very pleased to have completed the safety lead-in and move into the Phase 3 registrational portion of the bemarituzumab trial in patients with gastric cancer,” said Helen Collins, M.D., Senior Vice President and Chief Medical Officer of Five Prime. “Patients with advanced gastric cancer are in dire need of new treatment options. Bemarituzumab is a targeted therapy and we are using state-of-the-art diagnostic tools to help us identify patients with FGFR2b overexpression, which is associated with a worse prognosis. Bemarituzumab has demonstrated encouraging monotherapy activity as a late-line treatment for gastric cancer and we believe that combining with chemotherapy in the front-line setting should provide the greatest patient benefit.”
In December 2017, Five Prime initiated the Phase 1 portion (NCT03343301) of the Phase 1/3 FIGHT (FGFR2b Inhibition in Gastric and Gastroesophageal Junction Cancer Treatment) global registrational trial. The Phase 1 portion tested bemarituzumab doses of 6 mg/kg and 15 mg/kg in combination with modified FOLFOX6 (mFOLFOX6) with no overlapping toxicities identified.
The randomized, controlled, double-blinded Phase 3 portion of the FIGHT trial will evaluate bemarituzumab plus mFOLFOX6 versus placebo plus mFOLFOX6 in approximately 550 patients with gastric cancer (GC) or gastroesophageal junction (GEJ) cancer whose tumors overexpress FGFR2b. The Phase 3 trial will include approximately 250 sites in the U.S., Europe and Asia, including China, South Korea and Japan, where the incidence of gastric cancer is high. Zai Lab will manage the Phase 3 portion of the FIGHT trial in China.

HCA Healthcare price target raised to $150 from $130 at RBC Capital


RBC Capital analyst Frank Morgan raised his price target on HCA Healthcare to $150 and kept his Outperform rating, citing the financial contribution from “several pending transitions” that are yet to close. The analyst highlights the $1.5B deal to acquire Mission Health in North Carolina and North Cypress in Houston, stating that these will add to the company’s anticipated tailwinds in 2019. Morgan is also positive on the “improved performance” from HCA Heathcare’s other Houston-area hospitals that were acquired from Tenet last year.
https://thefly.com/landingPageNews.php?id=2787965

Boston Scientific price target raised to $43 from $39 at Needham


Needham analyst Mike Matson raised his price target on Boston Scientific to $43 and kept his Strong Buy rating. The analyst cites the company’s latest $500M bid Augmenix, whose SpaceOAR reduces side effects associated with prostate radiotherapy. While the company expects “immaterial” earnings impact from the deal through 2019, Matson believes that it will strengthen its Urology & Pelvic Health business longer term, with added potential “revenue synergies given BSX’s NxThera acquisition and legacy GreenLight XPS system”.
https://thefly.com/landingPageNews.php?id=2787973

Acorda patent invalidity appeal for Ampyra denied by court


Acorda Therapeutics (ACOR) holds New Drug Application No. 022250, approved by the U.S. FDA, and pursuant to that approval markets Ampyra. In the FDA’s Orange Book, Acorda has listed, as claiming methods of using Ampyra, four patents that Acorda owns: U.S. Patent No. 8,007,826; No. 8,663,685; No. 8,354,437; and No. 8,440,703. The U.S. Court of Appeals for the Federal Circuit affirm a lower court’s judgment that the asserted Acorda patent claims are invalid. Roxane Laboratories, Mylan Pharmaceuticals (MYL), and Teva Pharmaceuticals (TEVA) have submitted Abbreviated New Drug Applications seeking FDA approval to market generic versions of Ampyra, the Federal Circuit Appeals court ruling noted.
https://thefly.com/landingPageNews.php?id=2788021

Incyte offering a ‘buying opportunity on weakness’ says RBC Capital


RBC Capital analyst Brian kept his Outperform rating on Incyte, saying that Friday’s selloff on the announced departure of its CFO is a “buying opportunity” as the stock remains a “compelling value”. The analyst notes that the recent rise in the stock price reflects the recognition of its “solid commercial and broad pipeline assets”, further pointing out the potential for the company to improve efficiencies in its business model.
https://thefly.com/landingPageNews.php?id=2787841

Walgreens to purchase pharmacy files of 185 Fred’s pharmacies for $165M


Walgreens (WBA) and Fred’s (FRED) announced they have entered into a definitive asset purchase agreement, pursuant to which Walgreens will acquire pharmacy patient prescription files and related pharmacy inventory of 185 Fred’s stores located across 10 Southeastern states. Under the agreement, the aggregate consideration to be paid by Walgreens to Fred’s is $165M, subject to adjustment, plus an amount equal to the value of related pharmacy inventory. The transaction is part of a previously announced plan by Fred’s to unlock shareholder value by monetizing non-core assets through strategic transactions. Fred’s will continue to operate its retail stores at most of these locations after the pharmacies close. Once the transaction is complete, Fred’s will continue to operate approximately 162 pharmacies across nearly 600 stores. Fred’s pharmacy staff at the closing locations will have an opportunity to apply for any available positions at Walgreens. The transaction is subject to the expiration or termination of applicable waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the satisfaction or waiver of certain other customary closing conditions. The companies expect the file transfers to begin in 4Q18 and be completed in 1Q19.
https://thefly.com/landingPageNews.php?id=2787843

Sanofi rating change at BofA/Merrill


Sanofi upgraded to Buy from Neutral at BofA/Merrill. BofA/Merrill analyst Graham Parry upgraded Sanofi to Buy from Neutral saying the company is approaching an inflection in growth from new products, mainly Dupixent, atopic, dermatitis, while diabetes becomes less of a headwind. Parry believes sales and earnings growth will accelerate to 7% from 4% in through 20-2023E and views valuation as undervaluing growth.
https://thefly.com/landingPageNews.php?id=2787903