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Friday, December 7, 2018

MacroGenics Announces Partial Clinical Hold on MGD009 Phase 1 Studies


MacroGenics, Inc. (NASDAQ: MGNX), a clinical-stage biopharmaceutical company focused on discovering and developing innovative monoclonal antibody-based therapeutics for the treatment of cancer, today announced that on December 6, it received a letter from the U.S. Food and Drug Administration (FDA) indicating that a partial clinical hold has been placed on its Phase 1 monotherapy study of MGD009, a B7-H3 × CD3 bispecific DART® molecule, as well as on a combination study of MGD009 and MGA012 (anti-PD-1). Under the partial clinical hold, no new patients will be enrolled in either study until the partial hold is lifted by the FDA. Current study participants may continue to receive drug at their pre-assigned dose.
The partial clinical hold was initiated following MacroGenics’ reporting of hepatic adverse events on the MGD009 monotherapy trial to the FDA, including reversible elevations of transaminases with or without concurrent elevations of bilirubin. Although these events have been otherwise uncomplicated and short-lived in duration, MacroGenics also communicated to the FDA the company’s plans to amend the existing MGD009 studies with additional supportive care to mitigate these events. The FDA has placed the trials on partial clinical hold, pending review of additional details regarding these events, and satisfactory review of the planned amendments to the monotherapy and combination study protocols and related documents. MacroGenics will be working closely with the FDA to review these events and seek to resolve this clinical hold.
“MacroGenics’ top concern in conducting clinical trials is the safety of study participants,” said Scott Koenig, M.D., Ph.D. “As we’ve identified to the FDA, we believe that transaminitis observed in patients administered MGD009 was likely a cytokine-mediated event. We are working with the FDA and will provide an update when we have additional information. This partial clinical hold does not impact ongoing clinical studies for enoblituzumab and MGC018, our other B7-H3-targeted molecules.”

Supreme Court of the State of Delaware Rules Against Akorn, New CEO Search


Akorn, Inc. (NASDAQ: AKRX) today said it will move forward and rebuild shareholder value as an independent company following the disappointing decision from the Supreme Court of the State of Delaware upholding the lower court’s decision to allow Fresenius Kabi AG to terminate the April 2017 merger agreement.
With the litigation process concluded, Akorn’s Board of Directors announced that it is engaged in a formal search for a new chief executive officer to lead the company into its next phase. Current CEO Raj Rai has decided to retire and will assist the board to ensure a smooth transition and remain in his role until the hiring date of the new chief executive.
“We recognize that this has been an extended period of uncertainty for Akorn’s customers, employees and investors and the Board is committed to ensuring the company’s stability and long-term growth,” said Board Chairman Alan Weinstein. “While there is work to do, Akorn’s future remains bright thanks to its manufacturing, quality and generics expertise and is not dependent upon a consummated transaction with Fresenius. We thank Raj for his years of service with Akorn and his success in building the company into a leading organization in a highly competitive industry.”
Akorn added that despite misleading allegations made during the litigation process to damage its reputation among various stakeholders, Akorn has received several new Abbreviated New Drug Application approvals from the Food and Drug Administration.
The company also continues to have strong customer relationships and engaged employees who are dedicated to its success.
Additional updates will be provided as available.

DiaMedica Therapeutics 4.1M share IPO priced at $4.00


The deal size was increased to 4.1M shares from 4M shares and priced at the low-end of the $4.00-$5.00 range. Craig-Hallum acted as sole book running manager for the offering.

Vanda Pharmaceuticals price target raised to $47 from $31 at Citi


Citi analyst Joel Beatty raised his price target for Vanda Pharmaceuticals to $47 and keeps a Buy rating on the shares citing the “strong” Phase 2 tradipitant gastroparesis results. The analyst also raised his probability of approval to 65% from 40%.

Cooper Companies price target raised to $305 from $295 at Jefferies


Jefferies analyst Anthony Petrone raised his price target for Cooper Companies to $305 following last night’s Q4 results and keeps a Buy rating on the shares. Cooper’s underlying growth outlook goes higher keeping, Petrone tells investors in a research note.

Myriad presents data for EndoPredict: goal ‘take as much market share possible’


Presenting at the San Antonio Breast Cancer symposium, Myriad Genetics (MYGN) said new data shows that its EndoPredict can accurately predict which women with ER-positive, HER2- negative breast cancer will benefit from adjunctive chemotherapy at the time of diagnosis and who is unlikely to benefit from extended endocrine therapy five years after diagnosis. Additionally, the company said results also help identify risk of breast cancer recurrence. In an exclusive interview with The Fly, Myriad’s Chief Medical Officer Johnathan Lancaster discussed the results and how genome technology is transforming medicine and cancer care.
ENDOPREDICT STUDY RESULTS: Myriad Genetics presented new data for its EndoPredict breast cancer test at the 2018 San Antonio Breast Cancer symposium.  The company said the key findings include that EndoPredict accurately predicts which women with ER-positive, HER2- negative breast cancer will benefit from adjunctive chemotherapy at the time of diagnosis and who is unlikely to benefit from extended endocrine therapy five years after diagnosis. Regarding the prediction of distant recurrence by EndoPredict in patients with ER-positive, HER2- negative breast cancer who received adjuvant endocrine therapy plus chemotherapy or endocrine therapy alone, Myriad said the results demonstrated that patients with a high EndoPredict score on ET+C had a significantly lower 10-year DR risk than those on ET alone. In contrast, there were no significant differences in the 10-year DR between ET and ET+C for patients with low EndoPredict Scores. These findings were statistically significant and confirm that EndoPredict was able to accurately predict chemotherapy benefit in women with ER-positive, HER2-negative breast cancer. Regarding prediction of distant recurrence using EndoPredict among women with ER-positive, HER2-negative breast cancer with a maximum follow-up of 16 years, the results demonstrated that EndoPredict is highly predictive of both early and late distant recurrence, regardless of nodal status. Women with low EndoPredict scores had statistically significantly reduced risk compared to those with high scores. Discussing the first prospective outcome data for the clinic-molecular test EndoPredict in hormone receptor positive, HER2-negative early breast cancer in clinical routine, Myriad said results show that the disease free survival and distant metastases free survival in the low-risk group was 96.6% and 99.6% compared to 94.9% and 97.6% in the high-risk group. These results equate to a two-fold higher risk of disease recurrence and a five-fold higher risk of distant metastases in patients with high EndoPredict scores versus low scores. The analysis also demonstrated that EndoPredict high-risk patients who received adjuvant chemotherapy had a 3-year DFS of 96.3% compared to 91.5% in those high-risk patients who did not receive chemotherapy.
GENOME TECHNOLOGY ‘TRANSFORMING CANCER CARE’: “With one test we provide answers to three critical questions: what is the patient’s prognosis, what is likelihood of reoccurrence over 10 and 15 years? Which patient needs chemotherapy, which patient is going to benefit from chemotherapy and which patient can forgo chemotherapy? And which patients are at highest risk of late recurrence and which patients that get to five years with endocrine therapy and haven’t experience a recurrence can safely avoid an additional five years of endocrine therapy? So, with one test we provide three comprehensive answers to enhance the ability of clinicians to individualize care for patients with breast cancer,” Myriad’s chief medical officer Johnathan Lancaster told The Fly. “The power of genomics technology is transforming medicine, its transforming cancer care and more importantly, it’s transforming a clinicians’ ability to manage patients. We know that the “one size fits all” approach is suboptimal. A patient sitting in a clinical office who want to know if they need chemotherapy don’t care about 2000/3000 patients; they care about themselves,” he explained.
GOAL IS TO ‘TAKE AS MUCH MARKET SHARE AS POSSIBLE’: “At the time of launch of EndoPredict we had 90%-plus coverage in terms of reimbursement from payers and that’s because health insurance payers recognize the value of this product, that it has been a market leader in Europe for a good number of years, was priced appropriately and fairly, and they recognize that it was going save lives and make more judicious use of health care costs by identifying patients who don’t need chemotherapy. The payer market was very welcoming of this product. Our objective is to take as much market share as possible for one simple reason: it’s the better test out there and we want as many as patients as possible to benefit from this generation of tests. […] The questions I’m receiving at this conference about these latest data reflect that and I think the clinical community recognizes that they are ready for a next generation of tests,” Lancaster added.

Diplomat Pharmacy upgraded to Neutral after management meetings at Baird


As reported previously, Baird analyst Eric Coldwell upgraded Diplomat Pharmacy to Neutral from Underperform. The analyst said he is now less cautious than he was following the Q3 report. He met with management and came away raising his forecasts for 2019. Coldwell raised his price target to $15 from $10 on Diplomat Pharmacy shares.