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Saturday, May 4, 2019

Avantor, a supplier for the life sciences industry, sets terms for $3.0 billion IPO

Avantor, an LBO’d provider of laboratory supplies and services, announced terms for its IPO on Friday.
The Radnor, PA-based company plans to raise $3.0 billion by offering 154 million shares at a price range of $18 to $21. Insiders are offering 100 shares. At the midpoint of the proposed range, Avantor would command a fully diluted market value of $8.6 billion.
Avantor was founded in 1904 and booked $5.9 billion in sales for the 12 months ended March 31, 2019. It plans to list on the NYSE under the symbol AVTR. Goldman Sachs, J.P. Morgan, BofA Merrill Lynch, Barclays and Jefferies are the lead bookrunners on the deal; other bookrunners include Credit Suisse, Deutsche Bank, Evercore ISI, Guggenheim Securities, Morgan Stanley, UBS Investment Bank, Citi, Cowen, Piper Jaffray, and RBC Capital Markets. It is expected to price during the week of May 13, 2019.

Biotech week ahead, May 6

Last week could be termed as a mixed one for the biotech sectors. Big pharma earnings came in mostly positive, but the FDA rejected two NDAs, pressuring Nabriva Therapeutics PLC – ADR NBRV and Heron Therapeutics Inc HR 1.73%.
The following are key catalysts for the unfolding week.

Conferences

  • 16th International Conference on Breast Pathology and Cancer Diagnosis: May 10-11 in Montreal, Canada.
  • 2019 American Academy of Neurology annual meeting: May 4-10 in Philadelphia, Pennsylvania.
  • American Urological Association 2019 annual meeting: May 3-6 in Chicago, Illinois.
  • Hemostasis & Thrombosis Society 2019 Scientific Symposium: May 9-11 in New Orleans, Louisiana.

Clinical Trial Readouts

American Academy of Neurology Annual Meeting Presentations
Novartis AG NVS 0.82%: Data from the Phase 3 SPRINT study for Zolgensma (pre-symptomatic patients with spinal muscular atrophy Types 1, 2 and 3 — as well Phase 1 data for Zolgensma in SMA Type 2 — on May 5.
Cytokinetics, Inc. CYTK 4.73%: Phase 2 data for Reldesemtiv in a study dubbed FORTITUDE-ALS (amyotrophic lateral sclerosis) on May 5.
MediciNova, Inc. MNOV 3.13%: additional Phase 2b data for MN-166 (progressive multiple sclerosis) on May 6.
PTC Therapeutics, Inc. PTCT 1.74% and Roche Holdings AG Basel ADR RHHBY 0.97%: Phase 2/3 data for RG7916 from a study dubbed SUNFISH (spinal muscular dystrophy) on May 7.
Ra Pharmaceuticals Inc RARX 1.17%: already released Phase 2 data for RA101495, or zilucoplan, (myasthenia gravis) on May 7.
PTC Therapeutics: Phase 2/3 data for RG7916 from a study dubbed Firefish (spinal muscular dystrophy) on May 7.

American Urological Association 2019 Annual Meeting Presentations
Urovant Sciences Ltd UROV 3.37%: already released Phase 3 data for Vibegron (overactive bladder) on May 5.
Urogen Pharma Ltd URGN 0.46%: already released Phase 3 data for MitoGel (urothelial carcinoma) on May 5.
Progenics Pharmaceuticals, Inc. PGNX 4.56%: Phase 2/3 data for PyL (prostate cancer) on May 6.

Earnings Highlights

Monday, May 6
  • GW Pharmaceuticals PLC- ADR GWPH 1.44% (after the market close)
  • Ultragenyx Pharmaceutical Inc RARE 4.35% (after the market close)
Tuesday, May 7
  • Regeneron Pharmaceuticals Inc REGN 0.51% (before the market open)
  • Jazz Pharmaceuticals PLC JAZZ 2.12% (after the market close)
Wednesday, May 8
  • Portola Pharmaceuticals Inc PTLA 2.5% (before the market open)
  • Dynavax Technologies Corporation DVAX 4.03% (after the market close)
Thursday, May 9
  • Ionis Pharmaceuticals Inc IONS 1.69% (before the market open)
  • Puma Biotechnology Inc PBYI 1.34% (after the market close)

IPOs

Applied Therapeutics, a biotech company developing therapies for diabetic cardiomyopathy, is due to offer 4 million shares in an IPO that are likely to be priced between $14 and $16. The shares are to be listed on the Nasdaq under the ticker symbol APLT.
Axcella proposes to offer 3.57 million shares in an IPO with an estimated price range of $20-$22. The biotech developing therapies and food to treat metabolic dysregulation in the liver seeks to list its shares on the Nasdaq under the ticker symbol AXLA.
Cortexyme, which develops a novel therapy for Alzheimer’s disease, is expected to offer 4.412 million shares with an estimated price range of $16-$18. The company is to list its shares on the Nasdaq under the ticker symbol CRTX.
Milestone Pharmaceuticals, a Phase 3 biotech developing therapies for heart rate conditions, plans to offer 5 million shares to be priced between $14 and $16. The shares are to be listed on the Nasdaq under the ticker symbol MIST.
NextCure is scheduled to offer 5 million shares in an IPO, to be priced in the range of $14-$16. The shares of the cancer immunotherapy company are due to be listed on the Nasdaq under the ticker symbol NXTC.

At Big Neuro Meeting, Migraine Drug Competitors to Make Oral Arguments

The first new class of migraine drugs in decades won FDA approval last year. But the companies who commercialized these new therapies and their potential competitors are already planning new, more convenient versions, taken as pills instead of injectoins just below the skin, and they will present key data in the next few days at the annual meeting of the American Academy of Neurology in Philadelphia.
The new class of migraine drugs are called calcitonin gene-related peptide (CGRP) inhibitors, named for a protein associated with the development of migraine pain. By blocking CGRP, the drugs are meant to abort migraine attacks before they start. In clinical studies, these drugs have shown a reduction in frequency but haven’t completely stopped all migraines.
Migraines affect approximately 39 million people in the US, and 1 billion worldwide, according to the Migraine Research Foundation. Triptans, the last class of migraine drugs to win FDA approval in the 1990s, are pills and injections that treat migraine pain that’s already started. There are preventative therapies, such as Botox injections and drugs prescribed off label. But these treatments don’t work well and can cause serious side effects.
The new (and more expensive) CGRP therapies are drawing more patients into this market, Jefferies analyst David Steinberg wrote in a recent research note. The first three CGRP drugs to come to market are all subcutaneous injections. Patients can dose themselves using injection pens approved for use with each drug. Erenumab (Aimovig) from Amgen(NASDAQ: AMGN), fremanezumab (Ajovy) from Teva Pharmaceutical (NYSE: TEVA), and galcanezumab (Emgality) from Eli Lilly (NYSE: LLY) will have new long-term data at AAN.
That’s important, because heavy advertising and social media campaigns are driving their demand, according to Steinberg. While doctors are reporting positive results, they also told Steinberg that the frequency of side effects such as fingers and toes turning white or blue due to blood circulation problems is also higher than what was reported in clinical trials. Side effects associated with Amgen’s drug include constipation and stomach pain. In such cases, physicians switched patients to either the Teva or Lilly drug. Long-term data should help flesh out the anecdotal picture for both efficacy and safety.
Still Experimental
Alder BioPharmaceutical (NASDAQ: ALDR) trails its CGRP rivals. The Bothell, WA, company asked the FDA in February to review its drug eptinezumab. If approved, the company plans a first quarter 2020 launch. But Alder says its drug can set itself apart by working more quickly and lasting longer because it is an infusion into the bloodstream. More of the drug is immediately available to block CGRP, CEO Bob Azelby said during a February conference call.
Infusions, which require a visit to a clinic, and injections aren’t ideal. The door is open to competition from CGRP-blocking pills. SVB Leerink analyst Marc Goodman wrote in a recent research note that the convenience of a pill and long-term safety data would be a welcome alternative to monthly injections. Allergan (NYSE: AGN) is discussing data at AAN for its two CGRP pills. Ubrogepant has been submitted for FDA review in acute migraine, which is treatment after the onset of pain. Allergan will also present Phase 2/3 data for atogepant, which was developed for migraine prevention.
More Phase 3 data for migraine pills is coming from Biohaven (NYSE: BHVN) which has been testing rimegepant in three studies for acute migraine, and from Lilly, which aims to follow its migraine-prevention drug with lasmiditan, a pill developed to treat acute migraine. The data will be closely watched. Information about the safety and efficacy of these drugs has been limited compared with the injectable preventative therapies, RBC Capital Markets analyst Brian Abrahams wrote in a recent research note.
Biohaven plans to file for FDA approval in acute migraine before June 30 and is evaluating rimegepant for migraine prevention in a Phase 3 trial. Lilly submitted lasmiditan for FDA review last November.
Other companies aim to treat migraine with new approaches to old drugs. Impel NeuroPharma has developed a medical device that it says administers an aerosolized drug deep into the nasal cavity—much deeper than typical nasal sprays can reach. In migraine, Impel is testing an inhalable version of the migraine drug dihydroergotamine. Late last year, the privately held Seattle company raised more than $67 million to support clinical trials. Impel is scheduled to present safety and cardiovascular data at AAN about its migraine treatment, which is currently in Phase 3 testing.

Could Common Heart Meds Lower Prostate Cancer Risk?

Good news for men: That blood pressure medication you’re taking might be doing double duty, helping reduce your risk of developing prostate cancer, a new study shows.
Researchers found that a beta blocker called atenolol cut men’s risk of intermediate-grade prostate cancer about in half, compared with men not taking a beta blocker.
It also appeared to significantly reduce the risk of low-grade prostate cancer, the findings showed.
However, the effect only was found with atenolol (Tenormin). Two other beta blockers — metoprolol (Lopressor/Toprol XL) and carvedilol (Coreg) — did not appear to provide any protection against prostate cancer.
“Atenolol was the only one that was significantly associated with a protection in having a diagnosis of prostate cancer,” said co-researcher Dr. Paul Frenette. He is chairman and director of the Institute for Stem Cell and Regenerative Medicine Research at Albert Einstein College of Medicine in New York City.
Beta blockers lower blood pressure by blocking the effects of the adrenaline hormone, allowing your heart to beat more slowly and with less force, according to the Mayo Clinic. The drugs also relax blood vessels, helping them to open up and improve blood flow.
Beta blockers also have another effect, inhibiting the cells lining the inside of veins and arteries, and making it more difficult to form new blood vessels.
“You basically change the metabolism of these cells, and they cannot make new blood vessels very well,” Frenette said.
Since cancerous tumors rely on new blood vessels for sustenance, researchers theorized that beta blockers might slow or block the progression of prostate cancer.
To test their theory, the investigators looked at nearly 4,200 men who received a prostate biopsy between 2006 and 2016.
Of those men, about 670 had been taking beta blockers. The researchers compared the beta blocker they were taking against whether they had been diagnosed with prostate cancer and, if they had, how advanced their cancer was.
Atenolol might have had an effect where the others didn’t, because it possibly could linger in the prostate longer, Frenette said.
“It’s known that some drugs concentrate in the prostate. It’s possible there’s some difference of the drugs to be able to act in the prostate,” he suggested.
Men taking a beta blocker shouldn’t immediately reach out to their doctor to switch their prescription to atenolol, however. “At this point, I think it’s too early,” Frenette said. “I think it should be looked at with bigger studies to be able to confirm this is indeed an effect.”
Dr. Sam Chang, chairman of urologic surgery at Vanderbilt University Medical Center in Nashville, Tenn., agreed that it’s too soon to turn this finding into clinical action.
“Bottom line, this appears interesting,” Chang said. “Much larger epidemiological studies are going to be necessary to see if there really is a potential benefit.”
The findings were presented Friday at the American Urological Association’s annual meeting, in Chicago. Research presented at meetings is typically considered preliminary until published in a peer-reviewed journal.
The study was funded by the U.S. National Cancer Institute.

AUA’19: Predicting Clinically Significant Prostate Cancer: Combining 4Kscore, MRI

Prostate specific antigen (PSA) is the most commonly used biomarker in prostate cancer (PCa) but is far from being the ideal marker, resulting in a nearly 70% negative biopsy rate1 as well as overdiagnosis of clinically insignificant PCa2. The 4Kscore test (4K) has shown improved discrimination of clinically significant PCa (csPCa), reducing the number of required prostate biopsies3. Additionally, mpMRI also identifies a higher proportion of csPCa (18% more than transrectal ultrasound guided prostate biopsy) and lowers the rate of non-significant PCa diagnosis by 5%4. It has a sensitivity range of 44-87% and negative predictive value range of 63-98%5.
Recently, it was shown that the combination of 4K and mpMRI (4K-mpMRI) outperforms both tests individually in both area under the curve (AUC) and decision curve analyses6. However, attempts at devising a practical algorithm for 4K-mpMRI have yielded relatively weak sensitivities and low negative predictive values (NPV). In this presented study, the authors attempted to validate the combination of 4K-mpMRI and devise an improved algorithm for the identification of csPCa while limiting unnecessary prostate biopsies.
This was a retrospective study analyzing patients considered at risk for PCa and tested with 4K and mpMRI between the years 2016 and 2018. The primary outcome of csPCa was defined as Gleason grade group (GGG) >= 2 on prostate biopsy. 4K and mpMRI were compared via receiver operating characteristic (ROC) curves and logistic regression, and a model combining the two was tested for accuracy and efficiency. The 4K test was stratified to low (<7.5%) vs. high (>7.5%) risk disease, and mpMRI was stratified to PIRADS 3-5 vs. 0-2. The entire cohort consisted of 233 patients, and their basic clinical details are demonstrated in Table 1.
Table 1 – Basic clinical data of patients analyzed in the study:
mpMRI results of csPCa and non-csPCa stratified by the PIRADS score are shown in table 2, and the biopsy results are shown in table 3. The biopsy results demonstrate that 177/233 (76%) had either a negative or GGG =1 biopsy result, meaning that 76% of the biopsies should potentially have been avoided.
Table 2 – mpMRI results:
Table 3 -Biopsy results
The univariable and multivariable models identified an association between csPCa and both 4K and mpMRI, as shown in table 4. The combination of 4K+mpMRI had resulted in an AUC of 0.796, and a sensitivity of 93%, specificity of 71%, positive predictive value of 50%, and a NPV of 97%, which is quite impressive.
Table 4 – Univariable and multivariable models:
Dr. Lubin concluded his excellent presentation and stated that the combination of 4K+mpMRI might be a potentially useful screening test, maintaining high sensitivity and dramatically improving specificity. Larger prospective multicenter studies are obviously needed to validate these results before widespread clinical implementation.
Presented by: Marc Lubin, MD, Mount Sinai Hospital, New-York, USA

AUA’19: Apalutamide in Nonmetastatic Castration-Resistant Prostate Cancer

Dr. Fred Saad gave a presentation on an exploratory analysis using the DECIPHER test in patients included in the SPARTAN trial.
Patients with non-metastatic castrate-resistant prostate cancer (nmCRPC) and a PSA doubling time (PSADT)<=10 months are at higher risk for metastases/death when compared to patients with longer PSADT. Androgen receptor inhibitors, including Apalutamide, enzalutamide, or Darolutamide added to ongoing androgen deprivation therapy (ADT) have been shown to improve outcomes in high-risk nmCRPC patients. In the SPARTAN trial,1 nmCRPC patients with a PSA doubling time<10 months, who were receiving ADT, were given Apalutamide and were compared to patients who were given ADT alone (figure 1). Apalutamide was shown to improve metastasis-free survival (MFS) and other secondary end points, as seen in figure 2.
Figure 1- The SPARTAN trial:
AUA2019_UroToday_MFS by DECIPHER_1 .png
Figure 2- Apalutamide shown improve MFS in the SPARTAN trial:
AUA2019_UroToday_MFS by DECIPHER_2 .png
The DECIPHER prostate test (GenomeDx Biosciences, Inc., San Diego, CA) is a clinical-grade 22-marker mRNA-based genomic classifier (GC) that can support treatment decisions in patients with localized disease and predict disease progression in newly diagnosed patients (2). Patients with high GC scores have a significantly higher risk for metastasis than patients with low to average GC scores.
According to Dr. Saad, in this study, the authors evaluated the association between DECIPHER GC score and MFS following Apalutamide treatment in the SPARTAN trial. This was an exploratory analysis of SPARTAN patients (figure 3). Analyzed samples were stratified into high-risk (GC score>0.6) and low-to-moderate risk (GC score <=0.6) subtypes. Approximately 50% of patients had high risk, and 50% had low to average risk DECIPHER GC score. The association between DECIPHER GC subtypes and MFS was assessed as well.
Figure 3 – Exploratory analysis in SPARTAN trial:
AUA2019_UroToday_MFS by DECIPHER_3 .png
Figure 4 and figure 5 demonstrates the MFS by SPARTAN treatment arms in patients with high and low to average DECIPHER GC scores, and the MFS by DECIPHER GC score in the treatment arms, respectively.
Figure 4 – MFS by SPARTAN treatment arms in patients with high and low to average DECIPHER GC score:
AUA2019_UroToday_MFS by DECIPHER_4 .png
Figure 5 – MFS by DECIPHER GC score in SPARTAN treatment arms:
AUA2019_UroToday_MFS by DECIPHER_5 .png
Dr. Saad concluded his presentation and stated that the results demonstrate, that regardless of DECIPHER GC scores, all patients had significantly prolonged MFS following the addition of Apalutamide to ongoing ADT. nmCRPC patients with high GC score are the highest risk of early metastases with ADT alone. Despite the high risk of early progression in patients with high GC score, the addition of Apalutamide to ADT was as effective in this subgroup as in the low to average GC score subgroup. Early treatment intensification with Apalutamide in the high-risk GC subgroup significantly prolonged MFS and seems to fulfill an unmet need.
Presented by: Fred Saad, MD FRCS, Professor and Chief of Urologie; Director of GU Oncology; Raymond Garneau Chair in Prostate Cancer; University of Montreal Hospital Centre (CHUM); Director, Prostate Cancer Research; Institut du cancer de Montréal/CRCHUM.

AUA’19: Social Media Presence of US Academic Urology Residency Programs

Dr. Johnston and colleagues at Duke University presented work that adds insight into the growing interest regarding the utilization of social media (SoMe) in academic medicine. The academic urology community has a particularly robust SoMe presence (>70% of AUA members have a SoMe account), making this presentation highly relevant.
The investigators sought to characterize the usage of Twitter and Facebook among ACGME-accredited urology residency programs in the United States. In addition, they studied whether the presence of a SoMe account or SoMe activity correlates with program rankings (i.e. Doximity reputation ranking and U.S. News & World Report rankings and score).
Of the 134 residency programs that were identified, 79 (59%) had a SoMe account. Of these, 53% had only a Twitter account, and 10% only used Facebook (Figure 1). Interestingly, no programs in the Northeastern AUA section had a Facebook account (Figure 2). Presence of a Twitter account or Facebook account were both significantly associated with more favorable Doximity reputation ranking and with U.S. News & World Report score (but not rank). Regarding SoMe activity, a higher number of tweets was associated with a more favorable Doximity ranking and U.S. News & World Report score (Table 1). The number of Facebook followers was not significantly associated with any rankings.
These findings underscore the importance of SoMe usage by academic urology programs. In addition to the established advantages afforded by SoMe in the dissemination of scientific publications, it is clear that higher utilization of SoMe accounts is associated with highly regarded urology residency programs. Dr. Johnston also pointed out that the inclusion of urology faculty and urology resident SoMe activity would be of great interest in further characterizing the relationship between SoMe usage and urology program reputation.
AUA2019_UroToday_Social Media Presence_US_Urology Residency Programs.png
Figure 1. ACGME-accredited urology residency programs with a Twitter and/or Facebook account (n=79/134).
AUA2019_UroToday_Social Media Presence_US_Urology Residency Programs2.png
Figure 2. ACGME-accredited urology residency programs with a Twitter (blue) or Facebook (purple) account by AUA section.
Table 1. Correlation between social media activity (i.e. number of tweets and followers) and urology residency program ranking.
  1. Correlation between social media activity and Doximity reputation ranking.
  2. Correlation between social media activity and U.S. News and World score.
a. AUA2019_UroToday_Social Media Presence_US_Urology Residency Programs3.pngb.AUA2019_UroToday_Social Media Presence_US_Urology Residency Programs4.png
Presented by: Ashley Johnston, MD, Duke University School of Medicine, Durham, North Carolina
Co-authors: Rohit Tekwani, Jonathan Routh, Andrew Peterson, Judd Moul, Michael Ferrandino, Duke University School of Medicine, Durham, North Carolina