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Friday, November 8, 2019

AstraZeneca’s Farxiga shows CV benefit in heart failure study

subanalysis of a Phase 3 clinical trial, DAPA-HF, evaluating AstraZeneca’s (AZN +1.1%) Farxiga (dapagliflozin), on top of standard-of-care treatment, in heart failure patients with reduced ejection fraction (with or without type 2 diabetes) (T2D) showed a cardiovascular (CV) benefit. The data were presented at the American Society of Nephrology Kidney Week in Washington, DC.
Patients receiving the SGLT2 inhibitor experienced a 28% relative reduction in the risk of CV death or worsening heart failure event.
Farxiga was first approved in the U.S. in January 2014 for T2D. Last month, the FDA approved it to reduce the risk of hospitalization in heart failure patients with T2D.

Fulgent Genetics Q3 Revenues Up 84%

Fulgent Genetics reported after the close of the market on Monday that its third quarter revenues rose 84 percent year over year driven by a strong increase in billable tests.
For the three-month period ended Sept. 30, the Temple City, California-based company posted revenues of $10.3 million compared with $5.6 million a year ago. The number of billable tests delivered in the quarter grew 272 percent to 20,697, Fulgent said.
“We continued to build on our momentum in the third quarter and once again posted very strong results,” Fulgent Chairman and CEO Ming Hsieh said in a statement. “Revenue and billable test volume reached new record highs in the third quarter, while cost per test continued to improve. Our strong top line results have been driven by the growing traction with our oncology and reproductive health businesses, as well as our sequencing-as-service offering.”
On a conference call following the release of results, Hsieh added that the next-generation sequencing-based genetic testing company benefited from its strategic investments and partnerships, as well as new commercial customers, and that oncology testing “is becoming a growing portion of our revenue.” Fulgent CFO Paul Kim noted that the US continues to be the primary growth driver for the firm, with US revenues growing 159 percent year-over-year and comprising 82 percent of total revenue in Q3.
Fulgent posted a net income of $1.5 million, or $.08 per share, up from a loss of $595,000, or $.03 per share, in Q3 2018. On an adjusted basis, the company reported net income of $.14 per share.
R&D spending in the quarter rose 21 percent to $1.7 million from $1.4 million, while SG&A costs rose 33 percent to $3.2 million from $2.4 million.
Fulgent finished the third quarter with $20.5 million in cash and cash equivalents, and $23.1 million in marketable securities.
Kim noted that Fulgent’s shelf offering filed during the third quarter allowed it to sell approximately 104,000 shares so far, generating cash of approximately $1.3 million, before offering costs.
He added that the firm anticipates Q4 revenues of approximately $8 million, and full-year revenues of approximately $32 million, representing year-over-year growth of approximately 50 percent for both periods.
On Tuesday, PiperJaffray upgraded shares of Fulgent to Overweight from Neutral and increased its price target to $12.30 from $9.50.

Acceleron Pharma up 7% on FDA nod for luspatercept

Acceleron Pharma (XLRN +7%) and collaboration partner Celgene (CELG +0.4%announce FDA approval of Reblozyl (luspatercept-aamt) for the treatment of anemia in adult beta thalassemia patients who require regular red blood cell transfusions.
The companies will co-promote the product in the U.S.

Fibrogen gains nearly 10% on positive test results

The Roxadustat Phase III program pooled analyses showed positive efficacy and no increased cardiovascular risk in patients with anaemia from chronic kidney disease.
Source: Press Release
FGEN +9.5%

FibroGen shares halted pending news

Nasdaq has suspended trading in FibroGen (FGEN -9.2%) pending the release of news, in this case, roxadustat safety data at the American Society of Nephrology Kidney Week in Washington, DC.

CDC finds contaminants in patients injured from vaping liquids

Investigating the causes of a growing number of lung injuries in people using tetrahydrocannabinol (THC)-containing vaping liquids, the Centers for Disease Control and Prevention (CDC) has found toxic substances in fluid samples taken from stricken users, additives such as vitamin E acetate, medium chain triglyceride oil and other fats, that are apparently used as thickening agents.
Vitamin E acetate, which can impair lung function if inhaled, was found in all 29 lung fluid samples analyzed. The CDC cautions, though, that more testing needs to be done to determine if there is a definite causal link between it and lung injury.
The public health watchdog also re-emphasizes its recommendation to avoid using vaping products containing THC, especially from “informal” sources.
Selected tickers: MOJUULPMVGROTCQX:IMBBYBTI

Roche joins others in dropping myostatin inhibitor for Duchenne

The prospects of a new class of Duchenne muscular dystrophy therapies have taken another downturn after Roche abandoned development of RG6206, a myostatin inhibitor.
The Swiss group revealed the demise of the drug in a letter to patients and carers in the DMD community, saying that the decision to drop RG6206 – an anti-myostatin adnectin protein – comes after an interim look at data from two studies suggested continuing would be futile.
Roche’s decision comes after Pfizer said it was ending work on its antibody-based myostatin inhibitor domagrozumab (PF-06252616) last year after disappointing results in the muscle-wasting disease.
Animal studies dating back many years suggested that inhibiting myostatin could be a way to hold back muscle degeneration in DMD. However, results were mixed and there was some evidence that while inhibiting the protein could boost muscle mass it didn’t seem to reduce muscle pathology.
RG6206 adds to the list of drugs that have now failed in trials, which also includes Pfizer’s domagrozumab forerunner stamulumab which was dropped from development several years ago, as well as anti-myostatin candidates from Acceleron (ACE-031) and Novartis (bimagrumab).
In its letter, Roche notes that data from its wsuggested RG6202 was “highly unlikely to demonstrate clinical benefit as defined by meeting the primary endpoint (change from baseline in the North Star Ambulatory Assessment (NSAA) total score versus placebo).”
It has also stopped an open-label phase 1b/2 trial of RG6206 called THUNDERJET, drawing a line under a project it took over from Bristol-Myers Squibb two years ago in a deal valued at $375 million, including $170 million in upfront cash. That also included an anti-Tau drug in development for progressive supranuclear palsy.
“We recognise this news is deeply disappointing for the Duchenne community, especially in view of the historical challenges in DMD drug development and the ongoing need for new treatment options to treat this devastating disease,” says the company.
Current therapies for DMD target dystrophin, a protein which when working properly keeps muscles healthy.
At the moment the only approved therapies are exon-skipping or stop codon read-through drugs, designed to restore dystrophin function in DMD patients with specific mutations in the dystrophin gene.
Sarepta’s Exondys 51 (eteplirsen) is available in the US, and the company’s attempt to expand its stable with another exon-skipping drug – Vyondys 53 (golodirsen) – were knocked back by the FDA earlier this year. In Europe, the only approved therapy is PTC Therapeutics’ Translarna (ataluren).
Japan’s Nippon Shinyaku Pharma has filed for approval of its exon-skipping therapy viltolarsen in the US last month, and companies are working on one-shot gene therapies for DMD designed to restore dystrophin function, including Sarepta and Pfizer.