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Monday, January 13, 2020

Oyster Point OC-01 Dry Eyey Nasal Spray Meets Primary Endpoint in Phase 2

  • OC-01 nasal spray showed a statistically significant improvement in Schirmer’s score at Day 84 in both doses tested compared to control
  • OC-01 nasal spray is a preservative-free, aqueous, nicotinic agonist nasal spray designed to activate the trigeminal parasympathetic pathway to stimulate natural tear production
  • Conference call and live webcast tomorrow, January 13, at 8:30 a.m. ET to review MYSTIC top-line data
PRINCETON, N.J., Jan. 12, 2020 (GLOBE NEWSWIRE) — Oyster Point Pharma, Inc. (Nasdaq: OYST), a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of first-in-class pharmaceutical therapies to treat ocular surface diseases, announced the positive top-line results from its Phase 2 MYSTIC study in Dry Eye Disease.
“The results from the MYSTIC study further validate the novel mechanism of action of OC-O1 nasal spray and its ability to stimulate natural tear production via the trigeminal parasympathetic pathway,” said Dr. Preeya Gupta, Associate Professor of Ophthalmology at Duke University Eye Center and member of Oyster Point Pharma’s medical advisory board. “There is a significant need for a treatment approach that can be delivered chronically through a novel route of administration that  allows patients to stimulate their own natural tear film and address the underlying disease process.”
Efficacy and Safety Results
Results showed a statistically significant improvement in Schirmer’s score from baseline at Day 84 in both doses as compared to control.
Results for the study eye (primary endpoint) indicated:
  • The 1.2 mg/ml dose had a mean change in Schirmer’s score of 11.0 mm (p<0.05 vs. control);
  • The 0.6 mg/ml dose had a mean change in Schirmer’s score of 10.6 mm (p<0.05 vs. control).
  • The vehicle control group had a mean change in Schirmer’s score of 6.2 mm.
In the eye that was not designated as the study eye (fellow eye), results were consistent (exploratory endpoint):
  • The 1.2 mg/ml dose had a mean change in Schirmer’s score of 10.0 mm (p=0.01 vs. control);
  • The 0.6 mg/ml dose had a mean change in Schirmer’s score of 8.7 mm (p<0.05 vs. control).
  • The vehicle control group had a mean change in Schirmer’s score of 4.5 mm.
The study demonstrated that OC-01 nasal spray was well-tolerated at the two doses tested. The number of subjects reporting any treatment-emergent adverse event (TEAE) was 10 out of 41 (24% percent) in each OC-01 nasal spray dose group and 10 out of 41 (24% percent) in the vehicle control group.  There were no reports of serious TEAE in the study and no serious adverse events related to study drug administration.  The most common adverse events in the nasal spray groups were blurry vision, sneezing, and headache.  All events were mild in the OC-01 nasal spray groups and resolved by the next visit.
“We are excited to further validate the ability of OC-01 nasal spray to stimulate an increase in tear film production that is sustained over the course of twice daily dosing for 84 days in subjects with Dry Eye Disease from the MYSTIC study,” said Dr. Jeffrey Nau, CEO of Oyster Point Pharma. “We look forward to discussing top-line data from our Phase 3 ONSET-2 study in Dry Eye Disease in mid-2020.”

J&J to collaborate with Exonate in eye diseases

Johnson & Johnson (JNJ +0.3%) unit Janssen Pharmaceutical Companies inks a collaboration agreement with privately held UK biotech Exonate aimed at developing an mRNA-targeted eye drop for retinal vascular diseases such as wet AMD and diabetic macular edema.
Financial terms are not disclosed.

Mereo BioPharma up 27% on license deal

Thinly traded nano cap Mereo BioPharma Group (MREO +27.1%) is up more than double normal volume, albeit on turnover of only 465K shares, on the heels of its out-licensing agreement with Oncologie for exclusive global rights to ovarian cancer candidate navicixizumab, one of two assets Merel acquired via its reverse merger with OncoMed Pharmaceuticals last year.
Under the terms of the deal, Mereo will receive $4M upfront, a $2M CMC-related milestone, up to $300M in other milestones and tiered mid-single-digit-to-sub-teen royalties on net sales. It will also be eligible to receive a percentage of revenues from certain sublicenses.
Navicixizumab is bispecific antibody that induces an anti-tumor response via the inhibition of vascular endothelial growth factor (VEGF) and a cancer stem cell pathway called DLL4 (Delta-like ligand 4).

AtriCure provides Q4, FY19 outlook

AtriCure (NASDAQ:ATRCexpects $61.3M in Q4 revenue (+16% Y/Y) with U.S. revenue of $49.5M and $11.8M in international sales.
For FY19, AtriCure sees $230.8M in revenue (consensus: $228.7M) with an adjusted EBITDA loss of $7-9M.
AtriCure projects 2020 revenue of $254-261M (up 10-13%; consensus: $257.5M) with an adjusted EBITDA loss of about $10M.

Horizon up on bullish views of two meds

Based on encouraging sales to date, Horizon Therapeutics (NASDAQ:HZNPboosts its peak sales expectation for Krystexxa (pegloticase injection) to more than $1B from more than $750M. Sales growth in 2019 should be more than 25%.
Results from an open-label pilot study, MIRROR OL, evaluating the combination of Krystexxa and methotrexate in gout patients showed a 79% (n=11/14) complete response rate (patients achieving serum uric acid below 6 mg/dL at month 6). By comparison, the response rate was 42% in the Phase 3 program assessing Krystexxa alone.
A separate 135-subject study, MIRROR RCT, evaluating the combination in gout patients is in process with an estimated primary completion date in February 2021. The data will support a label update.
It is planning to evaluate a significantly shorter infusion duration (currently at least two hours) in a proof-of-concept study that should launch mid-year.
The company is also boosting its U.S. peak sales outlook for teprotumumab to more than a $1B from more than $750M. Its marketing application for thyroid eye disease is currently under FDA review with an action date of March 8. It plans to evaluate the IGF-1R inhibitor in diffuse cutaneous scleroderma.

Amicus Therapeutics provides FY 2020 strategic and financial outlook

Amicus Therapeutics (NASDAQ:FOLDprovides FY 2020 strategic outlook and financial guidance.
For FY 2020, the Company anticipates total Galafold revenue of $250M to $260M.
To complete Pompe Phase 3 PROPEL study, enroll pediatric studies and advance manufacturing to support 2021 BLA and MAA, data expected  H1 2021.
Advance clinical development, manufacturing and regulatory discussions for CLN6 and CLN3 Batten programs.
Progress Pompe gene therapy towards IND and disclose up to two additional IND candidates.
Biologics manufacturing with WuXi Biologics on track with PPQ runs at commercial Scale.
#JPM20

CareDx reports preliminary Q4 and FY 2019 results

CareDx (NASDAQ:CDNAreports preliminary Q4 and FY 2019.
Q4 Preliminary revenue is expected to be between $35.7M and $36M.
Q4 Testing revenue between $29M to $29.3M.
Total AlloSure Kidney and AlloMap Heart patient results provided in the quarter were 14,055.
Q4 Product revenue of $5.1M.
FY 2019 Preliminary revenue is expected to be between $127M and $127.3M.
FY 2019 Testing revenue is expected to be between $104.4M to $104.7M.
Product revenue for FY 2019 is $18.3M.
Effective January 1, 2020, the Board of Directors elected Peter Maag as Chairman of the Board. Dr. Maag will also continue his current role as CEO.
CareDx will report Q4 and FY 2019 financial results in February.