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Thursday, September 30, 2021

Editas falls well short of Brilliance

 Editas kept investors waiting for years for the first data from one of its Crispr-based gene editing projects. Yesterday, its big reveal disappointed.

The group claimed hints of efficacy with EDIT-101, which is being developed for the rare inherited eye disorder Leber congenital amaurosis, but these are hard to see. More troubling are reports of retinal tears and haemorrhage. Editas plans to push the dose of EDIT-101 higher, but the latest data suggest that finding a therapeutic window might be difficult.

Despite its positive spin on the results, which came from the phase 1/2 Brilliance trial, Editas’s stock sank 19% yesterday. But the company is still worth nearly $3bn, which seems hard to credit given its very early-stage pipeline.

Unmet need

True, there is an unmet need in Leber congenital amaurosis type 10 (LCA10), the disease subtype Editas is targeting, caused by mutations in the CEP290 gene. EDIT-101, which is injected subretinally, is designed to delete the mutation in question, c.2991+1655A>G, using Crispr-Cas9 in vivo gene editing.

The jury is still out on the effectiveness of this strategy. The results released yesterday came from two patients in the low-dose and three in the mid-dose cohort of Brilliance, testing 6x1011vg/ml and 1.1x1012vg/ml respectively.

According to Editas, two subjects in the mid-dose group showed signs of efficacy after three to six months of follow-up. For one of these patients that interpretation is debatable, given no improvement in best-corrected visual acuity with the EDIT-101-treated eye versus the patient’s untreated eye, which acted as a control.

For the best-performing patient, a 0.7logMAR improvement in BCVA versus control eye looks more clear-cut. The lead investigator of Brilliance, Dr Eric Pierce of the Massachusetts Eye and Ear hospital, noted during an Editas conference call yesterday that a 0.3logMAR improvement here was considered clinically meaningful.

However, this improvement was seen in only one patient out of five. Furthermore, Evercore ISI’s Liisa Bayko noted that in this subject BCVA had been measured using the Berkeley rudimentary visual test, which is not as well validated and reproducible as the more standard letter chart known as the early treatment diabetic retinopathy study.

Source: Compant presentation

It is difficult to conclude much about the efficacy of EDIT-101 on the available evidence. Perhaps things will become clearer next spring with longer-term results from the low and mid-dose cohorts, as well as data from the high-dose arm, testing 3x1012vg/ml. Editas is also starting a mid-dose paediatric cohort.

Toxicity might prove a stumbling block at a higher dose, though. Editas said in its press release and slides that no serious adverse events had been seen in Brilliance, highlighting a lack of treatment-related cataracts, oedema or retinal thinning.

However, a presentation yesterday at the International Symposium on Retinal Degeneration detailed one case of hypotony among two low-dose patients, and two retinal tears and one retinal haemorrhage among four mid-dose subjects.

Neutralising antibodies to AAV5, the viral vector used to deliver EDIT-101, were also seen in three patients, a fact omitted from Editas’s slide deck. When questioned about this on the conference call, company execs said that in patients who did have neutralising antibodies the levels were low.

Antisense contender

Perhaps patients would be willing to risk these adverse events with no other options available. But another LCA10 therapy is on the horizon: Proqr’s sepofarsen, an antisense project that binds to CEP290 RNA to enable correct splicing and production of the CEP290 protein. 

EDIT-101 might hold the promise of a once-and-done therapy, but sepofarsen is given every six months, still a relatively convenient schedule compared with some eye drugs.

And so far sepofarsen looks like a better bet, although patient numbers are admittedly small. In a phase 1/2 trial 11 sepofarsen-treated patients showed a 0.5.5logMAR improvement in BCVA.

Proqr is set to report data from the pivotal sham-controlled Illuminate trial next year, and all eyes will now be on this update.

https://www.evaluate.com/vantage/articles/news/trial-results/editas-falls-well-short-brilliance

AngioDynamics Reports Fiscal 2022 Q1 Results; Updates Guidance

 Fiscal 2022 First Quarter Highlights

  • Net sales of $77.0 million increased 9.6% compared to the prior-year quarter

  • Gross margin of 52.1% increased 120 basis points year over year

  • GAAP loss per share of $0.18, and adjusted loss per share of $0.02

  • The Company commenced a Limited Market Release of its AlphaVac Mechanical Thrombectomy device in September

Updating Fiscal Year 2022 Financial Guidance

The Company now expects its fiscal year 2022 net sales to be in the range of $310 to $315 million, an increase from its prior guidance of $305 to $310 million. The Company expects gross margin to be approximately 55.0% and adjusted earnings per share in the range of $0.00 to $0.05 as it continues to invest in new product launches to drive future growth.

Conference Call

The Company's management will host a conference call today at 8:00 a.m. ET to discuss its first quarter results.

To participate in the conference call, dial 1-877-407-0784 (domestic) or +1-201-689-8560 (international) and refer to the passcode 13723182.

This conference call will also be webcast and can be accessed from the "Investors" section of the AngioDynamics website at www.angiodynamics.com. The webcast replay of the call will be available at the same site approximately one hour after the end of the call.

A recording of the call will also be available from 11:00 a.m. ET on Thursday, September 30, 2021, until 11:59 p.m. ET on Thursday, October 7, 2021. To hear this recording, dial 1-844-512-2921 (domestic) or +1-412-317-6671 (international) and enter the passcode 13723182.

https://finance.yahoo.com/news/angiodynamics-reports-fiscal-2022-first-110000246.html

Alzamend Neuro: Positive Pre-IND FDA Response for Alzheimer's Candidate

 FDA Agrees to Alzamend’s Plan to Conduct a Combined Phase 1 and 2 Clinical Trial for AL002

Alzamend Neuro, Inc. (Nasdaq: ALZN) ("Alzamend"), an early clinical-stage biopharmaceutical company focused on developing novel products for the treatment of neurodegenerative diseases and psychiatric disorders, today announced that it has received a written response to its meeting request relating to its Type B Pre‑Investigational New Drug ("IND") application from the U.S. Food and Drug Administration (the "FDA") providing a path for Alzamend’s planned clinical development of AL002. AL002 is a patented method using a mutant-peptide sensitized cell as a cell-based therapeutic vaccine that seeks to restore the ability of a patient’s immunological system to combat Alzheimer’s.

Based on the FDA’s written feedback, Alzamend anticipates filing the IND by the end of November 2021 and initiating the clinical trial of AL002 in the first quarter of 2022.

https://finance.yahoo.com/news/alzamend-neuro-receives-positive-pre-141100659.html

Perrigo Stock Soars After Settling Irish Tax Dispute

 Perrigo  (PRGO) - Get Perrigo Co. Plc Report shares jumped on Thursday after the drugmaker said it had settled a dispute with Irish tax officials for about $344 million.

At last check shares of the Dublin company were up nearly 15% to $49.89.

Perrigo, formerly known as Elan, said in a statement that it had settled with the Irish Office of the Revenue Commissioners regarding an amended assessment from Nov. 29, 2018. That assessment claimed income tax of 1.6 billion euros, or roughly $1.9 billion, not including penalties or interest.

Irish Revenue Commissioners had charged that intellectual property sales by Elan Pharma, including the multiple-sclerosis drug Tysabri, were taxed as trading income at 12.5%, when they should have been treated as a chargeable gain at a rate of 33%.

In July, the company said, tax officials said they did not have all the relevant facts when the notice was issued and allowed adjustments that cut about $764 million from the original amount.

Perrigo said that while it believed that its tax position was correct and would have been confirmed on appeal, it agreed to settle "given the risks inherent in any litigation, as well as the ongoing costs of what could have been years of litigation and the uncertainty that would create."

The company agreed to pay 297 million euros, or $344 million, as a full and final settlement of all liabilities arising from the sale of the Tysabri patents. And it agreed to be taxed in periods from fiscal 2013 to fiscal 2021 inclusive.

In addition, Irish Revenue will give Perrigo credit for certain taxes already paid and for certain unused R&D credits, all of which will be applied against the 297 million euros.

So the total cash payment that Perrigo makes as part of the settlement will be 266.1 million, or about $308.1 million.

No interest is due and no penalties apply, the company said, and Irish Revenue will take no further action in relation to the amendment or any Tysabri-related income or transactions.

Earlier this month, Perrigo said it had agreed to acquire peer Héra SAS for 1.8 billion euros, or about $2.1 billion, cash.

https://www.thestreet.com/investing/perrigo-stock-climbs-after-settling-irish-tax-dispute

OptimizeRx Set to Join S&P SmallCap 600

 OptimizeRx Corp. (NASD:OPRX) will replace Lydall Inc. (NYSE:LDL) in the S&P SmallCap 600 effective prior to the opening of trading on Monday, October 4. Clearlake Capital Group is acquiring Lydall in a deal that is expected to close on or about October 1.

Following is a summary of the changes that will take place prior to the open of trading on the effective date:

Effective Date

Index Name

Action

Company Name

Ticker

GICS Sector

October 4, 2021

S&P SmallCap 600

Addition

OptimizeRx

OPRX

Health Care


S&P SmallCap 600

Deletion

Lydall

LDL

Industrials

For more information about S&P Dow Jones Indices, please visit www.spdji.com


https://finance.yahoo.com/news/optimizerx-set-join-p-smallcap-223900267.html

DiaMedica Fast Tracked for the Treatment of Acute Ischemic Strok

 DiaMedica Therapeutics Inc. (Nasdaq: DMAC), a clinical-stage biopharmaceutical company focused on developing novel treatments for neurological disorders and kidney diseases, today announced that the U.S. Food & Drug Administration (FDA) has granted Fast Track Designation to the Company’s lead candidate DM199 for the treatment of acute ischemic stroke (AIS) where tissue plasminogen activator and/or mechanical thrombectomy are not indicated or medically appropriate.

https://finance.yahoo.com/news/diamedica-therapeutics-announces-fast-track-124500117.html

Lilly, Incyte : Olumiant Superior to Placebo in Scalp Hair Regrowth as Early as 24 Weeks

 Eli Lilly & Co. and Incyte Corp. on Thursday said a pair of Phase 3 studies showed that once-daily four-milligram doses of their arthritis drug Olumiant was superior to placebo in achieving significant scalp hair regrowth as early as 24 weeks in adults with severe alopecia areata.

The companies earlier this year had reported that the studies showed significant improvements in scalp hair regrowth compared with placebo at 36 weeks for patients taking 2- and 4-milligram doses.

Eli Lilly said it plans to file for U.S. Food and Drug Administration approval for Olumiant in alopecia areata by the end of the year. There are currently no FDA-approved treatments for the autoimmune disorder, which can cause unpredictable hair loss on the scalp, face and other areas of the body.

Olumiant is approved in dozens of countries around the world for adults with moderate to severe rheumatoid arthritis and for adults with moderate to severe atopic dermatitis who are candidates for systemic therapy. The drug is also approved for the treatment of hospitalized patients with Covid-19 in several countries, including Japan and Switzerland.

Indianapolis-based Eli Lilly signed an exclusive world-wide license and collaboration agreement with Incyte, a Wilmington, Del., biopharmaceutical company, in late 2009 to develop and commercialize Olumiant and other compounds for inflammatory and autoimmune diseases.

https://www.marketscreener.com/quote/stock/ELI-LILLY-AND-COMPANY-13401/news/Lilly-Incyte-Olumiant-Superior-to-Placebo-in-Scalp-Hair-Regrowth-as-Early-as-24-Weeks-36557124/