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Tuesday, February 8, 2022

Analysts question Karyopharm's PhIII endometrial cancer data as it charges ahead to FDA

 Karyopharm Therapeutics touted on Tuesday Phase III data for a cancer program it described as positive, but which Wall Street viewed in a more negative light.


The biotech reported topline results for Xpovio’s pivotal study in endometrial cancer, saying the drug reduced the risk of disease progression or death by 30% compared to placebo. Karyopharm noted the primary endpoint of median progression-free survival came in at 5.7 months for the active arm and 3.8 months in placebo.


But while the data were technically statistically significant, the p-value came in just under the 0.05 threshold typically used to determine such matters at p=0.0486. Karyopharm also released no additional data on overall survival, appearing to confuse analysts on the company’s fourth-quarter earnings call Tuesday morning.


As a result, Karyopharm shares were down about 21% in early Tuesday trading.


Company execs faced several questions during the call asking to clarify some of the data points. Analysts sought more answers on the specific number of survival events and discontinuation rates in each arm of the study, whether the reported data involved the “intent-to-treat” population and if the FDA agrees with PFS as an approvable endpoint.


They also seemed befuddled by Karyopharm’s decision to report data from a pre-specified subgroup despite the lingering concerns over the press release data. On the call, Karyopharm noted that while most of the answers would be provided at an upcoming medical conference, all of Tuesday’s data came from the ITT group and that regulators view PFS as the primary.


The subgroup in question dealt with 103 patients who have “wild-type p53.” Karyopharm reported that in these patients who received Xpovio, the reduction in the risk of disease progression or death was 62% compared to placebo, good for a p-value of p=0.0006. Median PFS in this group was 13.7 months against 3.7 months in the control group.


Despite the analysts’ questions, Karyopharm plans for an sNDA submission in the first half of this year, and provided the same timeline for the medical conference reveal. The biotech is going for the front-line maintenance setting in endometrial cancer.


Tuesday is not the first time Xpovio has faced controversy. When Karyopharm was initially seeking approval for relapsed or refractory multiple myeloma a few years ago, the FDA appeared skeptical of both its safety and efficacy, and an adcomm recommended regulators reject it in February 2019. But that July, the drug won accelerated approval in the indication.


Phase III results reported in March 2020 confirmed Xpovio’s clinical benefit in such patients, and the drug has since been OK’ed in late-line diffuse large B-cell lymphoma and an earlier-line multiple myeloma setting. Karyopharm is continuing to research the drug in these cancers and myelofibrosis, both as a monotherapy and in combination with other agents.

https://endpts.com/analysts-question-karyopharms-phiii-endometrial-cancer-data-as-biotech-will-charge-ahead-to-fda/

Lilly, Innovent's PD-1 in troubled waters as FDA review, oncology chief's comments portend likely rejection

 An FDA rebuff looks almost certain for Eli Lilly and partner Innovent Biologics’ PD-1 inhibitor Tyvyt as an overwhelmingly negative internal FDA review ahead of an advisory committee meeting suggests the agency is unwilling to consider a drug solely based on clinical data from China.

Innovent is seeking an FDA blessing for Tyvyt (sintilimab) in combination with chemotherapy to treat newly diagnosed patients with late-stage non-squamous non-small cell lung cancer (NSCLC). But as FDA reviewers see it, the phase 3 trial used to support the application, conducted exclusively in China, was simply not enough for an approval in the U.S., an FDA document (PDF) shows.

While the FDA appears to have already set its mind on a rejection, it’s now asking an independent oncologic drugs advisory committee (ODAC) to weigh in during a meeting scheduled for Thursday. The agency’s tough stance could serve as an omen for several China-made cancer immunotherapies that are hoping to have a shot at the lucrative U.S. market.

As the FDA noted, the Tyvyt trial, dubbed Orient-11, closely resembles lung cancer trials by existing checkpoint inhibitors such as Merck’s Keytruda in the U.S. The difference, though, is that Orient-11 was conducted solely in China rather than being a global study.

Using foreign data from a single-country trial for drug applications marks a “departure from decades of [multiregional clinical trials] as the consistent approach to drug development,” the FDA said. Given that single-country nature, results from Orient-11 aren’t applicable to U.S. patients, the FDA reasoned.

What’s more, the study measured how well the Tyvyt regimen could stall tumor progression or death, known as progression-free survival (PFS), as its primary goal. But the FDA has approved PD-1/L1 inhibitors in the same setting with more clinically meaningful data on life extension. For example, Keytruda showed its addition to chemotherapy could halve the risk of death among frontline non-squamous NSCLC patients in the landmark Keynote-189 trial. Based on that finding and data from other trials, Keytruda has been well established as the standard of care for first-line metastatic NSCLC in the U.S.

Adopting a harsh tone, the FDA criticized Orient-11 for being conducted “without FDA consultation or oversight, with a comparator arm and endpoint (PFS) that do not meet U.S. regulatory standards or align with U.S. medical practice.” Only by comparing Tyvyt to an approved PD-1 therapy would the FDA be convinced of the new med’s efficacy, the U.S. drug regulator added.

The FDA has cleared drugs based on foreign data before, especially for novel therapies for underserved patient populations. But the agency said Tyvyt doesn’t deserve that “regulatory flexibility” given multiple similar drugs are available with more mature patient survival data. The Tyvyt application “does not fulfill an unmet need for U.S. patients,” the agency said.

Lilly originally licensed Tyvyt from Innovent in 2015. After seeing positive Orient-11 data, the two partners expanded the partnership in 2020 when Lilly paid $200 million up front for the PD-1 inhibitor’s U.S. rights. The drug has been approved in China for multiple cancer indications, including frontline NSCLC.

The negative opinion doesn’t come as a surprise. Richard Pazdur, M.D., director of the FDA’s Oncology Center of Excellence, and colleague Harpreet Singh, M.D., stated those same arguments in a commentary published Friday in the journal The Lancet Oncology.

“The true bridge over so-called troubled waters for global drug development and regulatory harmonization will be MRCTs rather than single country trials,” Pazdur and Singh wrote in that article.

For Lilly’s part, the company believes that “the risk-benefit of the agent is demonstrable on the basis of the well-conducted study,” and that “the results of the study are indeed applicable to a U.S. population,” Jake Van Naarden, president of Lilly Oncology, said of Tyvyt and Orient-11 during an investor call Thursday.

To support that view, Innovent argues in its briefing document (PDF) for Thursday’s meeting that Tyvyt prompts similar biomedical effects between Chinese and U.S. patients. What’s more, the Chinese company pointed to an FDA meta-analysis of checkpoint inhibitors in NSCLC that showed “relatively consistent” patient survival and tumor progression outcomes in non-Asian and Asian patients.

In addition, Tyvyt’s efficacy data from the Orient-11 trial was similar to those from other anti-PD-1/L1 trials conducted in largely Western patients, the company said. In Orient-11, Tyvyt plus chemo reduced the risk of disease progression or death by 52% over chemo alone as patients on Tyvyt lived a median 8.9 months without progression, versus 5 months for the chemo group. In Keynote-189, Keytruda showed similar results, helping patients live a median 9 months without progression compared with 4.9 months for chemo.

On the more important patient survival marker, Tyvyt’s combo with chemo cut the risk of death by 35% over chemo alone as of September 2021. That result was seemingly less impressive than Keytruda and chemo’s roughly 44% reduction at a prespecified final analysis.

Nevertheless, Lilly’s Van Naarden acknowledged that “the stance of the agency may have changed or maybe we may have misinterpreted it a few years ago.”

Van Naarden was referring to Pazdur’s comment at a 2019 American Association for Cancer Research meeting, where the FDA oncology chief encouraged Chinese companies to bring competition to the U.S. PD-1/L1 landscape with their lower-cost options by duplicating foreign trials in China. At that time, Pazdur lambasted Western PD-1/L1 developers for high prices.

That comment effectively sparked enthusiasm for introducing China-made PD-1/L1s to the U.S. Besides Lilly and Innovent, Novartis has since partnered with BeiGene on the latter’s tislelizumab, while EQRx has gained exclusive rights to Cstone Pharmaceuticals’ sugemalimab. In addition, Coherus Biosciences has tapped Junshi Biosciences’ toripalimab, and other companies have struck similar deals.

These foreign companies have either bluntly stated or indirectly indicated that their products would come after the megablockbuster U.S. immuno-oncology market with pricing discounts. Lilly’s Van Naarden, for one, touted its “disruptive pricing strategy” for Tyvyt during Thursday’s call.

But fast forward to today, the FDA made a special note in its review document, making clear of a well-known FDA review standard even though it appears to be backtracking Pazdur’s 2019 comment.

“[T]he FDA may not consider drug pricing or competition in its regulatory decision making,” the agency wrote. “Cost and drug pricing should not be included as a topic for discussion in the ODAC meeting.”

The only question for ODAC members at the upcoming gathering is whether additional clinical trial reflecting a U.S. population should be required before a final regulatory decision on Tyvyt. The FDA doesn’t have to follow the advisers’ recommendations, but it typically does.

The FDA’s decision on Tyvyt could serve as a benchmark for all the other China-made PD-1/L1 ones that are lining up their applications with the FDA. By the FDA’s count, more than 25 oncology applications in various drug development phases, planned to be submitted, or currently under review are based solely or predominantly on clinical data from China.

https://www.fiercepharma.com/pharma/eli-lilly-innovent-s-pd-1-troubled-waters-as-fda-review-oncology-chief-comments-portend

Inspire Medical Financial Results and 2022 Guidance

 Accelerated Patient Demand and Increased Center Capacity Drives Year-over-Year Revenue Growth of 70% and 102% in the Fourth Quarter and Full Year, Respectively

Inspire Medical Systems, Inc. (NYSE: INSP) ("Inspire"), a medical technology company focused on the development and commercialization of innovative, minimally invasive solutions for patients with obstructive sleep apnea, today reported financial results for the quarter and full year ended December 31, 2021, and provided full year 2022 guidance.

Recent Business Highlights and Full Year 2022 Guidance

  • Generated revenue of $78.4 million in the fourth quarter of 2021, a 70% increase over the same quarter last year, and revenue of $233.4 million in full year 2021, a 102% increase over full year 2020

  • Activated 81 new centers in the U.S. in the fourth quarter of 2021, bringing the total to 684 U.S. medical centers implanting Inspire therapy

  • Created 16 new sales territories in the fourth quarter of 2021, bringing the total to 157 U.S. sales territories

  • Achieved significant therapy utilization milestones, including 20,000th patient to receive Inspire therapy in 2021, and completion of the first Inspire therapy procedures in Japan and the United Kingdom in early 2022

  • Entered into exclusive distribution agreements to commercialize Inspire therapy in Singapore and Hong Kong

  • Received U.S. Food and Drug Administration (“FDA”) approval for the Inspire Bluetooth-enabled patient remote control

  • Expects full year 2022 revenue to be in the range of $318 million to $326 million, which would represent year-over-year growth of approximately 36% to 40%

“We experienced significant momentum throughout our business in the fourth quarter,” said Tim Herbert, President and Chief Executive Officer of Inspire Medical Systems. “The 70% year-over-year revenue growth achieved in the fourth quarter reflects accelerated patient demand for Inspire therapy and our increasing capacity at new and existing centers. In addition, our ability to improve patient access to care through our Advisor Care Program, and the positive reimbursement environment for Inspire therapy continues to fuel the growth in therapy adoption. We are proud that in the fourth quarter, we surpassed 20,000 patients who have received Inspire therapy.”

Full Year 2022 Guidance

Inspire expects full year 2022 revenue to be in the range of $318 million to $326 million, which would represent growth of approximately 36% to 40% over full year 2021 revenue of $233.4 million. Gross margin for the full year 2022 is anticipated to be in the range of 85% to 86%.

In addition, during each quarter of 2022, the Company expects to activate 52 to 56 new U.S. medical centers implanting Inspire therapy, and add 11 to 12 new territories.

Webcast and Conference Call

Inspire’s management will host a conference call after market close today, Tuesday, February 8, 2022, at 5:00 p.m. Eastern Time to discuss these results and answer questions.

Tuesday, February 8th at 5:00 p.m. Eastern Time:

Domestic:

(800) 344-0786

International:

(209) 905-5969

Conference ID:

6196895

Webcast:

https://edge.media-server.com/mmc/p/yqez27hd

To listen to a live webcast, please visit the Investors section of the Inspire website at www.inspiresleep.com. The webcast replay will be available on the Inspire website for two weeks following the completion of the call.

https://finance.yahoo.com/news/inspire-medical-systems-inc-announces-210500043.html

FDA Wants Additional Info on Pulse Biosciences 510(k) Submission

 Pulse Biosciences, Inc. (Nasdaq: PLSE), a novel bioelectric medicine company commercializing the CellFX® System powered by Nano-Pulse Stimulation™ (NPS™) technology, today announced an update to its recent U.S. Food and Drug Administration (FDA) 510(k) submission to add the specific indication for treatment of sebaceous hyperplasia to expand the CellFX System’s current labeling.

The Company submitted a 510(k) in December 2021 to add the treatment of sebaceous hyperplasia to the CellFX System’s indications for use in the United States. On February 5, 2022, the Company received an Additional Information ("AI") letter from the FDA in response to the 510(k) submitted. In the AI letter, the FDA stated it did not believe the Company provided sufficient clinical evidence at this time to support the expanded indication for use, and that the Company had not met the primary endpoints of the sebaceous hyperplasia FDA-approved IDE study. The Company anticipates meeting with the FDA to discuss the contents of the AI letter and potential next steps, which may require additional clinical data and potentially a new 510(k) submission. The AI letter is a standard part of the 510(k) review process and places the review on hold until the Company responds within 180 days of the request in the AI letter. Based on FDA guidance, the Company believes its meeting with the FDA will take place in Q1 2022.

In Europe, the CellFX System is approved for the treatment of sebaceous hyperplasia, seborrheic keratosis and non-genital warts. In the United States, the CellFX System is cleared for dermatologic procedures requiring ablation and resurfacing of the skin and intended use of treating benign lesions.

https://finance.yahoo.com/news/pulse-biosciences-provides-recent-fda-134500060.html

Pfizer reports revenue miss, weaker than expected COVID-19 vaccine sales forecast

 JULIE HYMAN: First, we've got to talk about Pfizer and its numbers this morning because there too, we saw a disappointment. The shares are off by 4%. And the disappointment is in the revenue.

So you can see a little bit there. It's also in the forecast for 2022 sales and profit forecasts from Pfizer, missing analysts' estimates.

And what's interesting here is, it's the vaccine for COVID-19 and Pfizer's treatment that seemed to be the core of that disappointment, which is definitely a surprise here because Pfizer has been obviously selling so much of it.

We could point out as well that the stock decline this morning is coming on the back of what has been strong performance from Pfizer.

BRIAN SOZZI: Yeah, I know we always tend to-- you know, the market always looks-- as they say-- for, Julie, and it's always concerned with growth rates. I understand there might be some disappointment here.

But take a step back, here, you have Pfizer outlining this year, potentially, $102 billion in total sales. Last year, they had $81.3 billion. Their earnings outlook-- our earnings outlook is about $2 per share higher than what they produced last year.

So again, this company continues to drive major sales, major earnings. It's not just because of the COVID-19 vaccine. They're selling-- they're in leadership positions in many other markets here.

Understand the disappointment, but I would encourage investors to keep in mind just the-- the growth this company is putting up on top of very large numbers from last year. It's very impressive.

JULIE HYMAN: True, but that-- that $102 billion-- as large as it is-- analysts, apparently, were looking for $4 billion more. So there you go.

https://finance.yahoo.com/video/pfizer-reports-revenue-miss-weaker-144334926.html

Novavax underdelivers on numbers of COVID vaccine shots

 Novavax Inc has delivered just a small fraction of the 2 billion COVID-19 shots it plans to send around the world in 2022 and has delayed first-quarter shipments in Europe and lower income countries such as the Philippines, public officials involved in their government's vaccine rollouts told Reuters.

Novavax said it has completed delivery of around 10 million vaccine doses to Indonesia and that shipments of several million shots arrived in Australia and New Zealand on Monday. The company declined to comment on the exact number of deliveries it has made but said it is moving as quickly as possible to ship its contracted supplies for this quarter.

Some shipments have been held up by regulatory processes and are waiting in a distribution warehouse to go to healthcare providers, Novavax spokesperson Amy Speak said.

Novavax shares fell nearly 10% in early trading.

Gaithersburg, Maryland-based Novavax, which had never launched a product, had ambitions to provide a vaccine for the world, promising to deliver its shots by mid-2021.

When the tiny company missed 2021 targets, buyers turned to rivals including Pfizer Inc/BioNTech SE, Moderna Inc, and Chinese drugmakers.

Shipments to the European Union, Indonesia and the Philippines were held back by a late regulatory approval from the World Health Organization (WHO), export limitations of its production partner the Serum Institute of India, and delayed approval of individual vaccine batches by European regulators, who must vet the shots before they can be distributed, according to officials in those regions.

The delivery delays have left at least one country reconsidering its Novavax order.

The company has yet to deliver vaccine on its largest contract for 1.1 billion doses to COVAX - a global vaccine distribution program for poorer countries - which would make Novavax its third largest supplier, according to business data and analytics firm GlobalData Plc.

https://finance.yahoo.com/news/1-focus-novavax-underdelivers-covid-144632551.html


NeuroOne: Successful Data for Novel Thin Film Platform Electrode Tech

 Successful results of 5-year test data opens potential opportunity for long-term recording applications for Parkinson's disease, epilepsy, spinal cord stimulation, neurological disorders, and research markets.

NeuroOne Medical Technologies Corporation (NASDAQ: NMTC) ("NeuroOne" or the "Company"), a medical technology company focused on improving surgical care options and outcomes for patients suffering from neurological disorders, today announced that it successfully completed initial pre-clinical long-term testing of recording capabilities on its platform thin film electrode technology. In test procedures, the electrodes' ability to record electrical activity over a span of 5 years was measured using an accelerated aging test model. The test results demonstrated NeuroOne's thin film electrodes' reliability against environmental factors that may contribute to device failure or malfunction, which is a well-established challenge with thin film electrode technology.

https://finance.yahoo.com/news/neuroone-medical-technologies-corporation-releases-140000500.html