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Sunday, August 14, 2022

Raymond James Turns Bearish On Landos

 

  • Raymond James downgraded Landos Biopharma Inc  to Market Perform from Outperform following 2Q22 earnings and the first look at NX-13 Phase 1b data in ulcerative colitis (UC). 
  • The analyst's rating change is driven by:
    • Unclear strategy for omilancor in UC/Crohn's Disease (CD) (formulation optimization needed to improve solubility).
    • Lack of conviction on NX-13's early efficacy data in UC until an adequately powered study is more clearly demonstrative of efficacy. 
  • The LAPB management team is acutely focused on prioritizing resources for their lead programs and expects to deliver a comprehensive pipeline update and strategy later this year. 
  • Raymond James maintains that omilancor is a promising molecule that could drive value in the coming 12-18 months. However, that depends on formulation changes and "making the cut" of the pipeline review. 
  • Earlier this month, Landos Biopharma announced topline results from its Phase 1b trial of NX-13 for ulcerative colitis as a once-daily oral therapy. 
  • The data showed that NX-13 was well tolerated following evaluation of multiple doses over four weeks compared with a placebo.
  • Across the four cohorts, no serious adverse events were reported, consistent with earlier studies in healthy volunteers and preclinical models.
  • The company ended the June quarter with cash, cash equivalents, and marketable securities of $55.8 million.

Pharmacists Can Now Prescribe Paxlovid, but Why Not Other Drugs?

 In early July -- through 11 pages, a pen stroke, and a stamped envelope en route to Murray Hill in New York City -- an FDA lifer changed the landscape of American healthcare.

But the letter, written by the agency's acting chief scientist, Jacqueline O'Shaughnessy, PhD, didn't actually contain any new science. There were no novel virus-busters nor immune-suppressors nor tissue-rejuvenators. Instead, the FDA deemed that what was most truly "appropriate to protect the public health or safety" as it related to the COVID-19 medication nirmatrelvir-ritonavir (Paxlovid) was a systems change.

Pharmacists, the agency determined, should be able to prescribe the drug.

The decision is unusual for the agency, in part because the FDA mostly focuses on whether drugs should be approved -- not on who should be able to disseminate them once they are approved.

It's also peculiar because nirmatrelvir-ritonavir, as the first oral therapy authorized for COVID-19, was supposed to be tide-shifting. Back in December 2021, Patrizia Cavazzoni, MD, director of the FDA's Center for Drug Evaluation and Research, called it "a major step forward in the fight against this global pandemic." And, she added, the drug's authorization was coming "at a crucial time" -- just as the Omicron variant was beginning to take the world by storm.

A Fumbled Rollout

However, the months since its approval have been met with a crescendo of confusion.

Doctors have expressed frustration about lack of clarity in the FDA's prescribing guidelines about which patients can be said to have "mild-to-moderate coronavirus disease," and which "are at high risk for progression to severe COVID-19." The latter category encompasses tens of millions of Americans -- from those with potentially mild illnesses like asthma or diabetes to those with potentially debilitating disorders like end-stage lung scarring or metastatic cancers.

The drug's so-called "rebound" phenomenon -- during which patients have recurrent symptoms or test positive for COVID-19 in the days and weeks after starting nirmatrelvir-ritonavir -- has also befuddled physicians, stalling the therapy's broader rollout.

Then, there's the fact that the FDA recommended prescriptions only for those who had been diagnosed with COVID-19, and only within 5 days of diagnosis. But as at-home testing rates have soared -- using diagnostics notoriously less accurate than PCR-testing -- confirming an accurate diagnosis is even more challenging. And since the average American has to wait between 4- and 8-times longer than the FDA's recommended window to score a doctor's appointment, many patients may simply fail to get to the clinic soon enough.

The net effect: America's doctors wrote just over one million prescriptions for nirmatrelvir-ritonavir in the months after its approval (through late May). Over the same period, over 30 million Americans had a mild or moderate case of COVID-19 -- many of whom may be considered high-risk for severe illness.

Moreover, the barriers to access disproportionately impact the communities already the most marginalized. In high social vulnerability zip codes -- defined by 15 indicators including household income, race/ethnic composition, English language competency, and housing availability -- nirmatrelvir-ritonavir dispensing rates were half those of other neighborhoods. This is despite the fact that the proportion of pharmacies (48%) in these communities approximates the proportion of U.S. residents who live in them (49%) -- this suggests the gap lies with prescription patterns, not with pharmacy proximity.

In this way, despite the hope and hype, the initial nirmatrelvir-ritonavir rollout perpetuated racial disparities in COVID-19 care observed since the earliest days of the pandemic. To the extent that health systems change may well be the best medicine for all Americans, the FDA's decision to allow pharmacists to prescribe nirmatrelvir-ritonavir is a game changer.

Prescription Barriers Extend Beyond Paxlovid

Barriers to accessing prescriptions aren't a new phenomenon. They didn't start during the COVID-19 pandemic or with nirmatrelvir-ritonavir.

Prescription rates of everything from addiction cessation medications to menopausal hormone therapies to anti-arthritic and opiate painkillers are lower in communities of color. Research indicates these inequities are likely a function of multiple factors including shortages of prescribing clinicians (doctors, but also nurse practitioners and physicians' assistants in some regions), obstacles to seeing a prescribing clinician, and implicit bias held by clinicians, among others. In other words, the same hurdles that hindered nirmatrelvir-ritonavir.

That's where pharmacists could, and should, come in. Yet, according to GoodRx, a company that helps patients obtain and manage their prescriptions, only seven states allow pharmacists to independently prescribe more than a cursory set of medications.

The restrictions exist despite national studies from organizations like the U.S. Public Health Service showing improved patient outcomes when pharmacists are allowed to prescribe medications. And this is despite the fact that many common medications -- like statins for high cholesterol, inhalers for asthma, and anti-fungal creams -- have benign side effect profiles that rarely require surveillance by prescribing clinicians. Millions of patients a year use medications just like these.

Taking Action to Promote Access

Given these benefits -- and the countless patients who might stand to gain from them -- some state policymakers are working vigorously to expand pharmacists' "scope of practice."

Such laws would grant pharmacists more independence and authority to directly prescribe selected therapies like hormonal contraceptives, vaccines, and travel medications. According to the National Alliance of State Pharmacy Associations, as of 2018, over 50 bills introduced by dozens of lawmakers on either side of the aisle were under consideration.

However, these incremental, state-by-state efforts are not enough in a country where many are getting sicker every day simply because they can't get to a doctor. Just as the FDA leveraged its authority to promote health systems change as the best medicine for COVID-19, it should do the same for other routine and safe therapeutics.

"There is nothing wrong with underlining personal agency," the late Paul Farmer, MD, PhD, wrote in Infections and Inequalities, "but there is something unfair about using personal responsibility as a basis for assigning blame while simultaneously denying those who are being blamed the opportunity to exert agency in their lives."

Similarly, alleviating the immense inequities in our country's health will take democratizing healthcare delivery in a way that returns agency to patients. Empowering pharmacists to prescribe medications would be a huge step toward liberating patients from the gridlock of a physician-centered system -- a form of liberation that could save lives today, tomorrow, and years from now.

Eli Cahan, MD, MS, is a pediatrician at UCSF and an investigative journalist

https://www.medpagetoday.com/opinion/second-opinions/100208.

Minor recovery can't save hospitals from 6th straight month of negative operations

 June’s modest volume and expense improvements were not enough to pull the hospital industry’s median operating margin into the green, marking six straight months of negative operations across the country, according to a new industry report.

Hospitals and health systems saw a median 30.8% improvement in their operating margins from May to June, leading to a median year-to-date operating margin index of -0.09%, according to Kaufman Hall’s numbers through June.

Despite the upward trend, the firm wrote that the industry still lags well behind the midpoint of 2021, is “nowhere near pre-pandemic levels” and “will likely end up with historically low margins for the remainder of the year.”

From May to June, the country’s hospitals saw a 1.8% increase in adjusted discharges alongside a decrease in acuity, represented by a 0.6% decline in adjusted patient days and a 2.1% fall in average length of stay, according to the report. All three of those measures are up compared to June of last year.

Operating room minutes grew 2.4% from May but remain 4.8% below June 2022, according to the report. Emergency department visits, meanwhile, fell 2.6% month over month but are up 2.6% year over year.

These volumes drove a 1.2% increase in gross operating revenue from May to June, the firm wrote. June’s numbers also represent a 4.1% increase from June 2021 and a 6.2% gain from the top of 2022 when the omicron wave began settling on hospitals.

Outpatient revenue carried the overall gain with a 2.6% month-over-month increase, a 4.7% year-over-year increase and a 7.8% year-to-date increase, according to the report. Inpatient revenue dipped 0.9% from May to June but was still up 2.2% year over year and 4.6% year to date.

June saw some relief from the year’s “historic high” expenses—particularly on the labor front—but still weighed heavily enough on revenues to keep hospitals in a tight spot.

Total expenses were down 1.3% from May to June but remain up 7.5% from last year and 9.5% higher than the beginning of the year, according to the report. Total expense per adjusted discharge also fell 3.6% from May while still up 6.1% year over year.

Total labor expenses fell 2.4% from May yet remain 12.1% higher than in June 2021. Labor expense per adjusted discharge decreased 6.7% month over month but is still up 9.1% from last year and 13.4% year to date.

“To say that 2022 has challenged healthcare providers is an understatement,” Erik Swanson, senior vice president of data and analytics with Kaufman Hall, said in a statement. “It’s unlikely that hospitals and health systems can undo the damage caused by the COVID waves of earlier this year, especially with material and labor costs at record highs this summer.”

Kaufman Hall’s monthly reports are based on a sample of more than 900 nationally representative hospitals.

The trends fall in line with recent comments from major health system executives who this past week painted a similar picture of slow recovery through the year’s second quarter.

Among the harder hit was Community Health Systems, which reported its second consecutive red quarter due to a blend of less-than-expected non-COVID volumes, persistently high labor pressures and lower per-admission revenues.

https://www.fiercehealthcare.com/providers/minor-recovery-cant-save-hospitals-sixth-straight-month-negative-operations-industry

Major step forward in fabricating an artificial heart, fit for a human

 Heart disease -- the leading cause of death in the U.S. -- is so deadly in part because the heart, unlike other organs, cannot repair itself after injury. That is why tissue engineering, ultimately including the wholesale fabrication of an entire human heart for transplant, is so important for the future of cardiac medicine.

To build a human heart from the ground up, researchers need to replicate the unique structures that make up the heart. This includes recreating helical geometries, which create a twisting motion as the heart beats. It's been long theorized that this twisting motion is critical for pumping blood at high volumes, but proving that has been difficult, in part because creating hearts with different geometries and alignments has been challenging.

Now, bioengineers from the Harvard John A. Paulson School of Engineering and Applied Sciences (SEAS) have developed the first biohybrid model of human ventricles with helically aligned beating cardiac cells, and have shown that muscle alignment does, in fact, dramatically increases how much blood the ventricle can pump with each contraction.

This advancement was made possible using a new method of additive textile manufacturing, Focused Rotary Jet Spinning (FRJS), which enabled the high-throughput fabrication of helically aligned fibers with diameters ranging from several micrometers to hundreds of nanometers. Developed at SEAS by Kit Parker's Disease Biophysics Group, FRJS fibers direct cell alignment, allowing for the formation of controlled tissue engineered structures.

The research is published in Science.

"This work is a major step forward for organ biofabrication and brings us closer to our ultimate goal of building a human heart for transplant," said Parker, the Tarr Family Professor of Bioengineering and Applied Physics at SEAS and senior author of the paper.

This work has its roots in a centuries old mystery. In 1669, English physician Richard Lower -- a man who counted John Locke among his colleagues and King Charles II among his patients -- first noted the spiral-like arrangement of heart muscles in his seminal work Tractatus de Corde.

Over the next three centuries, physicians and scientists have built a more comprehensive understanding of the heart's structure but the purpose of those spiraling muscles has remained frustratingly hard to study.

In 1969, Edward Sallin, former chair of the Department of Biomathematics at the University of Alabama Birmingham Medical School, argued that the heart's helical alignment is critical to achieving large ejection fractions -- the percentage of how much blood the ventricle pumps with each contraction.

"Our goal was to build a model where we could test Sallin's hypothesis and study the relative importance of the heart's helical structure," said John Zimmerman, a postdoctoral fellow at SEAS and co-first author of the paper.

To test Sallin's theory, the SEAS researchers used the FRJS system to control the alignment of spun fibers on which they could grow cardiac cells.

The first step of FRJS works like a cotton candy machine -- a liquid polymer solution is loaded into a reservoir and pushed out through a tiny opening by centrifugal force as the device spins. As the solution leaves the reservoir, the solvent evaporates, and the polymers solidify to form fibers. Then, a focused airstream controls the orientation of the fiber as they are deposited on a collector. The team found that by angling and rotating the collector, the fibers in the stream would align and twist around the collector as it spun, mimicking the helical structure of heart muscles.

The alignment of the fibers can be tuned by changing the angle of the collector.

"The human heart actually has multiple layers of helically aligned muscles with different angles of alignment," said Huibin Chang, a postdoctoral fellow at SEAS and co-first author of the paper. "With FRJS, we can recreate those complex structures in a really precise way, forming single and even four chambered ventricle structures."

Unlike 3D printing, which gets slower as features get smaller, FRJS can quickly spin fibers at the single micron scale -- or about fifty times smaller than a single human hair. This is important when it comes to building a heart from scratch. Take collagen for instance, an extracellular matrix protein in the heart, which is also a single micron in diameter. It would take more than 100 years to 3D print every bit of collagen in the human heart at this resolution. FRJS can do it in a single day.

After spinning, the ventricles were seeded with rat cardiomyocyte or human stem cell derived cardiomyocyte cells. Within about a week, several thin layers of beating tissue covered the scaffold, with the cells following the alignment of the fibers beneath.

The beating ventricles mimicked the same twisting or wringing motion present in human hearts.

The researchers compared the ventricle deformation, speed of electrical signaling and ejection fraction between ventricles made from helical aligned fibers and those made from circumferentially aligned fibers. They found on every front, the helically aligned tissue outperformed the circumferentially aligned tissue.

"Since 2003, our group has worked to understand the structure-function relationships of the heart and how disease pathologically compromises these relationships," said Parker. "In this case, we went back to address a never tested observation about the helical structure of the laminar architecture of the heart. Fortunately, Professor Sallin published a theoretical prediction more than a half century ago and we were able to build a new manufacturing platform that enabled us to test his hypothesis and address this centuries-old question."

The team also demonstrated that the process can be scaled up to the size of an actual human heart and even larger, to the size of a Minke whale heart (they didn't seed the larger models with cells as it would take billions of cardiomyocyte cells).

Besides biofabrication, the team also explores other applications for their FRJS platform, such as food packaging.

The Harvard Office of Technology Development has protected the intellectual property relating to this project and is exploring commercialization opportunities.

It was supported in part by the Harvard Materials Research Science and Engineering Center (DMR-1420570, DMR-2011754), the National Institutes of Health with the Center for Nanoscale Systems (S10OD023519) and National Center for Advancing Translational Sciences (UH3TR000522, 1-UG3-HL-141798-01).


Story Source:

Materials provided by Harvard John A. Paulson School of Engineering and Applied Sciences. Original written by Leah Burrows. Note: Content may be edited for style and length.


Journal Reference:

  1. Huibin Chang, Qihan Liu, John F. Zimmerman, Keel Yong Lee, Qianru Jin, Michael M. Peters, Michael Rosnach, Suji Choi, Sean L. Kim, Herdeline Ann M. Ardoña, Luke A. MacQueen, Christophe O. Chantre, Sarah E. Motta, Elizabeth M. Cordoves, Kevin Kit Parker. Recreating the heart’s helical structure-function relationship with focused rotary jet spinningScience, 2022; 377 (6602): 180 DOI: 10.1126/science.abl6395