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Tuesday, February 7, 2023

Rocket Pharma Gets Regenerative Medicine Advanced Therapy Tag

 Rocket Pharmaceuticals, Inc. (NASDAQ: RCKT), a leading late-stage biotechnology company advancing an integrated and sustainable pipeline of genetic therapies for rare disorders with high unmet need, today announced that the U.S. Food and Drug Administration (FDA) has granted Regenerative Medicine Advanced Therapy (RMAT) designation to RP-A501, the Company’s investigational adeno-associated virus (AAV)-based gene therapy for the treatment of Danon Disease, a devastating and fatal genetic cardiac disease for which there are no disease-altering therapies available. RMAT designation was granted based on positive safety and efficacy data from the Phase 1 RP-A501 clinical trial and will provide the benefits of added intensive FDA guidance and expedited review through the program’s development.

https://finance.yahoo.com/news/rocket-pharmaceuticals-receives-fda-regenerative-120000932.html

Onconova: Additional Positive Data For Rigosertib Monotherapy In Skin Cancer

 

  • Onconova Therapeutics Inc (NASDAQ: ONTX) announced that the second of two evaluable participants in the Phase 2 program of rigosertib in squamous cell carcinoma achieved a complete response of all cancerous skin lesions following four treatment cycles.

  • The trial evaluates rigosertib monotherapy in advanced squamous cell carcinoma complicating recessive dystrophic epidermolysis bullosa (RDEB-associated SCC.

  • The patient remains on oral rigosertib.

  • The company previously announced that the RDEB-associated SCC program's first evaluable participant achieved a complete response.

  • Both of the program's evaluable participants remain on therapy, with the first participant in complete remission with no signs of metastatic disease for more than 18 months.

  • Rigosertib demonstrates a favorable safety profile in this indication, similar to prior studies in other indications.

  • RDEB is caused by insufficient expression of type VII collagen protein, which anchors the skin's inner layer to its outer layer, leading to extreme skin fragility and chronic blistering and wound formation with recurrent infections.

  • Onconova and a program investigator plan to present more detailed data on the first two evaluable participants from the Phase 2 RDEB-associated SCC program at a future medical meeting.

Chinese DNA giant’s U.S. affiliate looks to rival Illumina, touting $100 genome and high-power sequencers

 Complete Genomics, a U.S. firm affiliated with Chinese sequencing giant BGI, on Tuesday announced plans to launch a new line of sequencers it says can decode DNA in larger amounts — and at lower costs — than any instrument on the market.

https://www.statnews.com/2023/02/07/chinese-dna-giants-u-s-affiliate-looks-to-rival-illumina-touting-100-genome-and-high-power-sequencers/


Vertex pricing under fire—again—as activists press 4 governments for Trikafta generics

 Lacking access to an effective-yet-costly cystic fibrosis (CF) therapy from Vertex Pharmaceuticals, patients and activists in four countries are attempting to take matters into their own hands.

Monday, a coalition of CF patients and their families, helmed by Vertex Save Us and U.K.-based patient advocacy group Just Treatment, petitioned governments in South Africa, Brazil, India and Ukraine to either revoke or suspend Vertex patents surrounding the company’s Trikafta.

Also known as Kaftrio, the Vertex medicine is a combination of elexacaftor, ivacaftor and tezecaftor. It works by helping defective cystic fibrosis transmembrane conductance regulator (CFTR) proteins work more effectively.

But the CF modulator is out of reach for patients across “all low- and middle-income countries,” as well as some high-income countries, Diarmaid McDonald, director of Just Treatment, said in an email.

Even in countries where the drug is available, like the U.S., Trikafta’s cost before discounts is prohibitively expensive, clocking in at roughly $326,000 per patient per year, according to McDonald.

The initiative’s goal is to “secure affordable generic access to these extremely expensive medicines,” McDonald explained.

The Boston-based company, for its part, aims to “provide our medicines to as many CF patients around the world as possible,” a Vertex spokesperson said over email. 

Vertex has inked formal reimbursement agreements in more than 40 countries outside the U.S., and its CF medicines have been used by patients in more than 50 countries, the spokesperson added. “We continue to work actively to expand access including in lower-income countries, recognizing the complexities and access challenges in these markets.”

The activist coalition’s strategy mainly hinges on compulsory licenses, a World Trade Organization provision that allows governments to permit someone else to produce a patented product or process without the consent of the patent owner.

That’s the route the patients and activists are taking in South Africa, Ukraine and Brazil, where petitions were submitted Monday. If granted, those governmental bids could secure access to more affordable generics of Trikafta.

The group is taking a slightly different approach in India, where it’s asked the government to revoke Vertex’s patents on CFTR modulator drugs.

Vertex, for its part, believes “intellectual property rights are critical to encourage and protect innovation," the company's spokesperson said.

Beyond this latest transcontinental campaign, Vertex is no stranger to pricing criticism.

Notably, the company butted heads with the United Kingdom for four years over the cost of its CF drug Orkambi, which combines ivacaftor and lumacaftor. That pricing spat ultimately saw Vertex's top brass summoned to participate in a parliamentary hearing focused on pricing negotiations.

Off-and-on negotiations between Vertex and U.K. health officials over Orkambi pricing lasted so long that the drugmaker had to destroy almost 8,000 packs of the medicine that expired in 2018.

Last year, meanwhile, the Journal of Cystic Fibrosis issued a report suggesting just 12% of some 162,000 people with CF worldwide were receiving Vertex’s Trikafta. The researchers called CFTR modulators like Trikafta an “unparalleled opportunity to increase quality and length of life for almost all CF patients,” but cautioned that “the medicines are so expensive they are essentially unavailable unless reimbursed by the government or health system authorities.”

https://www.fiercepharma.com/pharma/vertexs-trikafta-pricing-under-pressure-again-patients-and-activists-press-4-governments

Incyte Corporation Q4 Profit Decreases, but beats estimates

 Incyte Corporation (INCY) announced earnings for fourth quarter that decreased from the same period last year but beat the Street estimates.

The company's earnings came in at $28.46 million, or $0.13 per share. This compares with $563.85 million, or $2.54 per share, in last year's fourth quarter.

Excluding items, Incyte Corporation reported adjusted earnings of $139.66 million or $0.62 per share for the period.

Analysts on average had expected the company to earn $0.58 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 7.4% to $926.70 million from $862.85 million last year.

Incyte Corporation earnings at a glance (GAAP) :

-Earnings (Q4): $28.46 Mln. vs. $563.85 Mln. last year. -EPS (Q4): $0.13 vs. $2.54 last year. -Analyst Estimates: $0.58 -Revenue (Q4): $926.70 Mln vs. $862.85 Mln last year.


https://www.nasdaq.com/articles/incyte-corporation-q4-profit-decreases-but-beats-estimates

Amarin Mails Letter to Shareholders Highlighting Sarissa’s Myths vs. The Facts

 Amarin Corporation plc (NASDAQ: AMRN) (“Amarin” or the “Company”) today announced that it has mailed a letter to shareholders addressing the false and misleading statements made by Sarissa Capital Management and filed an investor presentation with the U.S. Securities and Exchange Commission urging shareholders to vote “AGAINST” all proposals on the WHITE proxy card. The General Meeting of Shareholders is scheduled to be held on February 28, 2023, and shareholders of record as of January 23, 2023, will be entitled to vote at the meeting. The letter and investor presentation can be found at www.voteamarin.com.

The full text of the letter being mailed to shareholders follows:

Dear Shareholder,

As we approach the February 28, 2023, General Meeting, you have an important decision to make regarding the future of your investment, and we want to ensure you have the facts. The bottom line is this: We understand your frustration and the stock price is not where we want it to be either. We agree that change was needed at Amarin – with a NEW Board, NEW management team and NEW strategy, we are working hard to turn Amarin around to drive value for you, our shareholders.

In contrast, Sarissa is attempting to oust our new Chairman and de facto gain control of the Board with seven underqualified individuals by distorting the facts and in some cases, promoting outright misinformation. While Sarissa’s 110-page presentation certainly taps into shareholder frustration, it conveniently ignores important facts that are critical to Amarin’s fate.

One thing has become clear – Sarissa is willing to say anything in an attempt to get on the Board. We take our fiduciary duties to all shareholders, large and small, seriously, and we understand the responsibility we have to each of you. Here are Sarissa’s myths vs. the facts:


Sarissa Fiction

The Facts

Here’s Why

SARISSA MYTH #1

…on Sarissa’s ability to create value in the healthcare space

Despite Sarissa’s suggestions to the contrary, appointing Sarissa nominees has been value destructive for the vast majority of companies that have done so.

  • The median total shareholder return (“TSR”) at companies during the tenure of Sarissa-nominated directors is NEGATIVE 24%.1

  • The companies that Sarissa excluded from its presentation had a median TSR of a staggering NEGATIVE 59%.1

  • In four instances, companies with Sarissa-nominated directors LOST OVER 75% of their value.1

SARISSA MYTH #2

…on M&A

The Board is committed to evaluating any real M&A opportunity that would maximize value for Amarin shareholders, including a sale of the Company.

  • Not a single one of Sarissa’s nominees for Amarin’s Board were involved in the sale processes mentioned in their communications regarding Amarin.

  • Sarissa and its founder, Alex Denner, are both currently facing litigation asserting serious breaches of fiduciary duty related to one of the sales.

  • The Amarin Board specifically added a director – Adam Berger – who brings extensive M&A experience to be prepared for any M&A opportunity. Berger has been involved in over 90 sales during his career in investment banking.

SARISSA MYTH #3

…on comparing Amarin to The Medicines Company



Sarissa continues to compare Amarin to The Medicines Company, leading you to believe the same playbook will work here. The reality is the situation could not be more different.



For Sarissa to claim that it knows how to navigate the complex world of European and global drug pricing based on its involvement in The Medicines Company is deceitful at best. Unlike Amarin, The Medicines Company at the time of its sale:

  • Had not initiated large-scale commercialization efforts for its lead product.

  • Was not facing substantial generic competition in the U.S. for its lead product. The bulk of the value attributed by Novartis’s $9.7 billion acquisition of The Medicines Company was related to this very large U.S. market opportunity.

  • Had not yet filed its lead product for approval in Europe and was not in the most critical stages of pricing and reimbursement negotiation.

SARISSA MYTH #4

…on European launch and reimbursement in Germany

Sarissa has no understanding of the German market and very limited experience with international operations. Sarissa conveniently ignores that our stated objective was to launch in up to six markets in 2022. Amarin launched in five of the six. We are well on track.

  • Amarin started 2022 in the price negotiation stage with one European market, and by the end of the year, advanced VAZKEPA® to be fully available in five markets with another five markets in the pricing negotiation stage.

  • Beyond Europe, we secured six additional international regulatory approvals last year, as well as a seventh key approval just two weeks ago.

  • In Germany, we pivoted quickly, as the price we were offered was below our cost and would have been a dangerous precedent to set in the midst of other European launches.

SARISSA MYTH #5

…on a subscription model

Sarissa is recycling ideas about subscription models already considered and rejected by the Amarin Board for good cause.

  • Population health-based models are not a novel idea. They have been evaluated by several companies, including Amarin. They do not benefit all drug profiles, and they have not been executed across all European countries (as Sarissa suggests), only the UK.

  • VAZKEPA has a very different profile than The Medicines Company (again, Sarissa’s apparent only example of success) and its drug Inclisiran. Inclisiran was a late entrant injectable biologic, which was facing challenges in uptake and penetration due to its perceived value, cost and route of administration. VAZKEPA, on the other hand, demonstrated a very positive pharmaco-economic value for the UK government and is an oral therapy, which supports uptake by patients and physicians.

  • We have already secured a very attractive price in the UK, compared to all other oral treatment options, which gives us comparable if not better access than The Medicines Company’s Inclisiran/LEQVIO has to the UK population with no additional discounts and no detriment to shareholder value.

SARISSA MYTH #6

…on cost savings

Within two months of taking over as CEO, in August 2021, Karim Mikhail took swift and decisive action to reduce the salesforce by 50%. This was three months prior to Sarissa’s initial investment.

  • Amarin further reduced its salesforce in June 2022, resulting in a cumulative reduction of 90%.

  • We have delivered savings of $50 million in the second half of 2022 and are on track to achieve $100 million by mid-2023 as we said we would do.

  • We have made substantial progress on supply chain renegotiations, which reduced supply purchases by $150 million between the first half of 2022 and second half of 2022.

SARISSA MYTH #7

…on Per Wold-Olsen and Karim Mikhail’s purported working relationship at Merck

Implying that Chairman Per Wold-Olsen and CEO Karim Mikhail had a close working relationship at Merck is false.

  • Per Wold-Olsen left Merck in 2006 and Karim Mikhail left Merck in 2018. Merck is an enormous company, and unsurprisingly Mikhail and Wold-Olsen did not have any direct working relationship at Merck (or any other interactions) prior to Wold-Olsen joining the Amarin Board.

  • Wold-Olsen was identified through the independent search firm, and Mikhail was in no way involved in the interview and selection process beyond the typical involvement of a CEO and Board member.


SARISSA MYTH #8

…on General Meeting timeline

Amarin set the meeting date as late as possible under UK law to provide shareholders the longest possible amount of time to vote.  

  • The voting deadlines that Sarissa cites are nothing more than voting cutoffs set up by the banks and brokers through which most shareholders hold their shares. In fact, Amarin unsuccessfully tried to persuade the depositary bank, Citi, to extend the deadline.

  • Sarissa and its advisors are fully aware of these facts. If Sarissa cannot be trusted to provide you with the truth on simple proxy voting mechanics, you should question the validity of its other assertions.

SARISSA MYTH #9

…on Board refreshment

Amarin has conducted a comprehensive, independent and transparent refreshment process.

In its Board refreshment, Amarin:

  • Cast a wide net and interviewed over 30 candidates, including members of Sarissa’s slate.

  • All candidates we have interviewed were brought to us by a renowned independent search firm.

  • Every member of our Board participated in the process.



This refreshment process remains active, and we are open to all qualified candidates. In fact, we have offered to interview two of Sarissa’s new nominees, Paul Cohen and Diane Sullivan, who have backgrounds in specific areas we are evaluating as part of our ongoing Board refreshment process. Sarissa has ignored this request following direct outreach from our Board.



Facts about Sarissa’s previous lack of engagement:

  • In the summer of 2022, despite repeated requests, Sarissa refused to give Amarin names after telling us for over 10 weeks that they had specific nominees in mind.

  • Sarissa demanded that at least three of its original candidates be appointed in a matter of days after the names were disclosed, violating basic corporate governance process.

  • As part of Sarissa’s original nominations, they proposed two junior Sarissa research analysts with less than five years of work experience, which highlights their cavalier approach to this campaign.

SARISSA MYTH #10

…on shareholder communications

We are a new Board that is working to create value for each and every one of you, and expanding our commitment to engagement is a part of that. We know we can do even more, and we will.



  • Following our 2022 Annual Meeting, the Board requested a significant and accelerated deep dive on our investor base to increase the level of engagement. The Board and management established a detailed plan, and in 2022 alone, we have created the foundation for Amarin’s IR program, including:

    • Quarterly outreach to over 75 top holders, potential investors and analysts

    • Regular participation at industry conferences with regular business updates

    • Conducting over 200 1x1 meetings

    • Responding to hundreds of shareholder inquiries

  • Amarin is also taking steps to improve engagement with retail shareholders specifically, which represent a large portion of our stock, including implementing enhancements to our website to enhance responsiveness and clarify our messaging.

Amarin’s Board and management team have a clear strategy to address the major challenges facing the Company today. Sarissa does not, and they seem willing to say anything to mislead you, our shareholders.

As a result, we strongly recommend that Amarin shareholders vote on the WHITE proxy card “AGAINST” removing our Chairman and “AGAINST” adding Sarissa’s slate to the Board.

We encourage you to visit our website www.voteamarin.com for more details on our plan and FAQs.

Thank you for your support,
The Amarin Board of Directors

YOUR VOTE IS IMPORTANT!

If you have any questions, or need assistance in voting your ADS or shares on the WHITE proxy card, please call our proxy solicitor:

Morrow Sodali LLC

Okapi Partners LLC

509 Madison Avenue, 12th Floor

1212 Avenue of the Americas, 17th Floor

New York, NY 10022 

New York, NY 10036

 

 

Toll-free: 1 (800) 662-5200

Toll-free: 1 (844) 343-2625

Collect: 1 (203) 658-9400 

International: 1 (212) 297-0720

Email: AMRN@info.morrowsodali.com

Email: info@okapipartners.com

Advisors

J.P. Morgan is acting as financial advisor. Ropes & Gray LLP and Goodwin Procter LLP are acting as legal advisors to the Company.

https://finance.yahoo.com/news/amarin-mails-letter-shareholders-highlighting-130000125.html

SeqLL Announces R&D Agreement with the FBI

 SeqLL Inc. (“SeqLL”, NASDAQ: SQL), a technology company providing life sciences instrumentation and research services, today announced the establishment of a two-year Cooperative Research and Development Agreement (CRADA) with the U.S. Department of Justice’s Federal Bureau of Investigation (FBI). Under this CRADA, SeqLL and the FBI Laboratory Division (FBI LD) will seek to evaluate and determine the forensic capabilities of direct RNA sequencing using SeqLL’s True Single Molecule Sequencing (tSMS®) platform.

The FBI LD and SeqLL will collaborate with a goal of producing an assay for forensic body fluid identification, without compromising traditional STR or DNA sequence analysis. This agreement is among the first times the FBI is utilizing the CRADA mechanism to further develop laboratory capabilities.

CRADAs enable the sharing of resources and expertise for collaborative research that advances the FBI mission. “Body fluid identification can provide investigative context and have probative value. We are excited to collaborate with SeqLL to evaluate the potential of this capability in forensic casework,” said Eric Pokorak, Assistant Director, FBI Laboratory Division.

https://finance.yahoo.com/news/seqll-announces-crada-fbi-123000917.html