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Monday, July 10, 2023

Better Therapeutics Receives FDA Authorization for AspyreRx for Type 2 Diabetes

 First prescription digital behavioral therapeutic device delivering novel form of cognitive behavioral therapy via smartphone

In a randomized controlled trial AspyreRx demonstrated clinically meaningful and statistically significant durable reductions in A1c

Company to host conference call and webcast on July 11 at 8:30 a.m. ET

Better Therapeutics will hold a conference call on July 11 at 8:30 a.m. Eastern Time / 5:30 a.m. Pacific Time to discuss the FDA authorization of AspyreRx. Investors and the general public may access a live webcast of the call by visiting https://edge.media-server.com/mmc/p/adggoags

https://finance.yahoo.com/news/better-therapeutics-receives-fda-authorization-203000933.html

Rite Aid May Be Forced Into Ch.11 Bankruptcy

 Rite Aid's stock is being downgraded from hold to sell due to the opioid lawsuit, ongoing financial losses, and ineffective management.

https://seekingalpha.com/article/4616059-rite-aid-ch11-bankruptcy-risk-opioid-liabilities

Prothena: Bristol Myers Squibb Opt-in for Worldwide Rights of PRX005 Anti-MTBR-Tau Antibody

 

  • Prothena to receive $55 million from Bristol Myers Squibb for exclusive worldwide license to PRX005, building on exclusive U.S. license which was optioned in June 2021
  • Bristol Myers Squibb will be responsible for development, manufacturing, and commercialization going forward

Prothena Corporation plc (NASDAQ:PRTA), a late-stage clinical biotechnology company with a robust pipeline of investigational therapeutics built on protein dysregulation expertise, today announced that Bristol Myers Squibb exercised its option under the global neuroscience research and development collaboration to obtain the exclusive worldwide commercial rights for PRX005 and will pay Prothena $55 million. PRX005, which is designed to be a best-in-class anti-tau antibody, specifically targets an area within the microtubule binding region (MTBR) of tau for the potential treatment of Alzheimer’s disease.

‘Pervasive dysfunction’ found in NYC jails under Adams: federal monitor

 New York City jail leaders have failed to address “pervasive dysfunction” in the system — with the troubling situation even worsening under the Adams administration, the feds charged in a scathing new report.

The federal monitor overseeing Rikers Island sounded the alarm about a “disturbing level of regression” at the lockup in its report filed Monday — which asks a federal judge to threaten to hold the Department of Correction in contempt as a way to force it into compliance.

The near 300-page filing in Manhattan federal court is the latest volley in an escalating back-and-forth between monitor Steve Martin and DOC Commissioner Louis Molina over rampant violence and excessive use of force in city lockups.

“The current state of affairs and rates of use of force, stabbings and slashings, fights, assaults on staff, and in-custody deaths remain extraordinarily high—they are not typical, they are not expected, they are not normal,” Martin wrote.

The monitor added that he and his team are “concerned” about the “normalization” of the current dangerous conditions. 

“Real harm is occurring to real people in real time, and that cautious optimism that meaningful change can occur in this system has significantly diminished given the current climate of regression in key areas and the lack of sustained progress in others coupled with an increasing and troubling lack of transparency,” he wrote. 

Violence in city jails
The report was filed Monday in federal court.
YouTube

Martin implored Manhattan federal Judge Laura Taylor Swain to step in and start the process of holding the city agency in contempt to “coerce compliance” with the monitor’s recommendations — and suggested that further action may be necessary.

The troubled city jail system has recently been under threat of a federal takeover, which would be an extraordinary move.

The monitor was appointed by the courts nearly a decade ago to issue reports on violence in city jails and use of force by corrections officers. 

“There is no question that some progress has been made,” Martin wrote about the last nearly eight years of oversight, “but many of the initiatives required by the Action Plan remain incomplete or have not been addressed, and worse, there has been a disturbing level of regression in a number of essential practices.”

“The pace of reform has stagnated instead of accelerated in a number of key areas,” the monitor wrote.

Riker's Island Conditions from NYC Board of Corrections Presentation
The federal monitor’s report Monday raised concern over the pace of reforms under Mayor Adams’ administration

Monday’s report provides an in-depth look at Mayor Eric Adams’ plan from last year to address violence at Rikers and other Big Apple lockups. 

The DOC has made some strides in addressing sick leave policies, hiring experienced staff, modernizing scheduling and clearing the disciplinary backlog, according to the monitor.

However, the assessment from the watchdog found the progress “not substantial,” naming a lack of accountability and of quality training as two key failures. 

Additionally, the monitor charged the DOC remains on a “sorely inadequate” track when it comes to solutions for addressing violence and use of force by guards.

Violence inside city jails
The monitor did not say the court should order the feds to take over the jails but said more steps beyond contempt may be necessary.

The damning report also slams the DOC for an “inability or unwillingness to identify the objective evidence regarding the pervasive dysfunction and harm that continues to occur daily in the jails.”

In May, the monitor issued a special report, also a rare step, in which it slammed the DOC for its handling of five violent incidents over a six-day span and the agency’s lack of communication with the monitor in the hours and days following.

Molina had suggested that the monitor shelve the special report, saying it would cause “great harm [to the department] at a time when we are making great strides.” But Martin refused and issued the report in late May.

The DOC referred a request for comment to City Hall, which did not immediately respond.

https://nypost.com/2023/07/10/disturbing-level-of-regression-in-nyc-jails-under-adams-report/

Shocking Drop In Auto Loans Results In Weakest Consumer Credit Print Since 2020

 Last month, when both revolving credit (i.e., credit card debt) and interest charged on credit cards hit a record high, we said that this trajectory was unsustainable and it was only a matter of time before the debt-funded US consumer hit a brick wall. One month later, the brick wall is finally here, because according to the Fed's just released consumer credit report, in May US consumer credit grew by a paltry $7.24BN, down more than 50% from the downward revised $20.3BN in April...

.... and a huge miss to the consensus forecast of $20 billion. In fact, this was the 4th miss in the past 6 months.

This was the lowest monthly increase in consumer credit since Nov 2020, and for an economy that - like the US - is entirely reliant on constant credit growth, a semi-stagnant print such as this one is tantamount to contraction.

However, while one may think that after several months of near-record increases in revolving credit we would finally see a drop in this series, that was not the case; in fact, in May revolving credit rose by a respectable $8.5 billion.

The shocker was in the non-revolving segment, also known as student and auto loans, and which unexpectedly dropped by $1.3 billion. This is a shocker because while the monthly change in revolving credit can fluctuate significantly month to month, the non-revolving credit increase has historically been a consistent $10+ billion. Only in the past 6 months, that has not been the case, and as shown below, we have seen a sharp drop in in the monthly increase in non-revolving credit, which after 5 months of drops finally printed negative to the tune of -$1.26 billion, the first negative print since April 2020!

While we don't know whether this decline was driven by a reversal in student or auto loans - the Fed publishes that data quarterly and the next month we will get the Q2 update - it is safe to assume that at a time when student loans are still in forbearance if only for a few more weeks, and nobody has any qualms about taking out more debt they don't have to repay, the driver behind the slowdown is auto loans, which is hardly a shock with the rate on new 60 month car loans approaching the highest on record at 7.81%, just a fair below the all time high of 7.82% hit in Q3 2006.

And with non-revolving credit now shrinking, the final straw will be the reversal in (record) credit card debt. With credit card interest rates also at a record 22.16%...

... we won't have long to wait.

https://www.zerohedge.com/economics/shocking-drop-auto-loans-results-weakest-consumer-credit-print-2020

Valneva Upgraded Lyme Disease Vaccine Promising in Phase I

 A novel multivalent outer surface protein A (OspA)-based vaccine candidate (VLA15) against Lyme borreliosis (Lyme disease) appeared safe and generated immunogenicity in young adults, according to phase I trial results.

Among nearly 200 trial participants randomly assigned to receive a three-dose primary immunization with alum-adjuvanted or non-adjuvanted VLA15 in 12, 48, or 90-μg doses, immunogenicity was highest at day 85 with the highest dose and higher still when it was alum adjuvanted (geometric mean titre range 61.3-321.7 adjuvanted vs 23.8-111.5 U/mL non-adjuvanted at 90 μg).

Safety and tolerability were similar between adjuvanted and non-adjuvanted formulations, with adverse events reported in 94-97% of participants getting the intermediate (48 μg) and highest doses (90 μg) when compared with the lowest dose (89% with 12 μg, 95% CI 69.4-94.5). Injection site tenderness or pain were the most common adverse events; common systemic reactions were headache in 45%, excessive fatigue in 25%, and myalgia in 25%.

"This novel multivalent vaccine candidate against Lyme borreliosis was safe and immunogenic and paves the way to further clinical development," reported Susanne Eder-Lingelbach, MSc, of drug developer Valneva Austria in Vienna, and colleagues in Lancet Infectious Diseasesopens in a new tab or window.

"All VLA15 doses and formulations showed a favourable safety and tolerability profile and were immunogenic against all OspA serotypes, and a booster dose induced a substantial anamnestic immune response," they added.

The CDC reports approximately 30,000 Lyme disease cases per year in the U.S. but suggests a 10-fold higher incidence is likely, as it is highly underreported. Infection causes fever, headache, fatigue, and erythema migrans. If left untreated, the infection can spread to joints, the heart, and the nervous system.

To prevent infection, the VLA15 vaccine targets outer surface protein A (OspA), a dominant surface protein expressed by spirochetes of Borrelia spp in the tick midgut, and neutralizes the bacteria before it can infect a human.

"What makes the OspA vaccine special is that it works while the tick is feeding (which takes several days) and attacks the pathogen only inside the tick, preventing its transmission," Ondrej Hajdusek, PhD, and Jan Perner, PhD, both from the Czech Academy of Sciences in Ceske Budejovice, Czech Republic, wrote in an accompanying editorialopens in a new tab or window.

The multivalent vaccine formula targets OspA serotypes from Borrelia species from North America (B burgdorferi), and Europe (B burgdorferiB afzeliiB garinii, and B bavariensis) and it consists of three lipidated OspA heterodimers (reflecting six Borrelia OspA serotypes) expressed in Escherichia coli.

That's a step up from the prior Lyme shot developed for humans -- the monovalent LYMErix vaccine.

While that shot was licensed and available from 1998-2002, it did not stay on the market long after being associated with autoimmune arthritis. Loss of vaccine confidence led to discontinuation by the manufacturer. Another Lyme vaccine (ImuLyme) was also developed around the same time but never licensed.

VLA15 also is different in that it doesn't contain the epitope present in the LYMErix vaccine thought to be associated with the development of autoimmune arthritis through a cross-reaction with human leukocyte function-associated antigen (hLFA1), Hajdusek and Perner wrote.

The exact mechanism of VLA15's complement-independent, antibody-mediated inhibition is not yet fully understood, the editorialists noted, but how fully the vaccine inhibits B burgdorferi in the tick's gut while it's feeding correlates closely with blood levels of the protective antibodies from the vaccine.

"If the titre of anti-OspA antibodies is insufficient at the time of tick infestation, spirochaetes can escape, enter the host's skin, and most likely cause infection. Therefore, to maintain high titres of protective antibodies, annual boosters would be required before each tick season."

In the current trial, Eder-Lingelbach and co-authors reported that the vaccine produced antibodies for all the protein OspA serotypes targeted. "The observed seroconversion rates found in the adjuvanted treatment groups 1 month after the booster vaccination ranged from 88% to 100% which is similar to published seroconversion rates of formerly licensed vaccines against Lyme borreliosis," the researchers noted.

The antibodies declined within 5 months after the booster dose given about 13 months after the start of the three-dose vaccine series. "Substantial IgG concentrations were still detected at this point in time, which represents approximately the end of a tick season," they noted, adding that "this would indicate that after a 3-dose initiation regimen, booster doses would be needed annually."

The first-in-human trial included 179 participants (65% female, 93% white) ages 18 to 39 from Europe and the U.S. between January 2017 and January 2019. All were seronegative for B burgdorferi sensu lato at baseline. Previously infected or Lyme-vaccinated individuals were excluded, as were those with autoimmune diseases, arthritis, or clinically relevant musculoskeletal disorders.

Common adverse reactions to vaccine included tenderness (84%), injection site pain (67%) headache (45%), excessive fatigue (25%), and myalgia (25%).

Researchers noted the study is limited as it did not include children or the elderly and does not include any long-term data.

VLA15 phase III trials are currently underway, and the vaccine has been given fast track designation by the FDA, with potential to be evaluated for approval in 2026.

The editorialists called the vaccine a milestone in the fight against Lyme disease, saying they "eagerly await the results of the next clinical trials."

Disclosures

The trial was sponsored by Valneva Austria.

Study co-authors reported funding from Valneva to conduct the study. Most co-authors are Valneva employees and reported owning stock and share options in Valneva.

Hajdusek and Perner had nothing to disclose.

Primary Source

Lancet Infectious Diseases

Source Reference: opens in a new tab or windowBézay N, et al "Safety and immunogenicity of a novel multivalent OspA-based vaccine candidate against Lyme borreliosis: a randomised, phase 1 study in healthy adults" Lancet Infect Dis 2023; DOI: 10.1016/S1473-3099(23)00210-4.

Secondary Source

Lancet Infectious Diseases

Source Reference: opens in a new tab or windowHajdusek O, Perner J "VLA15, a new global Lyme disease vaccine undergoes clinical trials" Lancet Infect Dis 2023; DOI: 10.1016/S1473-3099(23)00312-2.


https://www.medpagetoday.com/infectiousdisease/vaccines/105402

Judge Denies Biden Request To Keep Meddling In Social Media

 A federal judge in Louisiana denied a request by the Biden DOJ to delay an order he issued last week which bans federal agencies from communicating with social media companies.

Judge Terry Doughty refused to pause his July 4 nationwide injunction, as well as an alternative request for a seven-day pause while it petitions the 5th US Circuit Court of Appeals.

In his Monday ruling, Doughty defended his order against the DOJ's claims that it's overly broad and unclear in terms of what types of communications are no longer allowed. Doughty wrote that the government isn't entitled to a delay in enforcing his order because they were likely to lose on the merits of the case, and slammed the DOJ for failing to identify a specific example of activity that would be hurt in the meantime.

While last week's ruling involves several different agencies, "it is not as broad as it appears," he wrote, adding "It only prohibits something the Defendants have no legal right to do — contacting social media companies for the purpose of urging, encouraging, pressuring, or inducing in any manner, the removal, deletion, suppression, or reduction of content containing protected free speech posted on social-media platforms. It also contains numerous exceptions."

The Biden administration wants to put the communications ban on hold while it challenges Doughty’s 155-page opinion concluding the government likely violated the First Amendment in its efforts to persuade tech companies to take steps to limit the spread of misinformation and fake accounts, especially during the pandemic.

In asking for a reprieve, government attorneys argued the judge’s order was too broad, unclear and would interfere with the ability of federal agencies to work with tech companies “on initiatives to prevent grave harm to the American people and our democratic processes.” -Bloomberg

The order bars the feds from "urging, encouraging, pressuring, or inducing" social media companies to remove or restrict content protected by the First Amendment - however exemptions exist for communications about criminal activity, threats to national security, election integrity issues, and other "permissible public government speech."

The case is State of Louisiana v. Biden, 3:22-cv-01213, US District Court, Western District of Louisiana (Monroe)