Top Biopharma News for 06/24/2024

Facebook
Pinterest
Twitter
LinkedIn

Here are the latest stories being discussed in biopharma today:

Schizophrenia Biotech LB Pharmaceuticals Eyes Near-Term IPO Filing

New York-based LB Pharmaceuticals is gearing up for an initial public offering (IPO) as enthusiasm in the neuroscience sector rises. A source familiar with the company’s plans disclosed this imminent move, noting that LB, which has largely flown under the radar, raised $75 million in a Series C funding round earlier this year, bringing its total raised to about $122 million. The timeline for the IPO filing is expected to be within weeks, though exact financial targets remain undisclosed. Investor interest, however, remains sensitive to market conditions, with recent examples like Telix Pharmaceuticals retracting their dual US listing at the last minute.

Alnylam’s RNAi Therapy Succeeds in Closely-Watched Phase 3 Heart Trial

In a much-anticipated clinical trial, Alnylam Pharmaceuticals’ RNAi treatment vutrisiran demonstrated a significant 28% reduction in the risk of death and heart-related hospitalizations in patients with ATTR amyloidosis with cardiomyopathy. These compelling results position vutrisiran to potentially be the first RNAi therapy approved for this heart condition, a market currently dominated by Pfizer. Vutrisiran could substantially expand its patient reach, targeting up to 500,000 individuals globally affected by this severe disease.

Lykos’ Pain is Others’ Gain as Psychedelic Biotechs Take Notes from Adcomm Vote

A recent FDA advisory panel’s near-unanimous rejection of Lykos has sent shockwaves through the psychedelic biotech industry. Despite this setback, the event highlighted the growing interest and validation of psychedelics-based therapies for severe illnesses. Delix Therapeutics CEO Mark Rus reported increased attention from entities recognizing the scalability and therapeutic potential of their research. The advisory panel’s decision marks a significant milestone in the long-term journey towards legitimizing psychedelic treatments.

Gilead, Viking, and Biohaven Detail Promising Preclinical Research in Obesity and NASH

At the American Diabetes Association’s annual meeting, investor interest peaked around early-stage research in metabolic diseases, diverging from traditional GLP-1 weight loss mechanisms. Analysts noted a pivot towards broader success markers beyond weight loss, such as lean mass preservation and cardiovascular benefits. Observers expect the burgeoning obesity market to drive further developments, creating significant commercial opportunities projected to be worth up to $150 billion.

Commercial-Stage Blood Cancer Biotech Files for US Dual Listing

Ascentage Pharma, currently listed in Hong Kong, is seeking a dual listing in the US, aiming to bolster its capital base following a $75 million equity investment from Takeda. The company, with operations spanning China, the US, and Australia, remains tight-lipped on the exact financial targets for its US float. This move comes amid a cautiously optimistic climate for biotech IPOs, as evidenced by recent listing adjustments by other companies like Telix Pharmaceuticals.

Entrada Aims to Raise $100M for Duchenne Development; eFFECTOR Winds Down

Entrada Therapeutics is looking to raise $100 million through a stock sale to advance its treatments for Duchenne muscular dystrophy. The company announced positive preliminary data from healthy volunteers for its exon skipping treatments, paving the way for Phase 2 trials targeting exon 44 and exon 45. In contrast, California-based eFFECTOR Therapeutics announced its wind-down, seeking strategic alternatives and planning to delist from Nasdaq following underwhelming Phase 2 results for its lead cancer drug.