Here are the top stories for Friday, December 15, 2023.
Nassim Usman, New CEO of Totus Medicines Totus Medicines has announced the closure of a $66 million Series B funding round to advance its early-stage PI3Ka inhibitor, TOS-358, through Phase Ia. Concurrently, the biotech firm named Nassim Usman as its new President and CEO. The company aims to address cancer cell growth challenges with TOS-358, which is being tested in various solid tumors. Totus has also added industry veteran John Maraganore to its scientific advisory board.
Fractyl Health’s IPO Plans Amid Obesity Therapy Demand Fractyl Health, a biotech company focusing on obesity therapies, has filed for an IPO, leveraging the growing interest in obesity treatments. This move follows a $100 million Series F funding in 2021. Fractyl Health’s GLP-1 gene therapy, which showed promising results in animal models, aims to offer a one-time treatment for obesity. The company is capitalizing on the biotech market’s upswing following recent financial market developments.
Biopharma Updates: AC Immune, CytoDyn, and Syndax
- AC Immune’s anti-pTau Alzheimer’s drug has entered Phase IIb trials, with a milestone payment from Johnson & Johnson.
- CytoDyn’s HIV drug candidate, leronlimab, faces a full clinical hold from the FDA.
- Syndax Pharmaceuticals plans a $200 million public offering following positive data on its acute leukemia treatment.
Pfizer Expands ADC Portfolio with Nona Biosciences Deal Pfizer has acquired global rights to Nona Biosciences’ mesothelin-targeted ADC, HBM9033, for solid tumor trials. The deal includes upfront payments and potential milestones totaling over $1 billion. HBM9033 is expected to address various solid tumors, including mesothelioma and ovarian cancer.
Stephen Squinto on JP Morgan’s Biotech Investment Strategy Stephen Squinto, chief investment officer at JP Morgan’s Life Sciences Private Capital, discusses the firm’s approach to early-stage biotech investments. Focusing on innovative startups, the team aims to guide companies towards successful outcomes, emphasizing strong strategies and management.
Genentech and Other Biopharma Leadership Updates Ashley Magargee has been appointed as the CEO of Genentech, marking a significant milestone in her two-decade career at the biotech pioneer. Pfizer and Moderna have also announced major adjustments in their commercial leadership structures.
Renoe Pharmaceuticals’ Trial Failure Leads to Layoffs Renoe Pharmaceuticals faces an 82% stock plunge following the failure of its drug candidate in a Phase IIb trial for mitochondrial disorders. The company plans to cut 70% of its workforce and suspend all activities related to the drug candidate, mavodelpar.
