Here are the latest stories being discussed in biopharma today:
Insitro CEO Daphne Koller Addresses the AI Hype in Biotech
Daphne Koller, CEO of Insitro, participated in a Q&A addressing the ‘potentially destructive’ hype surrounding artificial intelligence (AI) in the biotech industry. Koller, who has worked in AI for some 30 years, expressed her hopes that biotech could steer clear of overexcitement, despite not being particularly optimistic about the chances of keeping enthusiasm at healthy levels.
Contineum Aims for $136M IPO to Back Neuro Drug
Contineum Therapeutics is reportedly planning to solicit $136 million in an IPO to support the development of its mid-stage neurological drug.
Carisma Halts Projects and Announces Layoffs
Pharmaceutical company Carisma Therapeutics announced its decision to pause the development of two cell therapy candidates, and consequently lay off 37% of its current workforce.
Biogen and Eisai Face request from FDA for More Data
The FDA has reportedly requested more information on the immunogenicity (the ability to provoke an immune response) of the proposed subcutaneous version of the Alzheimer’s drug Leqembi, jointly developed by Biogen and Eisai.
Carlyle Group’s Abingworth to Fund Teva’s Asthma Inhaler
Investment firm Abingworth will provide up to $150 million to fund the development of Teva Pharmaceuticals’ asthma rescue inhaler. The inhaler combines the two most widely used molecules, fluticasone propionate and albuterol sulfate, and could potentially reach a market of $2.5 billion.
Disc Medicine Reports Mixed Data on Blood Disorder Drug
Biotech company Disc Medicine has reported mixed data from their Phase 2 trials of a drug for a rare blood disorder. The drug, whilst reducing a key biomarker, lacked efficacy. The failure has been attributed to an ‘outsized placebo response’.
Walgreens Records a $5.8B Charge Owing to Clinic Operator VillageMD
Pharmacy chain Walgreens has reportedly recorded a significant charge of $5.8 billion due to challenges linked to clinic operator VillageMD.
FDA Delays Decision on Applied Therapeutics’ Drug
The FDA has delayed its decision on Applied Therapeutics’ drug for a rare metabolic disease. Further details have yet to be announced.
Omega Cuts 35% of Workforce
Pharmaceutical firm Omega has reportedly laid off 35% of its workforce, amidst efforts to allocate resources more efficiently.
AstraZeneca Receives Approval for Rare Blood Disorder Drug
Pharmaceutical giant AstraZeneca has received FDA approval for its rare blood disorder drug, Voydeya, following earlier approval in Japan.
Setback for Bristol Myers Expansion Plans
Biopharmaceutical giant Bristol Myers has faced a setback in its expansion plans for Zeposia, a drug to treat Crohn’s disease, following disappointing results from its Phase 3 trials.
US Intelligence Officials Allege IP Transfer to Chinese Authorities
US intelligence officials have reportedly informed Congress that WuXi, a Chinese biotech company, has transferred intellectual property to Chinese authorities.
