Weekly Quick Hits (Philly) – Week of July 10, 2023

Bristol Myers Squibb drops $55 million on Alzheimer’s drug, Penn researchers participate in $40.5 million Alzheimer’s study in Asian Americans and Asian Canadians, and Lehigh University and Factor LLC partner for Shark Tank-style startup pitch competition. Read on for more of this week’s Philly region life science stories. 

By Mark Terry
July 14, 2023

Quick Hits is BioBuzz’s weekly round up of all the life science news you don’t want to miss, in your region of interest. Don’t miss a beat; SUBSCRIBE to our weekly Quick Hits newsletter via LinkedIn (BioHealth Capital Region, Greater Philadelphia, Research Triangle Park) or get it delivered to your inbox every week.

Funding, Awards and Collaborations 

Lilly Picks ABEC For Single-Use Biopharmaceutical Manufacturing

Eli Lilly entered into a deal with Bethlehem, Pa.-based ABEC for multiple Custom Single Run (CSR) single-use systems for Lilly’s next-generation biopharmaceutical manufacturing facility in Limerick, Ireland. ABEC’s large-scale SCR Bioreactors will be at the core of the facility, along with its large-scale CSR GenMix systems.

BMS Exercised Option on Prothena’s PRX005

Bristol Myers Squibb exercised its option under the global neuroscience R&D collaboration with Dublin’s Prothena Corporation to obtain exclusive global commercial rights to PRX005. BMS is paying $55 million for the drug, which is designed to target tau for the potential treatment of Alzheimer’s disease.

Palatin Q4: 6 Consecutive Quarters of Double-Digit Growth

Cranbury, NJ-based Palatin Technologies reported its fourth-quarter results, including $4.1 million in Gross Product Revenue and six consecutive quarters of double-digit growth. The focus was on Vyleesi product revenue, with net product revenue of $1.7 million, an increase of 42% over the third quarter and an increase of 122% over the comparable quarter in 2022.

Idorsia’s Insomnia Med Quiviviq Now Covered by CVS

Idorsia (Allschwil, Switzerland) and Idorsia Pharmaceuticals US (Radnor, Pa.) announced that CVS is covering Quiviviq (daridorexant) CIV on the Performance Drug List (PDL). Quiviviq was approved in January 2022 for adults with insomnia.

Lehigh Ventures Lab and People First Federal Credit Union Commits to $600K for Startup Loans

Lehigh Ventures Lab, Lehigh University’s business incubator, partnered with People First Federal Credit Union to commit $600,000 per year for startup loans to founders who complete all the predetermined business growth criteria. The founders will work with Lehigh’s Small Business Development Center to develop business plans.

Lehigh University and Factor LLC Partner for Shark Tank-Style Pitch Competition

Lehigh University has partnered with Factor LLC to launch the fifth annual Startup Lehigh Valley, a pitch competition for entrepreneurs. The event will offer seven startup companies a shot at $30,000. The event will be held on October 25. Submissions are now being accepted.

Wistar Receives $25K Brook J. Lenfest Foundation Awards Grant

The Wistar Institute’s Biomedical Technical Training Program received a $25,000 grant from The Brook J. Lenfest Foundation. The grant will help support the program to provide education, training and mentorship to regional community college students.

InnoCare and Arrivent Announce Clinical Development Partnership

Beijing-based InnoCare Pharma and Newtown Square, Pa.-based ArriVent announced the two companies will partner to evaluate the combination of InnoCare’s SHP2 allosteric inhibitor, ICP-189, with ArriVent’s furmonertinib, a broadly active mutant-selective EGFR inhibitor. They will launch a clinical trial of the combination in advanced non-small cell lung cancer.

Penn Research: $1 Million NSF Grant to Develop Hemp-Based Supply Chain

A group of Penn State researchers received a $1 million National Science Foundation (NSF) Engines Development Award. The funds will be used to further develop the Pennsylvania Industrial Hemp Engine (PAIHE), which will support the manufacture and deployment of bio-based products for application in green building construction, packaging, fabrics, renewable energy and land remediation.

In the Clinic

BMS’s Opdivo + Cisplatin Hits Mark in Urothelial Carcinoma Study

Bristol Myers Squibb (Princeton, NJ) reported that a sub-study of the Phase III CheckMate -901 trial of Opdivo (nivolumab) in combination with cisplatin-based chemotherapy followed by Opdivo alone showed statistically significant benefits in overall survival (OS) and progression-free survival (PFS) compared to standard-of-care cisplatin-based combination as a first-line treatment for unresectable or metastatic urothelial carcinoma patients eligible for cisplatin-based chemotherapy. No new safety concerns were observed.

Soligenix Expands Phase IIa Psoriasis Trial

Princeton, NJ-based Soligenix announced it is expanding its Phase IIa trial of SGX302 (synthetic hypericin) for treatment of mild-to-moderate psoriasis after demonstration of biological effect in the first five patients. It plans to enroll at least another five subjects and look at the use of the drug in the standard of care psoriasis setting.

Incyte Announces Positive Topline Results from Phase III Pediatric Atopic Dermatitis Trial

Incyte (Wilmington, Del.) announced positive topline results from its Phase III TRuE-AD3 trial evaluating ruxolitinib cream (Opzelura) in children two to 12 years of age with atopic dermatitis. The trial hit the primary endpoint, demonstrating significantly more patients receiving Opzelura achieved investigator’s Global Assessment Treatment Success (IGA-TS) than patients treated with vehicle control.

New Patents

Rx-360 Expands Trademark Portfolio to Japan

Philadelphia-based Rx-360 announced the consortium has expanded its trademark registration for Joint Audit Program logo to now include Japan. Rx-360 is an international nonprofit pharmaceutical supply chain consortium.

Research Roundup

Drexel Research: NIH Study on Why Dieters Regain Weight

Researchers with Drexel University and the Perelman School of Medicine at the University of Pennsylvania and Tufts University are working on a $3.7 million NIH program to determine why dieters regain weight. The study will look at how diet-induced weight loss affects psychological, metabolic and neurological measures.

Lehigh Research: Biomarkers for Precision Mental Health Diagnosis

Researchers at Lehigh University’s PC Rossin College of Engineering and Applied Science recently landed two National Institute of Mental Health (NIMH) grants totaling $4 million to look for biomarkers using brain imaging and machine learning to help diagnose and treat patients with mental health disorders. The first study will focus on depression. The second study will use work to identify biomarkers to redefine the classification of mental disorders.

STRATA Publishes on Photopneumatic Tech for Acne Vulgaris

Horsham, Pa.-based STRATA Skin Sciences published a review and expert perspectives in the Journal of Clinical and Aesthetic Dermatology describing the TheraClearX system. This photopneumatic technology is designed for the treatment of mild-to-moderate acne vulgaris.

Penn Research: $40 Million Alzheimer’s Study in Asian Americans and Asian Canadians

Researchers at Penn Medicine and 15 other academic research centers in the U.S. and Canada received a $40.5 million grant from the National Institute on Aging (NIA), part of the NIH. The grant will fund the Asian Cohort for Alzheimer’s Disease (ACAD), the first major Alzheimer’s disease genetics cohort for Asian Americans and Asian Canadians.

Penn Research: New Plant Protein Could Lead to Better Biofuels

Researchers in the Penn State Eberly College of Science identified a protein that modifies the cellular machinery in plans that produce cellulose. This has the potential to inform the design of cellulose-enriched materials for biofuels and other plant-based products.

People on the Move

Avantor Names R. Brent Jones as CFO

Randor, Pa.-based Avantor appointed R. Brent Jones as Executive Vice President and Chief Financial Officer, effective August 7. He is currently EVP, CFO and COO at LifeScan Global Corporation.