Weekly Quick Hits (Philly) – Week of July 24, 2023
It’s quarterly report season, and a number of Philadelphia companies are updating their financials. Bristol Myers Squibb reported $11.2 billion in quarterly revenue and West Pharmaceutical Services reported $753.8 million. In addition, the region continues to churn out exciting life science research. Read on to find out more.
By Mark Terry
July 28, 2023
Funding, Awards, and Collaborations
Harmony Biosciences Announces Heart Awards to Nonprofits
Harmony Biosciences (Plymouth Meeting, Pa.) announced the latest round of nonprofit organizations for its Patients at the Heart and Progress at the Heart awards. These provide funding toward interdisciplinary community programs that address complex challenges facing people with sleep disorders and rare neurological diseases.
Wistar Researchers Collaborate with Cameroon Scientists to ID Plant-Based Medicines
Wistar Institute’s Assistant Professor Dr. Ian Tietjen of the Montaner Lab is collaborating with Dr. Fidele Ntie-Kang of the University of Buea in Cameroon to speed the discovery of plant-based medicines to potentially treat HIV. They utilize advanced computer modeling to screen thousands of candidate compounds drawn from the Pan-African Natural Product Library.
Ayala Pharma and Biosight Ink Merger Agreement
Behovot and Tel Aviv, Israel-based Ayala Pharmaceuticals and Monmouth Junction, NJ-based Biosight have entered into a definitive merger deal for an all-stock transaction. Once completed, the combined company will operate under the name Ayala Pharmaceuticals and continue to trade on the OTCQX under the ADXS ticker symbols.
Harmony Biosciences Enters into $185 Million Term Loan Facility
Harmony Biosciences (Plymouth Meeting, Pa.) entered into a new $185 million senior secured term loan facility with a bank syndicate. It plans to use the net proceeds and existing cash to repay its existing debt of $196.5 million and related fees and expenses.
BMS Q2: $11.2 Billion in Revenue and Reaffirms 2020-225 Financial Targets
Bristol Myers Squibb (Princeton, NJ) reported second-quarter revenues of $11.2 billion, with second-quarter GAAP EPS of $0.99. Although it reaffirmed its 2020-2025 financial targets, it adjusted the 2023 guidance downward due to lower than expected sales of Revlimid, and to a lesser extent, Pomalyst.
West Q2: Net Sales Dropped 2.3% to $753.8 Million
West Pharmaceutical Services, based in Exton, Pa., reported second-quarter and updated full-year 2023 financial guidance. The company reported net sales dropped 2.3% to $753.8 million. It raised its full-year 2023 net sales guidance to a new range of $2.970 billion to $2.995 billion, compared to the previous range of $2.965 billion to $2.990 billion.
Verrica Enters into Non-binding Term Sheet for $125 Million Loan
West Chester, Pa.-based Verrica Pharmaceuticals entered into a non-binding term sheet for a term loan facility of up to $125 million. It plans to borrow $50 million immediately after closing, with additional capital available in tranches based on hitting specific revenue milestones. The facility is a five-year term loan that matures in July 2028.
Avantor Q2: Net Sales Drop 8.7% to $1.74 Billion
Radnor, Pa.-based Avantor reported its second-quarter financials, noting net sales of $174 billion, a decrease of 8.7%. Michael Stubblefield, President and CEO, said, “While market trends during the quarter, especially in biopharma, were more challenging than anticipated, we leveraged the Avantor Business System to drive productivity and control costs, enabling us to deliver adjusted EBITDA margin, earnings, and free cash flow performance in line with our guidance for the quarter.”
OptiNose Q2: Preliminary Xhance Net Revenue of $19.5 Million
OptiNose (Yardley, Pa.) announced preliminary Xhance (fluticasone propionate) net product revenue of $19.5 million for the three months ended June 30, 2023. The company indicates that the revenue contributed to a first half 2023 performance that exceeded initial expectations and will report complete financials on August 10.
In the Clinic
Incyte and Syndax Report Positive Topline Graft-Versus-Host Disease Data
Wilmington, Del.-based Incyte and Waltham, Mass.-based Syndax Pharmaceuticals announced positive topline data from the pivotal AGAVE-201 trial of axatilimab in adults and children with chronic graft-versus-host disease (GVHD) after two or more previous treatments. The drug is an anti-CSF-1R antibody.
FDA Clears Larimar’s Phase II Trial of CTI-1601 in Friedreich’s Ataxia
Bala Cynwyd, Pa.-based Larimar Therapeutics received clearance from the FDA for its four-week Phase II trial of CTI-1601 in patients with Friedreich’s Ataxia (FA) to proceed to a 50 mg cohort in which participants will be given a daily dose for the first 14 days, then every other day until day 28. Its open label extension trial was also cleared.
AstraZeneca’s Enhertu Showed Benefit in HER2-Expressing Solid Tumors
AstraZeneca, with offices in Wilmington, Del., reported high-level results from the primary analysis of the ongoing DESTINY-PanTumor02 Phase II trial. The data showed Enhertu (trastuzumab deruxtecan) demonstrated clinically meaningful progression-free survival (PFS) and overall survival (OS) in previously treated patients across multiple HER2-expressing advanced solid tumors, two secondary endpoints of the trial.
Helius Expands Stroke Trial at the Medical University of South Carolina
Newtown, Pa.-based Helius Medical Technologies announced the expansion of a previously announced trial in stroke from 12 to 60 patients. The trial, led by Dr. Steven Kautz at the Medical University of South Carolina, is evaluating the effects of cranial-nerve non-invasive neuromodulating delivered using PoNS Therapy.
New Products
Blue Earth Diagnostics Add Posluma to NCCN Clinical Practice Guidelines for Prostate Cancer
Blue Earth Diagnostics, based in Monroe Township, NJ and Oxford, UK, announced that its optimized, high-affinity radiohybrid Prostate-Specific Membrane Antigen (PSMA)-targeted PET imaging agent, Posluma injection is now included in the NCCN Clinical Practice Guidelines in Oncology Prostate Cancer version 2.2023. The agent is indicated for PET of PSMA positive lesions in men with prostate cancer with suspected metastasis who are candidates for initial definitive therapy or with suspected recurrence based on elevated PSA level.
Olympus Launched Newest Systems Integration Solution
Olympus Corporation (Center Valley, Pa.) announced the U.S. launch of Easysuite ES-IP, its newest procedure room visualization and integration solution. It is a modular, scalable, workflow-based solution.
Research Roundup
CHOP Research: Patterns of Allergy Development in Children
Children’s Hospital of Philadelphia (CHOP) leveraged EHR data from more than 200,000 pediatric patients to describe patterns of pediatric allergies across the U.S. This validated a population-level pattern called the “allergic march,” where allergies first present as eczema, followed by food allergies, asthma, and environmental allergies.
Penn Research: People with Depression More than Twice as Likely to be Diagnosed with Dementia
Researchers at the Perelman School of Medicine at the University of Pennsylvania and Aarhus University in Denmark published data analysis of over 1.4 million Danish citizens over nearly four decades. One of the findings was that people diagnosed with depression, including the young and middle-aged adults, were more than twice as likely to be diagnosed with dementia later in life compared to people without depression.
Princeton Research: Viral Quorum Sensing Broader Than Expected
Researchers from Princeton University found that a type of viral-bacterial communication called quorum sensing is more common than previously thought. Quorum sensing is when viruses lie dormant, but “eavesdrop” on bacteria, waiting for bacteria to send out a signal indicating when they have reached a critical number. Once they receive this message, viruses begin replicating. It was previously thought to be isolated to a specific virus, but now they find it is much more common.
Penn Research: Protein IDed as Target for Alzheimer’s Treatment
Researchers with the Perelman School of Medicine at the University of Pennsylvania identified a gene encoding the tripartite motif protein 11 (TRIM11), which suppressed deterioration similar to Alzheimer’s disease in small animal models. The protein is linked to tau production, an abnormal protein associated with Alzheimer’s. The protein also appeared to improve cognitive and motor abilities.
CHOP & Penn Research: In Vivo RNA-based Gene Editing for Blood Disorders
Researchers at Children’s Hospital of Philadelphia (CHOP) and the Perelman School of Medicine at the University of Pennsylvania developed a proof-of-concept model for delivering gene editing tools to treat blood disorders. This would allow for the modification of diseased blood cells directly within the body.
On the Hill – Regulatory and Advocacy
FDA Approves LianBio Partner Tarsus Pharma’s Xdemvy for Demodex Blepharitis
LianBio (Shanghai, China and Princeton, NJ) announced that its partner, Tarsus Pharmaceuticals, reported the FDA approved Xdemvy (lotlilaner ophthalmic solution ) 0.25% for treatment of Demodex blepharitis. It’s the first and only FDA approved treatment that directly targets Dermodex mites, the cause of Demodex blepharitis. LianBio in-licensed rights from Tarsus for the development and commercialization of the drug in Mainland China, Hong Kong, Macau and Taiwan.
People on the Move
Cabaletta Bio Appoints Shawn Tomasella to Board
Philadelphia-based Cabaletta Bio appointed Shawn Tomasello to its board of directors. Ms. Tomasello most recently served as the Chief Commercial Officer of Kite Pharma.
