Company News

Switzerland-based ADC Therapeutics SA has returned to the US stock market to launch an initial public offering of its shares after cancelling a proposed offering in October 2019. The latest offering was expected to close on 19 May and indications were that it would raise a gross $232.7 million. The company is issuing 12.2 million shares at a price of $19 per share on the New York Stock Exchange. The Swiss company had prepared an IPO in 2019 but cancelled the event owing to adverse market conditions.

European investors, including INKEF Capital and the Dementia Discovery Fund, have joined a large syndicate of other institutions to raise $42 million in Series A money for QurAlis Corp of Cambridge, US enabling it to progress new therapies in neurodegeneration. Besides INKEF and Dementia Discovery, the round was led by LS Polaris Innovation Fund and Mission BioCapital. QurAlis intends to use the funds to support development of therapies for amyotrophic lateral sclerosis (ALS) as well as the genetically related frontotemporal dementia.

Evotec SE moved into gene therapy in the 2020 first quarter as part of a strategy to broaden its drug discovery offering to third parties, which include some of the largest pharmaceutical concerns. Explaining the move in a call with analysts on 14 May, Werner Lanthaler, the chief executive, said that companies using its services should have an “unbiased approach” in deciding whether to use small molecules, biologics, or indeed, gene therapy in developing a new medicine.

Netherlands-based Kiadis Pharma NV has raised €17 million in two private share placements enabling the cell therapy company to advance products for patients with both liquid and solid tumours. On 6 May, not long after the financing completed, the company received notice from US Food and Drug Administration that it could proceed with a Phase 2 study of its lead product – an adjunctive cell therapy for blood cancer patients undergoing a haploidentical haematopoietic stem cell transplant.

A Phase 3 trial of the small molecule drug elafibranor failed to meet its primary endpoint in adults with non-alcoholic steatohepatitis (NASH), the developer Genfit SA announced on 11 May. The trial was attempting to show a resolution of NASH without a worsening of fibrosis. The response rate among the 717 patients who were tested was 19.2% for those in the elafibranor group compared with 14.7% for patients on a placebo.

Early clinical data on a new cell therapy product to prevent organ rejection were reviewed in The Journal of Clinical Investigation on 1 May 2020 after a Phase 1b study showed the procedure to be safe and feasible. The therapy, MIC-Lx, is based on modified immune cells created from the white blood cells of a donor. It has been developed by the Heidelberg, Germany-based company TolerogenixX GmbH.

Royalty income enabled Genmab A/S to achieve a 51% increase in revenue in the first quarter of 2020 to DKK 892 million (€118.2 million), enabling the company to increase spending on its oncology pipeline which features two bispecific antibodies. The royalty income came from sales of Darzalex, a Genmab antibody developed by Janssen Biotech Inc which has been approved in the US for eight multiple myeloma indications.

Switzerland-based Santhera Pharmaceuticals Holding AG is to work with Peter Yurchenco of Rutgers University, US on a novel gene therapy approach for treating a congenital muscular dystrophy caused by mutations in the LAMA2 gene. Santhera has entered into two agreements, the first with the university and the second with Prof Yurchenco, to research gene replacement as a therapy for LAMA2-related muscular dystrophy.

Belgium-based Bone Therapeutics SA has extended its financial runway into the second quarter of 2021 after negotiating equity, bond and loan deals that yielded €15 million in new capital. The proceeds will be used to advance two lead assets for bone health into late-stage development.

BioMarin Pharmaceutical Inc has taken steps to extend its footprint in gene therapy with a preclinical collaboration with Dinaqor AG of Switzerland to develop therapies for rare genetic cardiomyopathies. Cardiomyopathies are diseases of the heart muscle, a significant proportion of which are inherited. Dinaqor will received an undisclosed upfront payment from BioMarin and is eligible for development, regulatory and commercial milestones. BioMarin is also investing in the Swiss company.