It was a grueling year for life sciences companies trying to raise money and keep afloat. Despite the industry’s front-line position in fighting COVID-19, sparking an overzealous enthusiasm, the soaring financings and rising stock prices of 2020 took an about-face beginning in 2021 and dropping even further in 2022. Share prices plummeted amid economic turmoil that included rising inflation, geopolitical pressures, and budgetary threats. Investors closed their wallets just as burn rates increased and funds diminished. Partnering fell to pre-pandemic levels and mergers and acquisitions hit a five-year low. Without capital, the uncertainty led companies to the only other option, workforce reductions and restructurings, pushing aside promising candidates at the expense of patients.

The two phase IIIs of Verona: more positive data prompts NDA talk

After posting positive top-line data in August from its ENHANCE-2 study of ensifentrine for treating chronic obstructive pulmonary disease (COPD), Verona Pharma plc now has positive companion phase III ENHANCE-1 study results. The clinical trial hit its primary and key secondary endpoints, prompting the company to say it plans to submit an NDA for the treatment to the U.S. FDA sometime in the first half of 2023. Ensifentrine, the results showed, improved lung function, symptoms and quality of life. The inhaled, selective inhibitor of enzymes phosphodiesterase 3 and 4 combines bronchodilator and nonsteroidal anti-inflammatory activities into a single compound. Verona’s stock reacted strongly at midday, with shares (NASDAQ:VRNA) trading 33% higher at $18 each.

Pfizer opts in to rights to RSV therapy from Lianbio in a deal worth up to $155M

Pfizer Inc. has acquired rights to respiratory syncytial virus (RSV) drug candidate sisunatovir from Lianbio Co. Ltd. in a deal worth up to $155 million covering development and commercialization rights in mainland China, Hong Kong, Macau and Singapore. With this agreement, Pfizer now holds global development and commercialization rights to the candidate, an orally administered fusion inhibitor is designed to block RSV replication by inhibiting F-mediated fusion with the host cell.

Post-dose escalation SAEs vex Magenta in phase I/II trial

Magenta Therapeutics Inc., the developer of an antibody-drug conjugate intended to help prep relapsed/refractory acute myeloid leukemia and myelodysplastic syndrome patients for stem cell transplant or gene therapy, has stopped dosing the drug in part of an ongoing phase I/II trial after observing two cases of serious adverse events (SAEs) possibly related to the candidate, MGTA-117. News of the issue sent Magenta shares (NASDAQ:MGTA) falling 53% by midday to 39 cents per share. A lower-dose cohort of patients will continue to be enrolled, the company said.

Also in the news

Abbvie, Albireo, Amniotics, Angiocrine, Arcutis, Ardelyx, Arrowhead, Assembly, Astrazeneca, Biocytogen, Bioinvent, Bionomics, Bioxcel, Bluebird, Cardiol, Carrick, Catalyst, Cerevel, Curasen, Eagle, Eqrx, F2G, Ferring, Lipocine, Dr. Reddy’s, HRA, Hutchmed, Hvivo, Ionctura, Jiangsu Recbio, Kite, Lantheus, Lipella, Madrigal, Mediwound, Menarini, Merck, Mustang, Neurophth, Nrx, On Target, Otonomy, Point, Puretech, Relief, Soligenix, TG, Tmunity, Tonix, Urogen, Vanda, Wave, Xortx, Y-Mabs, Zymeworks