BEIJING – Pre-revenue Chinese biotech Akeso Inc., of Zhongshan, Guangdong province, launched a high-profile IPO on April 24 in Hong Kong to reap HK$2.4 billion (US$314 million), even though the economy is taking a hard hit from the COVID-19 pandemic. The proceeds will help advance its PD-1/CTLA4 bispecific antibody for cervical cancer, aiming to be on the market by late 2021. Backed by Morgan Stanley and J.P. Morgan, the bispecific antibody specialist issued around 159.5 million shares at HK$16.18 per share, representing the top end of the indicative range. The IPO received an overwhelming response from retail investors, with shares significantly oversubscribed by 639.2 times.
The phase III failure of Blueprint Medicines Corp.’s avapritinib to meet its primary endpoint of improving progression-free survival (PFS) in patients with locally advanced unresectable or metastatic gastrointestinal stromal tumors (GIST) pummeled the company stock on Tuesday but boosted shares and hopes at Deciphera Pharmaceuticals Inc.
CYBERSPACE – At a series of new drugs on the horizon sessions at the 2020 American Association for Cancer Research (AACR) Virtual Annual Meeting I, a variety of companies presented preclinical and clinical data for promising early stage oncology products.
DUBLIN – Thrive Earlier Detection Corp. and its academic and clinical collaborators have provided a first glimpse at the utility of a liquid biopsy test as a screening tool for picking up cancers in an asymptomatic population. In an interim one-year readout of data from the prospective five-year DETECT-A study in 10,000 women, an early version of Thrive’s Cancerseek test picked up 26 cancers ahead of standard-of-care screening, while the latter modality picked up another 24 cancers that Cancerseek missed.
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