Based on positive phase IIb data from 2020 for avasopasem manganese (GC-4419) in treating severe oral mucositis (SOM) in patients with locally advanced head and neck cancer, Galera Therapeutics Inc. had been confident about phase III data for the selective small-molecule dismutase. However, the phase III Roman trial failed to hit its primary endpoint of reduction in the incidence of SOM. Mel Sorensen, Galera’s CEO, expressed his surprise at the results and said the company is evaluating the next steps for the program.
Aum Biosciences Pte. Ltd., a company developing targeted cancer therapies, has closed a $27 million series A funding round. The Singapore-based company plans to use the proceeds to advance clinical development of its portfolio with immediate initiation of two phase II programs for MNK and tropomyosin receptor kinase inhibitors.
Beigene Ltd., which in 2019 parlayed exclusive rights to distribute and promote Abraxane (paclitaxel) in China into more than $111 million in revenue, is contesting Celgene parent Bristol Myers Squibb Co.’s cancellation of the deal in arbitration proceedings at the International Chamber of Commerce.
Abbisko Cayman Ltd. has raised $226 million through an IPO in Hong Kong, where it launched with an initial price of HK$12.46 (US$1.60) per share. The company, doing business as Abbisko Therapeutics, plans to use about a third of the proceeds for research and development of its lead candidate, ABSK-091, as a potential treatment for multiple solid tumors.
The FDA granted breakthrough device designation to Histosonics Inc. for the first system to harnesses microbubbles created by pulsed ultrasound waves to wreak very targeted cellular destruction, with real-time visualization and control. The therapy, called histotripsy, destroys tissue in the liver without heat, radiation or surgery. The technology was developed at the University of Michigan.
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