To survive the current market conditions, Philadelphia-based Context Therapeutics has resorted to cost-cutting, a hiring freeze and pipeline pruning.
The company, which develops treatments for breast and gynecological cancers, is hoping that the new measures will help it sustain itself until the end of Q1, 2024.
“We were hoping that things would get better over the course of 2022, however, in our estimation, they’ve gotten more challenging for biotech,” Martin Lehr, CEO of Context Therapeutics, told Endpoints News.
“We have decided to further tighten the belt, prepare in case things get worse,” he added.
The stocks of the company which trade under the ticker $CNTX have dropped nearly 57% since the start of the year.
Going forward, the company’s focus will be on just two of its programs — one in Phase Ib and the other still preclinical.
The ELONA Phase Ib/II trial is studying Context’s drug ONA-XR, an oral progesterone receptor antagonist, in combination with Menarini’s elacestrant in estrogen and progesterone receptor positive HER2- metastatic breast cancer patients who have previously been treated with a CDK4/6 inhibitor.
Menarini, an Italian pharma, entered a deal with Context in August 2022 under which Menarini would supply elacestrant at no cost for the ELONA trial while Context would sponsor it.
Resources allocated to the evaluation of ONA-XR in other cancers such as granulosa cell tumor and recurrent endometrial cancer will be cut back, Lehr said.
Meanwhile, Context’s other priority will lead its CLDN6xCD3 bispecific antibody program to an IND application in Q1 of 2024.
The biotech market’s recent meltdown has forced many companies to implement layoffs, streamline their pipelines and sell their assets.
For instance, last month, mental health-focused biotech Atai Life Sciences stopped funding certain programs and discovery efforts, which the company described as “company-wide cost optimization.”
Bolt Biotherapeutics also put a pause on several of its key programs to conserve its cash reserves by two years.
With household names like Botox and cancer treatment Keytruda, it’s no surprise that the global injectable drugs market is expected to top $1.2 trillion between 2022 and 2030. With a projected 9% compound annual growth rate (CAGR) in that same period, the market is quickly expanding to provide desperately needed treatments in areas like oncology and orphan disease to psychiatric disorders and immunodeficiencies.
With the midterm elections approaching next month and Republicans likely to win back control of either the House, Senate or both, Republican Sens. James Lankford (OK) and Mike Lee (UT) recently introduced a bill that would gut the Democrats’ recent drug pricing victory.
That new law will allow for drug price negotiations, and even potentially price controls (via the threat of steep fines), for a sliver of the most expensive drugs for seniors, all of which will have already been on the market for years.
Almost a year after Immatics first took the wraps off preliminary data for its top TCR cell therapy, the biotech says the drug continues to live up to expectations.
Now that the Phase Ia dose escalation study is complete, Immatics has treated five patients with IMA203 in the Phase Ib at what it believes is the optimal dose, complete with improved manufacturing and study design.
And that, according to the biotech, boosted the confirmed objective response rate to 80% — which, if sustained, would mark a landmark success for the quest to develop cell therapies for solid tumors.
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After a short, rocky two-year tenure highlighted by an event-killing pandemic, cutbacks and new pricing legislation widely viewed in biotech as a calamity, BIO CEO Michelle McMurry-Heath has gone on leave in what may be a step ahead of her quick exit.
In a statement issued to Endpoints News Sunday, BIO said:
The BIO CEO is currently on leave. BIO does not speculate on rumors relative to employees or personnel. BIO remains vigilant in its advocacy for biotech innovation and the wellbeing of patients.
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Zoom can only go so far. That’s the mindset John Carroll will be bringing to London next week for the first time in several years. If you’re there, consider joining him as he chats with a small crowd of biopharma people — we also have virtual options.
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Former NFL standout and now Fox Sports commentator Shannon Sharpe is no stranger to Sunday afternoon football banter. However, a recent appearance with the Fox Sports game day crew concerned a different topic — prostate cancer.
Sharpe revealed for the first time that he had been diagnosed and treated six years ago — shortly before he started as co-host of the Fox sports daily news show “Undisputed.” The recent Sunday show appearance launched his spokesman partnership with Johnson & Johnson’s Janssen Oncology for “Talk That Talk” to raise prostate cancer awareness among Black men.
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LONDON — Back when Jack O’Meara and Quin Wills were initially setting up Ochre Bio, they jumped from their home base in the UK to the US primarily so they could establish a syndicate of investors who could fund their startup as they began to explore new RNA therapies for liver diseases.
And the strategy is working fine.
Along the way, they got to know a lot of the people at Y Combinator, setting up a $10 million seed round last year that put them on track to the $30 million launch round the CEO/CSO founder team is unveiling today. Their backers now include Intellia founder Nessan Bermingham at Khosla as well as Alice Zhang, the CEO at Verge Genomics who is putting some of her own money behind Ochre.
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Merck consistently spotlighted the multibillion-dollar sales potential of sotatercept, the lead drug in Acceleron’s pipeline, as it explained to investors why it wagered $11.5 billion to acquire the biotech late last year.
The pharma giant is now one step closer to fulfilling that potential.
As promised, Merck has unveiled topline data from the pivotal Phase III STELLAR trial, which it said met the primary endpoint as well as all but one of the nine secondary endpoints.
As generic rivals cut into sales of Teva Pharmaceuticals’ blockbuster multiple sclerosis drug Copaxone in North America, the company has been accused of breaching antitrust rules in an attempt to delay competition across the pond.
The European Commission announced on Monday that it suspects Teva misused the patent system and spread misleading information about a rival to shield Copaxone from competition in the EU.
Bioscience & Technology Business Center The University of Kansas Lawrence, Kansas
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