Qinghua Wang, Innogen CEO
A low profile, Chinese biotech has been working on developing drugs for diabetes and metabolic disorders. Now, the company, known as Innogen Pharmaceutical Technology, has nabbed $120 million in venture capital.
Deal Street Asia reported on the financing this morning, listing the lead investors as Youshan Capital and China Growth Capital. Other investors include CICC Qide Fund, V Star Capital and China Everbright Limited.
This is not Innogen’s only financing this year. Innogen had closed a round back in April with investors Korea Investment Partners and Cowin Capital, according to Deal Street Asia.
The company, founded in 2015, said that the funds will push the company’s pipeline forward, with a focus on diabetes and other metabolic disorders. And as part of that plan for the pipeline, Innogen will push forward on getting its diabetes drug Supaglutide into Phase III clinical testing.
Supaglutide is a GLP-1 agonist, the same mechanism of action as Eli Lilly’s and Sanofi’s blockbuster diabetes drugs Trulicity and Ozempic, among other competitors.
China has the highest population in the world with diabetes, according to the WHO and other researchers — with upwards of 110 million people, or 1 in 10 people in the country having diabetes.
Beyond advancing the pipeline forward, the biotech said it would move forward with building a drug production facility that is up to par for clinical trials. On any other details, they remained mum.
CALQUENCE is a registered trademark of the AstraZeneca group of companies.
At the 2021 American Society of Hematology (ASH) Annual Meeting & Exposition, blood cancer researchers from around the world gathered virtually to discuss the progress that has been made in the field of hematology. Over the past decade, that progress has been tremendous. We’ve seen not only breakthrough approaches to care, but also significant improvement upon existing novel treatments and exploring combinations within those medicines.1 These advances have transformed expectations of what a blood cancer diagnosis now means for patients. While we’ve come a long way, I believe the most exciting scientific discovery is yet to come, and that future advances will truly transform patient care.
The FDA on Thursday authorized another new pill to treat the Omicron variant, this time from Merck.
While Pfizer’s antiviral may prove to be more effective, and Merck’s pill has left some scientists questioning the dangers behind its mechanism of action, molnupiravir will be another weapon in the armamentarium of Covid-19 treatments for the US in a time of need, as two mAb treatments from Regeneron and Eli Lilly are no longer effective against Omicron, and as supplies of a third mAb from Vir/GlaxoSmithKline are very limited.
Khurem Farooq, Gyroscope CEO
Christmas is coming early for Gyroscope.
In its latest gene therapy gambit, Novartis is paying $800 million upfront to acquire the Syncona-backed biotech, with another $700 million reserved for milestones.
Novartis has been diving deep into retinal disorders, and Gyroscope’s lead candidate adds a potential one-time treatment for geographic atrophy — a leading cause of blindness — to the pipeline.
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It’s time for our holiday break here at Endpoints News, and like a lot of you, we’ve been prepping for 2022.
Anyone who’s spent some time in industry can tell you the past decade has shoved the drug-hunting field into the forefront of the world’s view of things, garnering tens of billions in investment as new technologies look to change the landscape of R&D. And anyone who qualifies for first-in-class and best-in-class can clean up.
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On the heels of a big FDA approval last week for its keystone asthma drug, Amgen is adding on at its Irish manufacturing site.
Amgen’s site in Dún Laoghaire is about to get a $100 million upgrade to improve its formulation, aseptic drug product filling, lyophilisation and packaging operations as the company celebrates its 10th year in Ireland. The addition will add another 150 jobs for construction workers in the Dublin suburb. The project is set to be the company’s largest outside of North America.
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Amid fears that millions of migrants may not have access to Covid-19 vaccines from Covax following liability fears, the Serum Institute of India has announced that it will waive its protection from legal liabilities for any AstraZeneca-Oxford doses it provides to the program, Reuters reported Wednesday.
Covishield can now be allocated to the Covax Humanitarian Buffer, a program designed to ensure that the most vulnerable portions of populations, such as conflict zones or humanitarian settings that are not able to be reached by government vaccination campaigns, are not left behind. Gavi sees it most effective in areas that have been impacted by state failure or areas controlled by groups that are not the government. Asylum seekers, refugees, detainees, and people who are stateless are all eligible.
Thomas Schmidt, 21st.BIO CEO (via 21st.BIO website)
A Danish bio industrial scale-up company has landed an $86 million investment from Novo Holdings, and it’s hoping to build on a technology base from Novozymes. And with that investment will come a new manufacturing site.
21st.BIO was founded in 2020, and is focused on supporting the upscaling of companies across the world, with the intention of helping those companies meet market demand. Its focus are peptides and proteins, and it wants to provide startups access to facilities to develop a molecule production process that can deliver a high-quality product in the most cost-effective way.
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Vas Narasimhan, Novartis CEO (Simon Dawson/Bloomberg via Getty Images)
The centerpiece of Novartis’s $9.7 billion buyout of the Medicines Company can finally go to market.
Branded Leqvio, the small interfering RNA therapy long known as inclisiran is the first and only FDA-approved treatment to reduce LDL-C, i.e. bad cholesterol, with just two maintenance doses a year after an initial dose and another one at three months.
Touting a ‘revolutionary approach,’ Novartis CEO Vas Narasimhan noted that the approval ‘creates new possibilities for how healthcare systems can impact cardiovascular disease, a defining public health challenge of our time.’ The label covers both atherosclerotic cardiovascular disease and heterozygous familial hypercholesterolemia.
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California’s Durect has made a deal with a biotech located all the way across the pond — in Ireland.
The two biotechs announced a licensing deal yesterday: Durect is out-licensing Posimir, an FDA-approved local analgesic for post-surgical pain, to Innocoll, a subsidiary of Gurnet Point Capital. The agreement includes giving Innocoll exclusive development and commercialization rights to the analgesic in the United States.
https://endpts.com/innogen-nets-120m-to-advance-trulicity-ozempic-rival-venture-into-manufacturing/
