The Bio 2024 Conference is focused on attempting to put the investing side together with the Bio side.
One seminar I recently viewed tackled some discussion on where Bio Pharma are at the moment from a funding and deal making point of view and in fact where it has come from over the last few years. Here are some of the interesting info and slides that were presented.
The commentator noted that though 2023 was a 'tough' year, it still was an increase on the "not so bad" years of 2018 and 2019.
As we know, the inflammatory space is quite small compared to other indications, but the market size is actually large especially considering what lack of competition there is!
Take a look at that slide below. I have heard over the last couple of years it's getting harder to garner funding at earlier stages. In fact Paul said it at the last AGM, gone are the days where companies like us could have a Phase 1 or 2 asset and be easily granted funding. After the scare of drugs such as
Tanezumab that were supposed to be the lifesaver and Holy Grail, funders are much more wary. It's taking a Phase 3 asset to really score....this is the first time I'm seeing it as a chart:
That chart above is based on real funding data and you can clearly see the big blue spike on the far right ...that's the indication of how the industry has genuinely shifted.
One of the panelists (see reference below) commented that the "value inflection milestones" are so different to what was the situation back in 2020/2021 compared to 2023/2024. "These milestones to which you could raise off of were all of a sudden not value inflection milestones". She gave an example of getting an IND. You used to be able to raise off of that...now it's harder.
This is exactly the situation we are finding ourselves in...we had the IND (after 7 arduous rounds), now we are almost in that same situation again....(with obviously expanded data set and applying for new and revised protocols). Most don't realise what that even means! A lot are simply waiting on the sidelines to see when and if we get that GREEN FDA GO. Then they may act.
The Moderator, John, put it well, he said that BP have a problem looming in the next few years, as their drugs come off patent they need to fill up their pipelines with new drugs, new solutions. (Around 23 min mark) Is this not a great time for us?
Tess (see ref below) brings up a good point (around 26 mins) , perhaps obvious, but she states that different BP are at different stages. Pfizer seems to be after companies that are closer to revenue generation. Whereas Lilly have done recent deals where candidates are still a little way off, ie. a bit more risky. This is the merit of us being out there and talking to as many companies as we can to attract the right fit for us and indeed, the right fit for them!
Sure of course I don't like the situation we find ourselves in, low in cash and a big looming trial coming up...BUT...in terms of a pharma deal, we may have received a deal package of, I dunno, maybe a billion globally, perhaps 400 mil for USA, a few years ago...this isn't going to be true now...water has passed under that bridge...data has been published and there's more to come. A deal now is different to a deal 3 years ago for us.
008 primarily changed everything.
Who was responsible for A) Putting that together...B) CHANGING IT MID COURSE and adding duration, another arm and another site?
PAR can now parade that 008 program and say THIS is what we are REALLY capable of!
Do they have the nous to do it?
Do they have the skill set to do it?
Are the equipped to say and show their data so far?
I reckon they do.
New guys/investors to PAR...008 program was stellar....
So many individual components, examples for you:
- Canine longitudinal study effectively documenting what 3 full human year equivalent in natural based OA can be addressed with the iPPS drug
- Wet biomarkers, such as the fabulous four...ARGS, CMC, CTXII and COMP.*
- The big one, wasn't anticipated at all....within 6 months, STRUCTURAL ramifications.
Placebo when the opposite way....think BMELs, Osteocytes and JSW. This was nuts, this will have positive ramifications for us.
* = C2C, CTXII - These two are part of the MOST prognostic biomarkers out there in terms of collagen degradation; its these markers that are a real indication of the OA you are facing. Highly predictive.
COMP = Matric turnover, you want LESS COMP in your serum (see Appendix A below if you are new to us)
ARGS = Aggrecan degradation
Don't forget, it's not just PAR that's saying it..the KOL's are there but even more importantly the FDA know we have something beaut....how do I know this? How do YOU know this?
Two words for you...
FAST TRACK
The panellists also concurred that it's now all about data, and becomes more important/relevant if it's further along. They even said that prioritising is now important, specially where they have clinical data or are close to having clinical data. Post proof of concept and even late stage clinical data is now key.
Guess who is going? Par have a representation here! The Bio conference, commencing Monday 3rd US time has some 18,500 plus people attending it, some 5000 + companies...
This is the time to start talking, to start chatting about funding...to start a convo on just how bright our future really is.
My thoughts
REFERENCE:"The top 100 venture investors in biotech: Who’s in, what’s out - Endpoints Webinars (endpts.com)".
EDITOR & FOUNDER
ENDPOINTS NEWS
PRINCIPAL
ALLY BRIDGE GROUP
PRINCIPAL
RA CAPITAL MANAGEMENT
OPERATING PARTNER
KHOSLA VENTURES
LINK to Video:
The top 100 venture investors in biotech: Who’s in, what’s out on VimeoAPPENDIX ANew investor to us?
Thirsty for more?
Want to understand why I'm getting so excited about something random called COMP?
It's because COMP is yet another biomarker that is HIGHLY indicative of what's going on in terms of your OA.
You take a read out at baseline of COMP and after a few years you take another measurement (blood sample) and compare...if COMP is up....your OA is most likely going the wrong way...getting worse.
PAR back in 2019 showed us this chart. To this day I have not forgotten:
Read that line above, a single measurement tells you what's going on. The blue column is SMASHING it...the red placebo column continues to deteriorate.
There is no drug to date that can do what that chart depicts, safely and for any reasonable amount of duration.
Mate.
Ref:
https://app.sharelinktechnologies.com/announcement/asx/1801a407c6bff2b2200d2ab1a15c7259
(20min delay)