(My notes with an approximate timestamp)
5:0 Alan says we made single binding design with copper like the others using Gallium, Lutecium … and found that ours was bad as theirs! (So Clarity then invented BisPSMA)
5:30 He just called Pluvicto “an okay therapy”!
6:0 Because of “Bis” design we can get up to 2 times more product (12GBq of Cu67) into the legions compared to Pluvicto (7.4GBq) in a single dose which is 50% more than Pluvicto in a single dose without any DLT. The actual product getting into the tumours is probably equivalent to 24-36GBq of Pluvicto. Hit the tumours early and hard, while being safe.
10-12: BPs are getting desperate for radio pharma assets that they are paying millions upfront or making acquisitions in the billions where the drug is a generic (no patents!) or the trials are not designed correctly. Shocking!
Alan thinks the current radio pharma products will go away in about 3 years and will make way for something like what Clarity has to offer.
13-16: Specificity and Sensitivity: Current SOC delivers about 30% specificity; Clarity is aiming for more than 60%. Lantheus (Pylarify) is able to pickup max of 5mm lesions but Clarity (Cu64) is able to detect 2mm with the combined benefit of the product and the next day imaging which further enhances the image (reduces the noise).
16:00 People currently are may be not having all their lesions being identified and if they go ahead with prostratectomy end up with side effects of impotence and incontinence. So hopefully BCR phase 3 kickoff in H2 2024 will assist in this patient population.
21- Fundies complaining that Clarity is now 30-40% of my fund, ie they have to now sell Clarity to keep it within their allocated limits. Sucks to be them! To have to sell your winners and top up on losers because they lose money and are below allocation! So what will they do when we go to $10? So the selling pressure comes from fundies and not shorters! So they are sleepless because the stock goes up?
22: Beta emitters are better/ safer than Alpha emitters. So there are only 2 major players here- Novartis and us! Clarity in the same sentence as Novartis!
27: Book- Invasion of the prostrate snatchers
27:30- Alan was in the US recently…for a conference he mentioned later
29: Aspiration to become 1st line SOC
29: What is RP? Some treatment?
31: “The real players haven’t got in yet as we see it”
31: Pluvicto wasn’t dose optimised. We are dose optimising and dose escalating Cu64 in our Secure trial. With 50% dose of Pluvicto in our 4GBq people had 50% drop in PSA levels. Cohort 2-At 8GBq (which is about 7.4GBq dosage of Pluvicto) 3 out of 3 patients had 80% drop in PSA levels, 2 had 95% drop!!!
Normal people should have PSA of zero or near zero. Patients failed in all types of treatments and having PSA level of over 100 (!). Very late stage patients. The cancer has metastasised all over the body. Median number of therapies was 5.5 - they had failed everything including Pluvicto and Actinium. We are getting outcomes in these patients at 12GBq at single doses compared to what Pluvicto was giving 6 doses any response.
48: Bombesin in Breast Cancer (BC) is no longer a surprise. SARTATE into other neuro endocrine tumours (NETs).
48:40 Combination work in IO- Immuno oncology. Keytruda is the biggest selling IO drug but it can’t identify and treat all cancers. But if you can hit the cancer with radiopharma then IO drugs could become more effective in those cancers. This is now known preclinically - work done by Clarity!
49:40- “If you are in oncology and not in radio pharm are you a real oncology company?”. Alan says these BPs are exposed without a good radiopharma asset.
50- “RP’s and radiopharm’s definitely work better together”. What’s RP?
51:30 M&A talk!!!
54- BMS paid USD $4.1Bn (AUD $6Bn) for a generic product -RayzeBio with Dotate technology. He says it was an incredible transaction for Rayze! (God this guys knows to shit talk very politely)
57- Maximise value for SHs - we could go it alone instead of an M&A
59- for our recent CR, there was interest for $300Mn! No wonder post CR buying probably has kept the SP momentum going
59:50- The best biotechs are pre-revenue
1:00:00 With so many IP cliffs coming up if you make it to revenue that means no one loves you! (Yikes!)
1:01:01 “In radiopharma there is one major product and this is Pluvicto and we can do better than that!”
1:01:30 Alan told J&J some years ago that Actinium and antibody combo will not work, but they were hell bent on building the biggest and best.
1:02:00 We want cancer to be where HIV is. You can cure it and monitor that it doesn’t come back.
1:03:00- Next cohort in the next few months followed by dose expansion. Phase 3 after that.
1:04:00- The phase 3 design will not be head-to-head with Pluvicto because Novartis isn’t sure of Pluvicto‘s availability! Supply chain issues for Novartis (Another punch!)
1:07:20 Gallium is taken hugely in the bladder so you can’t see beyond it. With Copper it’s not in the bladder but in the lesions so you can see very well in the next day image.
1:08:00 Sartate in Paediatric Neuroblastoma - as we have 2 RPDDs potential for 2 PRVs each worth USD $100Mn
1:10:00 Colorectal coming up? Can’t use alpha emitters in the kids- so it has to be beta.
1:10:30 Bombesin is sourced from a frog. Novartis also has a Bombesin product. Because of the charge of the cage relative to the targeting body, the Clarity’s is the best Bombesin created by the inventor though he has worked with many pharma to create multiple Bombesin products.
1:12:00 We detected PC in patients using Bombesin who didn’t have PSMA, hence was undetectable till then. In Phase 2, we have detected PC in one in two patients.
1:13:00 The aim is in PC, image with BisPSMA and treat with BisPSMA, if any PC left over image with Bombesin and treat with Bombesin. This is a massive opportunity because there are many patients that don’t come up on PSMA imaging.
1:14:30 Mood in the US conferences Alan attended - ASCO, Jefferies healthcare conference, and Society of nuclear medicine conference. Great interest in our posters, data, presentations. Hounded by investment bankers as there are no clinical ready radio pharma in the world! Strategic people are everywhere in these conferences. Look back in 5-10 years and this will be considered the beginning age for radio pharma.
Our logistics enables us to have cyclotrons and rhodotrons in US, Europe, and somewhere in Asia to cater to Australia-NZ market, and not depend on nuclear plants close to hospitals.
i have tried to skip the usual points that we all know and would have picked up. My aim was to identify some key points which we may not get in ASX announcements and the mood from Alan.
I may have missed some key points or misinterpreted some comments - so happy to be corrected.
Usual disclaimers- AIMO. DYOR. No advice.
(20min delay)