Six biotechs merge to take on BridgeBio, Abeona in 'butterfly skin' disease, with eyes also set on Duchenne
14 Oct 2022
CollaborateGene TherapyCell TherapyAcquisition
A relatively unknown clinical-stage biotech, with a medical chief who’s been involved in multiple BridgeBio ventures, has raised a small financing round and appears to already have a pricing range in mind for a rare disease asset nearing a Phase II start.
The company formed in 2020 and has raised close to $20 million, according to two SEC filings from this week and last August.
Phoenicis Therapeutics is an amalgamation of at least five biotechs.
Under its wings are 2021 merger partner Wings Therapeutics, launched by Dutch biotech ProQR and funded by an Eddie Vedder-supported foundation; SCIDEC Therapeutics; Duchenne muscular dystrophy-focused MyoTherix; FIBRX Derm and RNADerm Therapeutics, according to the LinkedIn page of a board member. The last three had raised a couple million dollars, according to SEC filings dating back to 2015.
Dutch rare disease biotech ProQR carves out new company dedicated to epidermolysis bullosa
Investors mainly include philanthropies, according to Phoenicis’ website: CureDuchenne, Cure EB, debra of America, DEBRA UK, Congressionally Directed Medical Research Programs, EBMRF and others.
The company has a few clinical programs in the works.
First up is a 12-week placebo-controlled Phase II testing whether 400 mg of the oral asset PTM-001 can affect certain protein levels in lesional skin biopsies. The study, not yet recruiting, aims to enroll 50 patients with hidradenitis suppurativa, a chronic skin condition marked by lumps in the armpits, groin and other areas. Eventually, Phoenicis thinks there’s also potential in Duchenne muscular dystrophy and Charcot-Marie-Tooth disease type 1A.
Next up is a small eight-person Phase I/II, also yet to start recruitment. The company will look at using a 10 mg/g gel for dominant and recessive forms of dystrophic epidermolysis bullosa in patients who have mutations in exon 73 of the COL7A1 gene. EB is sometimes referred to as “butterfly skin” because of skin and mucosal fragility, with signs of skin scarring and blistering.
The rare disorder has been the target of a few biotechs in recent years, with some late-stage trials in the works.
BridgeBio reported positive results for the recessive form of DEB in May, and Jeff Aronin’s Castle Creek Biosciences raised $112 million in May to complete a Phase III study of a gene therapy for wounds caused by the rare genetic disorder. And Abeona Therapeutics expects topline results from its Phase III trial of a cell therapy for the recessive form within weeks, the biotech said last week, nearly three full years after a clinical hold was lifted.
While Phoenicis has yet to start its Phase II study, the company already has pricing plans for its gel, dubbed PTW-002. The company outlines ambitions for $250 million to $350 million in peak annual sales for the gel, based on “assumed annual pricing levels of $250k-400k,” according to Phoenicis’ website. The biotech counts 7,650 patients in the US and Europe.
A third asset is publicly listed on the company’s website, which touts completion of IND-enabling toxicology studies and plans for a Phase I/II in DEB this year. Phoenicis claims the topical, named PTD-003, can prevent and reverse fibrosis and hopes to study the asset as a treatment for keloids, hypertrophic scars, scarring due to EB and others, including idiopathic pulmonary fibrosis.
All of those assets are being led by medical chief Hal Landy, whose LinkedIn resume points to CMO posts at a slate of skin disease-focused companies, including BridgeBio’s Phoenix Tissue Repair and 90% BridgeBio-owned Molecular Skin Therapeutics, as well as Wings and FIBRX. He also lists being the former CMO of 4s3 Bioscience.
Phoenicis didn’t respond to multiple emailed requests for comment.
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