No Early Relief for JW Therapeutics from Cancer Wonder Drug

The biotech company logs revenue of 66 million yuan from its cutting-edge cancer therapy, but losses jump more than 50% to nearly 430 million yuan. Key Takeaways: JW Therapeutics prices its new cancer therapy at around a million yuan, with the high production costs hard to bring down.  Large-scale market expansion is not going to be easy  The company is undervalued compared with its peers pending further progress in commercializing its products By Molly Wen A medical breakthrough is only one milestone on a long and uncertain road to mass…

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FAST NEWS: Legend Biotech Terminates New Drug Trial Lacking Clinical Benefit

The latest: Legend Biotech Corp. (LEGN.US), a cell therapy subsidiary of Genscript Biotech Corp. (1548.HK), has terminated its Phase 1 Clinical Trial under the Investigational New Drug (IND) application for LB1901, due to the lack of clinical benefit from a similar product candidate. Looking up: Terminating clinical trials of new drug that lacks clinical benefit can allow the company to prioritize its limited R&D resources to other product candidates in the pipeline. Take Note: Dropping any product in a drug company’s pipeline is always a setback because it means the company will lose…

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FAST NEWS: Legend Biotech Pares Losses on Milestone Revenue

The latest: Legend Biotech Corp. (LEGN.US), a cell therapy subsidiary of Genscript Biotech Corp. (1548.HK), reported a loss of $41.09 million in the first quarter, half the $80.9 million loss from the same period a year earlier, according to its latest results published on Wednesday. Looking up: Legend Biotech’s revenue tripled year-on-year to $40.8 million in the latest quarter, thanks to milestone payments from a drug collaboration agreement with Janssen Biotech. Take Note: The company’s selling and distribution expenses jumped 59% to $21.3 million during the latest reporting quarter, even though it has yet to generate any…

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GenScript Losses Widen, But Investors Focus on Newly Approved Cancer Treatment

Company expects to lose up to $519 million last year, but its fortunes may improve after its Legend Biotech unit received FDA approval this week for a new CAR-T cell therapy product Key takeaways: GenScript Biotech said it lost up to $519 million last year, with its Legend Biotech unit accounting for nearly 70% of that Legend Biotech’s Cilta-cel CAR-T cell therapy product was approved by the FDA on Monday, and could become a major cash cow for GenScript Biotech By Molly Wen A treatment called CAR T-cell therapy, which…

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FAST NEWS: Legend Biotech Halts Trials for LB1901 CAR-T Therapy Drug

The latest: Legend Biotech Corp. (LEGN.US) announced that the Phase 1 clinical trial for its LB1901 drug has been put on hold. LB1901 is the company’s autologous chimeric antigen receptor T-cell (CAR-T) therapy drug for treatment of adults with relapsed or refractory T-cell lymphoma (TCL). Looking Up: LB1901 was never intended as a mass market drug. In the prospectus for its 2020 IPO, Legend said: “Some of our clinical trials are designed to enroll patients with characteristics that are found in a very small population. For example, our planned Phase…

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FAST NEWS: Legend Biotech Plummets on Proposed $300 Million Share Sale

The latest: Biopharmaceutical company Legend Biotech Corp. (LEGN.US) has proposed offering $300 million in American Depositary Shares (ADSs), with the option for underwriters to sell an additional $45 million worth if demand is strong. Looking up: The new funds would provide the company with additional capital for development of drugs, construction of manufacturing facilities and for general operating purposes. Take Note: Shares of Chinese drug makers have taken a beating this week on rumors that the U.S. Treasury Department may add more than 20 Chinese companies to its investment blacklists,…

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Gracell Bio Shares Tumble as Investors Blow Hot, Cold Over Its Cutting-Edge Cancer Treatment

Receipt of ‘orphan drug’ designation for company’s CAR-T cancer drug in the U.S. will bring financial incentives, but also underscores drug’s limited market potential Key takeaways Gracell Bio stands to benefit from tax credits and marketing exclusivity following receipt of ‘orphan drug’ status for its CAR-T cancer treatment Analysts see profitability several years away as competition heats up for treatment of relatively low-occurring cancer By Richard Barbarosa Gracell Biotechnologies Inc. (Nasdaq:GRCL), a Chinese company developing rapid cell therapy treatments for rare cancers, has created fits of both high hopes and…

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Drug Startups Eye Quicker Profits Under China’s New Fast-Track Approvals

Key changes designed to bring cutting-edge drugs more quickly to market have yet to ignite significant rally for money-losing startups Key takeaways: New fast-track approval system could bring cutting-edge drugs to market more quickly Changes could benefit startups with quicker approvals, and by letting them work with big foreign manufacturing partners By Richard Barbarossa A recent regulatory overhaul designed to speed up development and approval of new drugs in China has been welcomed by global pharma giants and local startups alike, aimed at bringing their latest cutting-edge treatments more quickly…

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