Very good news for $ATNM - drug candidate from $SGEN failed. This was competing drug for AML - Iomab-A. Their drug used same antibody CD-33. But they used a toxin to destroy cancer cell. $ATNM used radioactive particle, which has very little toxic affect on patients.
$ATNM now has a clear field in the AML arena.
No getting around it - the failure of Cascade and the suspension of CD-33A investigations represent serious setbacks, though of course the rest of the SGEN pipeline remains robust and promising. It would be helpful if SGEN had conducted a conference call today to offer additional context and to soothe the market, but management remains tone deaf when it comes to public relations and crisis management. Consequently, the waters will be more choppy this week than they need be.
Maybe the CD33 trial cancellation is no so bad. CD33 is expressed on both cancerous and normal myeloid cells. The normal CD33 cells play an important part in the immune system so killing them off along with the cancerous cells doesn't produce the best outcome. On the other hand, SGEN has another candidate SGN-CD123A and they claim the CD123 is only expressed on malignant myeloid cells. In other words CD123 is a much better target then CD33.
I was just wondering what concerns Seattle Genetics and investors may have since it appears this same crosslinking agent is also being used not only in SGN-CD33A but also SGN-CD19B, SGN-CD123A and SGN-CD352A?
Clay better get his management team in line. This isn't a small company anymore. Time to get with the times and start acting professional organization.
A review from Glassdoor. Associate Director, Business Development Interview Anonymous Interview Candidate in Seattle, WA
Declined Offer Negative Experience Easy Interview
I applied through a recruiter. The process took 3+ months. I interviewed at Seattle Genetics (Seattle, WA) in April 2017. Interview
The company HR personnel approached me to see if I would be interested in AD position in Business Development since I had necessary expertise that they were looking for. I was informed that they were having trouble getting candidates since it includes move to Seattle and therefore the position was open from long time. I wasn't actively looking for opportunities and at the outset it seemed like a good opportunity so I decided to interview, however, I only found out how wrong I was after finishing the interviews. It all turned out a waste of time and I eventually declined the very good offer (from Compensation perspective) they gave me and would highly recommend everyone to stay away from this company and this position due to its outdated technology, dysfunctional team environment, backward thinking scientific and management team which is not open to newer outside technologies. Its not conducive environment for a BD professional to learn, do deals and make impact
1) SGEN's ADC technology is outdated and unproven outside of HL with Adcetris. All of their attempts over years have failed in solid tumors and even liquid tumors outside of HL. Additionally, this technology's (MMAE and MMAF) patents are expiring relatively soon, so if SGEN doesn't find other ways to innovate it has no future. Other competitors (DSI, Immunogen and Mersana) are innovating are already ahead of the curve.
2) Given the outdated ADC technology you would expect the organization (Scientists and Management) to actively look outwards for new technologies to grow their platform. However, I found out during the interviews that Senior Scientists and even management is reluctant to do deals and look at other technologies. Any attempts to bring in new ideas are met with skepticism and held to much higher standards than their own internal pipeline. Being a company led by founder CEO who is married to ADC technology makes it extremely difficult to innovate in such environment and not good place for BD professional who has to constantly try to thread the needle and face potential disappointment on loosing good deals that you bring in after lot of hard work
3) It was very apparent that the team is inward focus and doesn't want to look outside. There is no strategic planning done at SGEN and scientists including the CEO decide which molecules go ahead and churn more and more ADC molecules in the world of immuno-oncology where they may not be relevant. There is no concerted effort to look at oncology landscape and study the white space to ascertain if developing a molecule would be commercially attractive. However, by their own admission during interviews I learned that they just churn out molecules from targets that they can use and exploit in ADCs with their technology, sure recipe for disaster and subpar returns in long term on the pipeline R&D dollars
4) The team seemed pretty dysfunctional, one Director in R&D that I spoke to was bad mouthing one of their asset in Phase 3 (33A) and betting that it most likely will fail. I dont know if it was due to territorial/ownership reasons within organization or if it was really true (If true may actually explain their play to acquire late stage asset from Immunomedics which has gone south and resulted in lawsuits). One Dir in Management was very abrasive and was trying to make me fall on my face with constant interruptions, uptight attitude and trying to belittle my experience. I was asked questions like, how would you deal if member of Senior Management were to scream and yell at you. I appreciate the honesty but this is not a work environment I look forward to working in and I was already looking forward to running out of there with such line of questioning
5) The BD opportunity involved looking for more technology supporting their outdated ADC technology (new linkers etc. ) and support on other matters. The BD team is not as strong with members themselves lacking good understanding of current oncology landscape and science behind them. I was asked multiple times what types of technologies I would look at and they were writing down my responses and their follow-up questions suggested no basic understanding of the current landscape. They recently overpaid for the questionable Unum technology platform and got themselves into lawsuit over Immunomedics deal
Overall, at outset it seems like good opportunity but would not recommend it since it focuses on enhancing their outdated ADC technology, working in dysfunctional team where everybody is very inwards focused and not receptive to new ideas (this is antithesis of BD role) and questionable future. I regret my decision to go for interview there, it was waste of time but I would never have found out about all these details from outside, so hopefully this is helpful to other candidates.
CD-33A....considering that the deaths were do to infection and not liver toxicity, it seems to me there are still ways forward in AML , What exactly did these patients die from? Can a prophylactic use of antibiotics change outcomes for the positive. Possibly a lower does of CD-33 in combination with other agents? Seems to be ways forward with an amended phase 3 study.
Looks like we are giving up more than 6 months of additional revenues to combine the result of Alcanza with the investigator sponsored data for a wider label. What are they thinking? Management is acting as if they are UI lately. Kool
Competttve anti AML drug from $SGEN fails. They were developing SGN-CD33A to fight AML (same as Iomab-B.) $SGEN stops all work due to high death rate.
Not sure if this news accounts for spike in $ATNM pps spike.
Yahoo Finance Insights
SGEN is down -10.91% to 57.48
buying AXSM at $4 is like buying JAZZ at $1 a few years ago now trading at $151 (AXSM) Market Cap $90 M/Cash $55 M / 5x BIG Phase 3 programs in various indications targeting large Markets with first results in Q3 2017 =20 BAGGER ..FANTASTIC OPPORTUNITY !
Undiscovered and massive undervalued Biotech Stock with lots of Big News on the way.This Stock is brutally undervalued with a Market cap of just $90 million and $55 million in cash .Founder and Ceo is the larget shareholder holding over 7 million shares (30%) more than 50% of O/S is owned by Insider and Institutions which is a great sign .
This undiscovered stock could be the next 10 bagger gem if just one of their 5 ongoing Phase 3 programs is successful .GL
Market-Cap: $90 Million Cash: $55 Million(cash runway into the first quarter of 2019.) Price:$3.90
Shares Out: 23.5 Million
Aegis Capital has reiterated a ‘Buy’ rating and price target of $20 on Axsome Therapeutics (NASDAQ: AXSM) after the company reported financial results for the quarter ended March 31, 2017. The analyst noted that although Axsome reported revenue in-line with consensus estimates, the focus remains on upcoming catalysts such as the company’s ongoing clinical trials. Since February 2017, the company’s AXS-05 has received fast track designation from the FDA for the treatment of Alzheimer’s disease (AD) agitation and treatment resistant depression (TRD). Topline data from the TRD treatment study is expected in the first quarter of 2018. Additionally, Axsome is developing AXS-02 in three separate phase 3 clinical programs, including chronic low back pain associated with modic changes and complex regional pain syndrome, with interim data expected in the fourth quarter of 2017, as well as knee osteoarthritis associated with bone marrow lesions, with interim data expected in the third quarter of 2017.
I'll buy more at $60
Are we up because of the abstracts at ASCO?
Why are we down so much today? Any news?
Baker Bothers just bought more shares of SGEN at $66.60 per share.
X axis : Stocks Price Correlation Coefficient Y axis : Quantity of stocks May-2016 1,000 Day Parameter 2,830 NASDAQ Stocks Price Analysis This stock mode of correlation coefficient is 0.5 In other words, the correlation coefficient of the other stock
ASG-22: Three (3) complete responses so far at the high dose range. Ricardo is impressed.
Clay, the CEO, just unloaded another chunk. Must be nice. I'd buy a Rolex Cosmograph for all my friends with the proceeds and then maybe a Maserati
Finally some common sense clarity on the IMMU expedition. Wish them well and hope that the door doesn not slam on they backside on the way out. Let's see how VenBios finances IMMU 132 trials now and how experienced they are at convincing the FDA for an early conditional approval based on the very limited PII data that they have on hand and are afraid to present at ASCO for the second time. Only beef I have with SGEN is that they did not take profit on the original investment while they had it. Maybe they could not by covenant. I doubt that they get a better deal from a new partner when 30% OF PIII's fail in spite of good PII results. Kool
I sold some in my Roth IRA at 69 and bought it back under 60. It's up a few bucks. Hope it hits 65+ this week