Fibrogen used fake data for its anemia pill. In other news, a lot of money is flowing through the drug and medical device industries.
Stat: Fibrogen admits fake anemia pill safety data shared with FDA and investors
Fibrogen admitted on Tuesday that the company has been touting false heart safety data for its experimental anemia pill for at least two years – a shocking revelation that raises even more questions about the drug’s approval. Fibrogen shares fell 27% to $ 25 in Tuesday’s after-hours trading session as investors questioned the credibility of the company’s management team and pondered the ramifications of the revised data on cardiac safety that may no longer be strong enough to go through with the Food and Drug Administration. (Feuerstein, 4/6)
Axios: COVID test start-up LumiraDx in $ 5 million SPAC deal
LumiraDx, a UK diagnostic startup that makes COVID-19 tests, has agreed to merge with special purpose acquisition company (SPAC) CA Healthcare Acquisition Corp. in a deal valued at $ 5 million, the companies said on Tuesday. LumiraDx also obtained a loan of $ 300 million from BioPharma Credit and an additional $ 100 million from Capital One Financial, the statement said. (4/7)
Stat: Biotech venture capitalists have more money to invest than ever. What could possibly go wrong?
There is more money flowing through biotechnology than ever before. Over the past year, several trends have converged to create a historic funding environment for startups, full of what industry insiders call “dry powder.” Experts say this type of environment could be great for the industry as a whole, allowing startups to raise more money and go much faster. But venture capitalists also told STAT that increased interest in biopharmaceutical companies means competition for investments has grown unusually fierce. (Sheridan, 4/7)
Statistic: Payments from medical device companies to doctors exceed those to pharmacy
The medical device industry paid doctors $ 904 million in consulting fees, lunches, accommodation and other incentive payments between 2014 and 2017, new study finds, more than $ 80 million more dollars than the pharmaceutical industry lavished on physicians during the same period. Experts told STAT that the results, published Monday in Health Affairs, raise new questions about the industry’s influence on physician behavior, especially as the medical device industry generates much less revenue. than the pharmaceutical industry. (Diaz, 4/6)
In the news of the biotech industry –
Modern healthcare: Biosimilars need a political push, experts say
Doctors and patients are bracing for biosimilars, but policy adjustments are needed to boost use, industry watchers have said. About three-quarters of physicians consider biosimilars as safe and effective as their corresponding biologic, and 71% of patients are willing to take them on a physician’s recommendation, according to a new University of Chicago NORC survey of more of 1,200 physicians and patients. . But the uptake of therapies has been slowed by price manipulation and patent litigation. (Kacik, 4/6)
Stat: Akili’s Therapeutic Game to be Tested as a Treatment for Covid ‘Brain Fog’
Akili, who made history last summer by obtaining regulatory clearance for the first video game-based therapy, now plans to test whether his software can help adults with ‘brain fog’ Covid. Two remote randomized studies, one conducted by Weill Cornell Medicine and the New York-Presbyterian Hospital and the other by Vanderbilt University Medical Center, will assess whether AKL-T01, Akili’s marketed treatment for ADHD under the brand name ‘EndeavorRx, May Help Improve Cognitive Symptoms In Covid Survivors. (Aguilar, 4/7)
Boston Globe: MIT Scientists Launch Initiative to Solve Biotech’s ‘Missing Women’ Problem
A group of prominent MIT scientists who formed to tackle gender inequalities in the biotech industry released a report on Tuesday that said male teachers at the school are setting up businesses at a higher rate. higher than their female peers, and offers a way to help close the gap. The report that comes after two years of research by the Boston Biotech Working Group describes a plan, called the Future Founders Initiative, that calls for collaborations between the university, venture capitalists, and faculty. (Anissa Gardizy, 4/6)
This is part of the KHN Morning Briefing, a summary of coverage of health policies by major news organizations. Sign up for an email subscription.