Is Alnylam Foolishly Betting the Farm on GalNAcs?

It is remarkable that Alnylam seems to be embracing GalNAc subcutaneous delivery for all pipeline candidates, but for perhaps ALN-TTR02, that are most important to its 5x15^TM development and commercialization strategy: ALN-TTRsc (TTR amyloidosis), ALN-AT3 (hemophilia), and ALN-AS1 (acute intermittent porphyria).  Considering that gene knockdown has not been demonstrated in Man with GalNAc conjugates, and potency could be a critical issue determining whether this really is a subQ approach, this apparent high-risk strategy is uncharacteristic of a company with the laudable attitude of raising capital when the company does not need it.   

ALN-TTRsc: The Missing Clinical Trial

One possible reflection of the fact that management does not really feel as confident about the strategy as it may seem, is the missing entry of the ALN-TTRsc phase I clinical trial on clinicialtrials.gov (and other registries I looked at).

I like to look at clinical trial registries, esp. clinicaltrials.gov, also for the reason that information contained therein often provide interesting clues into otherwise undisclosed safety and efficacy issues.  For example, is it a single and/or multiple dose, what are the dosing ranges, etc. 

With ALN-TTRsc, I do not expect safety to be necessarily the dose limiting factor.  Rather, it may well be the ability to show robust efficacy with an injection volume of 1ml or less, the magic upper limit for subQ approaches.  It turns out that adequate efficacy was seen in non-human primates only starting at 2.5mg/kg which apparently corresponds to the 1ml volume in humans.  Moreover, the dose-response curve is relatively shallow making it difficult to extrapolate predicted doses from preclinical models into humans (being off by a factor of 2 in the ED50 could already prove disastrous).

Is the omission to list ALN-TTRsc on clinicaltrials.gov an attempt at hiding that the dose escalation schedule indicates that 2.5mg/kg is an optimistic guess? Of course, the secrecy could also be for competitive reasons in light of its race with the competing antisense approach by GSK-ISIS.  But for a company that so far has listed every clinical trial, including ALN-TTR01 and ALN-TTR02 all of which have been conducted exclusively outside the US, there will be a reason for it and doubts about GalNAc potency is a plausible one.

GalNAc Steals Spotlight from DPCs

Recently, Arrowhead scientists presented impressive subQ hepatic knockdown data with the DPC polyconjugate platform.  While the response to the presentation at the Oligonucleotide Society Meeting in Boston last year was tremendous, possibly the most enthusiastic one among all the presentations (and one of the reasons why I am bullish that there is wider industry demand for DPCs), Arrowhead has been getting no love from the financial markets, thus putting it at a disadvantage in any licensing negotiations.  One factor for that might be GalNAcs which take away in the typical investor’s mind the uniqueness about it being a subQ RNAi delivery approach.  So if Alnylam eventually realizes that it needs an alternative, it might get access to it on more affordable terms.  The phase I ALN-TTRsc results expected mid-year could be the critical event in that dynamic: poor results would benefit Arrowhead Research.

GalNAc Plus

Of course, the confidence in GalNAcs may rest in the knowledge that ALN-TTRsc is actually the pipeline candidate with the weakest potency, and if IT shows efficacy, it will be a stroll for all the others.  These apparently have proven to be more potent in preclinical studies.  

I consider this a possibility, but am not fully convinced that these conjugates can really be called GalNAc-siRNA conjugates.  This is because the TTR siRNA is a particularly potent one already and I am wondering how you would achieve a 10x increase in potency from ALN-TTRsc to ALN-PCSsc with stabilizing nucleic acid chemistry alone.  Moreover, it is a small miracle already that a simple siRNA with a targeting ligand can achieve ED50s in the low mg/kg, because the related cytoplasmic release would likely rely on spontaneous endosome rupture (miracle probably explained by the high volume ASGPR receptor-mediated trafficking).

Consequently, my feeling is that the GalNAc Plus conjugates involve additional functional moieties beyond stabilizing chemistries such as 2'-o-methyl and 2'-F…such as endosomolytic activities.  In a 2009 patent application by Manoharan et al. (WO 2009/126933) such endosomal release activities, melittin included, were indeed contemplated in the context of GalNAc-siRNAs.  In fact, the claims would cover GalNAc-targeted DPCs such as the one described in the Mirus/Arrowhead in the 2007 PNAS paper (Mirus cientists Publish Elegant Paper on Targeted siRNA Delivery to Hepatocytes).

The patent application, somewhat of an attempt at an early land-grap being devoid of any actual experimental data, is not very remarkable really as it is obvious to somebody skilled in the art that in order to significantly enhance GalNAc-siRNAs such functionalities will be highly desirable, so a lot of it would come down again to chemistry and figuring out which exact compositions are functional and safe.

In my mind, it is fair game to pursue promising (delivery) technologies, especially under the Research Exemption in the US.  However, as the Tekmira-Alnylam relationship has shown, it is foolish for two companies to collaborate on delivery when both are working on GalNAc conjugates internally.  At best, the technology is useless and the whole thing will be forgotten.  At worst, the technology is valuable and both parties will try to control it and not pay the other party their dues.   

Overall, I think that betting the farm on GalNAcs is taking on more risk than warranted considering the advancements and validation achieved with SNALP technology.  Also, if Alnylam considered the subcutaneous approach to be that much more attractive than intravenous, you would think DPCs are the logical fall-back, if not more desirable than simple GalNAcs.  But maybe GalNAc Plus and DPCs are not all that dissimilar and we are on the same page after all.


Note added in proof (March 27, 2013): the ALN-TTRsc clinicaltrials.gov entry has now appeared.  As expected, however, no insights were provided into the dosing range. Only interesting tidbit: the volume of the placebo injection will be matched to that of ALN-TTRsc.  Injection volumes will be critical.