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Showing posts with label injection site reactions. Show all posts
Showing posts with label injection site reactions. Show all posts

Friday, November 14, 2014

Injection Site Reactions and Liver Toxicity Emerge as Major Issues for GalNAc-siRNA Technology

Alnylam this morning reported top-line results from a phase II study of their first clinical candidate based on the GalNAc-siRNA conjugate delivery technology, ALN-TTRsc for TTR amyloidosis.  Accordingly, average knockdowns of ~85% were seen in the 5mg/kg dose group, thus confirming the robust potency at around the dose that the company plans to take forward in later-stage studies.

Such potency, however, came at the apparent expense of relatively frequent injection site reactions (23% of patients), with an additional skin reaction seen outside the area of injection.  Moreover, there was a trend towards elevated liver enzymes, a marker of liver toxicity, including one that was adjudicated a serious adverse event (SAE; ~4x ULN deemed mild severity).

The efficacy data do not come as a surprise given that they were largely in line with that seen in the phase I study a year ago, which included the same dose group (5mg/kg) at the same dosing schedule (first 5x daily, then weekly for 5 weeks).  In both cases average TTR reductions  of ~85% were seen, with the difference being that this study involved 23 subjects at this dose (plus 3 subjects at 7.5mg/kg which was not further pursued for undisclosed reasons) while the phase I study involved only 3 comparable subjects.

The efficacy is thus in line with the intravenous ALN-TTR02 which utilizes Tekmira’s liposomal delivery technology and which so far has been very well tolerated.  Critics (aka LNP haters), however, are keen to point out the use of (transient) immune suppression.  The efficacy of ALN-TTRsc is superior to the antisense compound by ISIS and GSK which has shown 70% target gene knockdown in a short 4-week phase I study.  Assuming maximal knockdown efficacy has not been reached at this time-point, ISIS-TTRRx is likely to max out between 75 and 80%.

Similar to potency, the injection site reactions were not really a surprise given that in the phase I study this was the most common side effect.  What is new is that there was a skin reaction that occurred outside the area of injection possibly indicating systemic immune activation.

The liver enzyme elevations, however, were certainly new.  This could be related to histologic observations of granulations in the cytoplasm of hepatocytes, likely reflecting storage sites of the fairly stable modified RNAi triggers.


My hope and expectation is that particularly the injection site reactions, but also liver enzyme elevations will lessen with the lower doses enabled by the more effective second generation ESC GalNAc chemistry.  Still, for ALN-TTRsc the safety profile looks adequate for an indication like FAC (familial amyloidotic cardiomyopathy), but 23 is still a small number to be sure.  

Lastly, if I had to choose between ALN-TTRsc, ISIS-TTRRx, and ALN-TTR02, I would go with ALN-TTR02 with the best apparent risk:reward, regardless of whether it's an intravenous procedure or not.   

Disclosure: Long ISIS Pharmaceuticals, no positions in Tekmira and Alnylam.

Wednesday, June 26, 2013

Discrepancy in Claimed Injection Site Reaction Frequency with ISIS-ApoCIII

My fundamental believe as to why RNAi is fundamentally preferable over phosphorothioate (PS) antisense for therapeutic gene knockdown, is that PS antisense involves the saturation of various tissues in the body with a sticky chemistry that is associated with inflammation.  By contrast, with RNAi Therapeutics, you only need to transiently achieve relatively high tissue levels so that enough of the RNAi silencing machinery can be fed with the RNAi triggers.  Unincorporated oligonucleotides can, and usually are, then washed out without much or any loss of efficacy.

Especially in chronic settings and systemic administration, this persistent inflammatory herd raises the specter of multi-organ fibroses and other adverse immune effects, including vasculitis.  The mipomersen briefing docs showed that such concern is warranted, especially with the findings of vasculitis in non-human primates and frequent injection site reactions which, in contrast to ISIS management which routinely characterizes them as ‘cosmetic’ and ‘nuisance’ side effects, should be interpreted as indicators of what might be happening more systemically.

As you also know, I am equally wary of the reliability of ISIS’ forward and backward looking statements.

Obviously, when ISIS reported phase II data from theISIS-ApoCIII study showing a deep 88% knockdown of the target gene and impressive >70% reductions in serum triglycerides, the question of whether this is a real drug or another KYNAMRO/mipo-like dud hinges on its safety profile.  Unfortunately, no hard numbers were provided on this front in the initial press release.  Instead, there was much beating around the bush characterizing them as being very infrequent and mild in nature. 

However, in the conference call, one analyst apparently wasn’t satisfied with this and asked for a straightforward quantification of the injection site reactions (the following is an adaptation of the telcotranscript on Seeking Alpha):

Jim Birchenough – BMO Capital Markets
Yeah. Hi, guys. Congratulations on the data. A few questions…And then just final [third] question, if you could quantify injection site reaction profile and contrast it with KYNAMRO, I think that would be helpful…
Richard S Geary (ISIS Pharmaceuticals)
Good. This is Richard, and thank you for those questions...The third question, I don’t think I got.
Stanley T Crooke
Reactions compare and contrast to KYNAMRO.
Richard S Geary
So you will remember that in our Phase 1 experience we actually compared directly with three weeks study in normals and we saw almost a 90% reduction in the frequency of ISRs.
Stanley T Crooke
Compared to KYNAMRO.
Richard S Geary
Compared to KYNAMRO, and I would say that looking at these Phase 2 studies, this is being replicated very low frequency and much less severity. These are very mild and it’s almost all erythema that resolves very quickly.
Stanley T Crooke
So we’re seeing much more mild and much less frequent injection site reactions in this study as we saw in earlier work. Is that a fair way to say it, Richard?
Richard S Geary
Yes.

A 5-fold exaggeration of the reduction in injection site reactions

So while ISIS did not add much regarding the frequency of injection site reactions in the phase II study, at least a relative number was provided for ISIS-ApoCIIIRx.  Going back to the phase I trial for which the results were recently published (Graham et al. 2013), the following was said about the frequency of injection site reactions:

‘The most common adverse event was mild injection site reaction, a typical response to subcutaneously administered drugs.52 No subject dosed with placebo complained of injection site reactions, al- though 13 of 25 (52%) subjects dosed with ISIS 304801 experienced at least one. Approximately 1 of 6 injections (median, 17%) led to an injection site reaction, the majority of which resolved within an hour.’

To test the veracity of ISIS’ comments, you would then have to dig up the numbers for mipomersen.  In the FDA briefing docs, the following can be found about the frequency of injection site reactions:

‘ISRs were the most commonly reported AE in the clinical development program. In the pooled Phase 3 trials, 84.3% (220/261) of mipomersen-treated individuals experienced 3,683 ISR events and 33.3% (43/129) of individuals in the placebo group experienced 139 ISR events.’

Assuming for simplicity that the 261 subjects in the phase III studies received 52 injections minus X due to drop outs (note: this fudge factor actually favors ISIS’ numbers as it increases the injection site rate for mipo) we arrive at around 3683 injection site reactions from 10,000 injections, i.e. a rate of around 37%.  If ISIS’ comments on the 90% drop in injection site reaction frequency were then true, the rate for ApoCIII should be 3-4% and not 17% (according to ISIS the mipo injection site reaction rate would have to be 170% for the numbers to match up).  In a 13-week trial, a 17% injection site reaction rate also means that the majority of subjects will experience such reactions, some more often and severe than others.


Of course, I am just a molecular biologist and know little math. I therefore look forward to the ISIS bulls or even the company itself to point out where I went wrong in my calculations.

Monday, May 13, 2013

Poor Stock Offering by ISIS A Homemade Problem


Last week, shares of ISIS Pharmaceuticals came off multi-year highs of $23/share to close to $18/share when the $2B market cap company raised $170M in a public secondary offering.  The poor reaction to the stock offering is in stark contrast to other fund raisings in the industry lately and includes the impressive $170M offering by Alnylam in January, a $125M offering by Sarepta in December, and most recently the $36M offering by Arrowhead Research.  In all these cases, the offerings hardly registered on the stock chart and if, it was to the upside.

What happened?  Given that ISIS Pharmaceuticals is regarded as a bellwether of the industry, has the frenzy surrounding RNA Therapeutics and orphan drug development died down?

I don’t believe so (and expect the stock to bounce back in the coming days and weeks for the same reasons that it had tripled in the few months before).  The more likely explanation is that the management of ISIS Pharmaceuticals has never understood the money-making aspect of drug development and the sensitivities of the financial markets. 

The business strategy of seeking to out-license all its drugs before commercialization (supposedly, the new money is to hold onto drug candidates longer), may betray nothing more than its lack of confidence in the safety and efficacy of its own compounds.  We will likely see evidence of the cleverness behind this and the deal with Genzyme/Sanofi, when sales of recently approved mipomersen, once heralded by the CEO as a replacement of statins, but now relegated to the ultra-orphan homozygous FH population in the US only, will be made public.  

And at one point, the low-hanging targets will have been licensed and new technologies such as RNAi Therapeutics firmly replaced RNase H.  At that point, the company could have repeated the strategic mistake of PDL Biopharma in the monoclonal antibody space which has now degenerated into an IP management and royalty company.

The fallacy of that business model is also supported by the fact that cash flow break-even from licensing revenues alone was supposed to be just around the corner forever it seems.  Instead, we recently had a debt offering and this secondary.

I was recently asked on Twitter why I am always so negative on ISIS Pharmaceuticals.   In addition to my fundamental bias towards RNAi as the far more compelling mechanism for gene knockdown compared to brute-force RNaseH antisense with the phosphorothioate backbone, it comes down to credibility.
 
I have no doubt that the scientists at ISIS Pharmaceuticals are leading in many aspects of oligonucleotide chemistry, but it makes me wonder whether vasculitis is really only a peculiarity of non-human primates, gross morphological changes of proximal tubule cells really of no functional significance, injection site reactions and flu-like symptoms just ‘nuisance’ side effects as Dr. Crook recently called them (even better is the 'vanity' comment in explaining why the homoFH teenagers discontinued on the trial), and low-level inflammation in multiple tissues due to the persistent high concentrations of innate immunostimulatory oligonucleotides really not predisposing to diseases such as liver, lung, and kidney fibrosis.

But fortunately for the ISIS executives, the fact that their personal financial management skills are better than their investor relations savvy will help them sleep despite of these concerns.  According to Yahoo! Finance, Dr. Crooke and his team cashed in several million dollars through option exercises and stock sales in the month before the offering, and a few more since the beginning of the year:

Apr 30, 2013
29,945
Direct
Automatic Sale at $22.26 per share.
666,575
Apr 30, 2013
29,945
Direct
Option Exercise at $6.81 - $11.12 per share.
N/A
Apr 29, 2013
30,000
Direct
Option Exercise at $11.12 per share.
333,600
Apr 29, 2013
30,000
Direct
Automatic Sale at $22.51 per share.
675,300
Apr 24, 2013
25,854
Direct
Option Exercise at $6.81 - $11.12 per share.
N/A
Apr 24, 2013
25,854
Direct
Automatic Sale at $22.50 per share.
581,715
Apr 23, 2013
30,000
Direct
Automatic Sale at $22.12 per share.
663,600
Apr 23, 2013
10,417
Direct
Option Exercise at $15.38 per share.
160,213
Apr 23, 2013
10,000
Indirect
Automatic Sale at $22.12 per share.
221,200
Apr 23, 2013
10,417
Direct
Automatic Sale at $22.38 per share.
233,132
Apr 23, 2013
30,000
Direct
Option Exercise at $11.12 per share.
333,600
Apr 22, 2013
20,000
Indirect
Option Exercise at $6.81 per share.
136,200
Apr 22, 2013
10,000
Direct
Option Exercise at $11.12 per share.
111,200
Apr 22, 2013
27,320
Direct
Automatic Sale at $22.13 per share.
604,591
Apr 22, 2013
27,320
Direct
Option Exercise at $8 - $15.38 per share.
N/A
Apr 22, 2013
10,000
Direct
Sale at $22.10 per share.
221,000
Apr 22, 2013
20,000
Indirect
Sale at $22.10 per share.
442,000
Apr 22, 2013
30,000
Indirect
Sale at $22.10 per share.
663,000
Apr 21, 2013
20,000
Direct
Option Exercise at $7.26 per share.
145,200
Apr 21, 2013
17,656
Direct
Automatic Sale at $21.40 - $21.49 per share.
379,0002
Apr 21, 2013
10,000
Indirect
Automatic Sale at $20.99 per share.
209,900
Apr 21, 2013
20,000
Direct
Automatic Sale at $20.99 per share.
419,800
Apr 21, 2013
17,000
Direct
Option Exercise at $11.12 per share.
189,040
Apr 21, 2013
17,000
Direct
Automatic Sale at $21.26 per share.
361,420
Apr 21, 2013
30,000
Direct
Option Exercise at $11.12 per share.
333,600
Apr 21, 2013
30,000
Direct
Automatic Sale at $20.99 per share.
629,700
Apr 21, 2013
17,656
Direct
Option Exercise at $14.47 - $15.38 per share.
264,0002
Apr 18, 2013
2,042
Direct
Option Exercise at $11.12 per share.
22,707
Apr 18, 2013
2,500
Direct
Automatic Sale at $21.25 per share.
53,125
Apr 18, 2013
30,000
Direct
Option Exercise at $7.26 per share.
217,800
Apr 18, 2013
30,000
Direct
Option Exercise at $7.26 per share.
217,800
Apr 18, 2013
2,500
Direct
Option Exercise at $11.12 per share.
27,800
Apr 18, 2013
30,000
Direct
Automatic Sale at $20.01 per share.
600,300
Apr 18, 2013
2,042
Direct
Automatic Sale at $20.80 per share.
42,473
Apr 18, 2013
30,000
Direct
Automatic Sale at $20.01 per share.
600,300
Apr 18, 2013
15,000
Direct
Option Exercise at $14.18 - $15.38 per share.
222,0002
Apr 18, 2013
15,000
Direct
Automatic Sale at $19.60 - $21.01 per share.
305,0002
Apr 11, 2013
5,460
Direct
Automatic Sale at $19.60 - $19.62 per share.
107,0002
Apr 11, 2013
5,460
Direct
Option Exercise at $14.18 - $14.47 per share.
78,0002
Apr 10, 2013
7,000
Direct
Automatic Sale at $19.52 per share.
136,640
Apr 10, 2013
7,000
Direct
Option Exercise at $11.12 per share.
77,840
Mar 20, 2013
9,000
Direct
Option Exercise at $14.18 per share.
127,620
Mar 20, 2013
1,000
Direct
Automatic Sale at $19.50 per share.
19,500
Mar 20, 2013
1,000
Direct
Option Exercise at $11.12 per share.
11,120
Mar 20, 2013
9,000
Direct
Automatic Sale at $19.26 per share.
173,340
Mar 19, 2013
3,924
Indirect
Automatic Sale at $18 per share.
70,632
Mar 19, 2013
14,376
Direct
Option Exercise at $11.12 per share.
159,861
Mar 19, 2013
3,924
Indirect
Option Exercise at $5.93 - $16.32 per share.
N/A
Mar 19, 2013
14,376
Direct
Automatic Sale at $18.13 per share.
260,636
Mar 19, 2013
31,597
Indirect
Automatic Sale at $18 per share.
568,746
Mar 19, 2013
31,597
Indirect
Option Exercise at $5.93 - $16.32 per share.
N/A
Mar 18, 2013
11,179
Indirect
Automatic Sale at $18 per share.
201,222
Mar 18, 2013
11,179
Indirect
Option Exercise at $5.93 per share.
66,291
Mar 12, 2013
20,800
Indirect
Automatic Sale at $18.01 per share.
374,608
Mar 12, 2013
20,800
Indirect
Option Exercise at $5.17 - $5.93 per share.
115,0002
Mar 4, 2013
18,240
Direct
Option Exercise at $6.81 per share.
124,214
Mar 4, 2013
18,240
Direct
Automatic Sale at $16.86 per share.
307,526
Mar 4, 2013
5,040
Direct
Automatic Sale at $16.86 per share.
84,974
Mar 4, 2013
5,040
Direct
Option Exercise at $6.81 per share.
34,322
Mar 3, 2013
11,700
Direct
Option Exercise at $11.12 - $11.27 per share.
131,0002
Mar 3, 2013
11,700
Direct
Automatic Sale at $15.82 per share.
185,094
Feb 20, 2013
10,000
Direct
Option Exercise at $5.17 per share.
51,700
Feb 18, 2013
1,600
Direct
Automatic Sale at $14.80 per share.
23,680
Feb 18, 2013
1,600
Direct
Option Exercise at $10.29 per share.
16,464
Feb 14, 2013
350
Direct
Automatic Sale at $14.80 - $14.82 per share.
5,1832
Feb 14, 2013
350
Direct
Option Exercise at $10.29 per share.
3,601
Feb 12, 2013
6,100
Direct
Option Exercise at $7.25 - $8 per share.
47,0002
Feb 12, 2013
6,239
Direct
Automatic Sale at $14.17 per share.
88,406
Jan 29, 2013
2,000
Direct
Automatic Sale at $14.82 per share.
29,640
Jan 29, 2013
2,000
Direct
Option Exercise at $10.29 per share.
20,580
Jan 28, 2013
300
Direct
Automatic Sale at $13.40 per share.
4,020
Jan 16, 2013
242
Direct
Sale at $14.16 per share.
3,426
Jan 15, 2013
309
Direct
Sale at $14 per share.
4,326
Jan 15, 2013
330
Direct
Sale at $14 per share.
4,620
Jan 15, 2013
345
Direct
Sale at $14 per share.
4,830
Jan 15, 2013
143
Indirect
Sale at $14 per share.
2,002
Jan 15, 2013
759
Direct
Sale at $14 per share.
10,626
Jan 15, 2013
242
Direct
Sale at $14 per share.
3,388
Jan 15, 2013
1,317
Direct
Sale at $14 per share.
18,438
Jan 14, 2013
695
Direct
Option Exercise at $0 per share.
N/A
Jan 14, 2013
542
Direct
Option Exercise at $0 per share.
N/A
Jan 14, 2013
1,715
Direct
Option Exercise at $0 per share.
N/A
Jan 14, 2013
317
Indirect
Option Exercise at $0 per share.
N/A
Jan 14, 2013
776
Direct
Option Exercise at $0 per share.
N/A
Jan 14, 2013
737
Direct
Option Exercise at $0 per share.
N/A
Jan 14, 2013
542
Direct
Option Exercise at $0 per share.
N/A
Jan 14, 2013
2,978
Direct
Option Exercise at $0 per share.
N/A
Jan 3, 2013
1,296
Direct
Automatic Sale at $10.76 per share.
13,944
Jan 2, 2013
265
Direct
Automatic Sale at $10.84 per share.
2,872
Jan 2, 2013
311
Direct
Automatic Sale at $10.84 per share.
3,371
Dec 31, 2012
447
Direct
Acquisition (Non Open Market) at $8.87 per share.
3,964
Dec 31, 2012
431
Direct
Acquisition (Non Open Market) at $8.87 per share.
3,822
Dec 31, 2012
2,328
Direct
Statement of Ownership
N/A
Dec 31, 2012
898
Direct
Acquisition (Non Open Market) at $8.87 per share.
7,965
Dec 31, 2012
215
Direct
Acquisition (Non Open Market) at $8.87 per share.
1,907
Dec 31, 2012
N/A
Direct
Statement of Ownership
N/A
Dec 12, 2012
6,000
Direct
Automatic Sale at $9.63 per share.
57,780
Dec 12, 2012
6,000
Direct
Option Exercise at $5.25 per share.
31,500

By Dirk Haussecker. All rights reserved.

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