Plus, news about Convergent Therapeutics, Turnstone Biologics and Sonnet BioTherapeutics:
Lyra Therapeutics pauses development of chronic rhinosinusitis drug: The company now plans to focus on two Phase 3 trials evaluating a different candidate, LYR-210, in chronic rhinosinusitis with and without nasal polyps. It expects to have the first data from the trials by the end of the year and another readout in the first half of 2025. — Katherine Lewin
Pathos AI licenses Prelude’s drug: After buying Rain Oncology last year, the biotech created by Tempus’ founders is now adding another clinical-stage drug: Prelude Therapeutics’ PRMT5 inhibitor. Pathos AI paid Prelude $3 million upfront for PRT811 and could make additional payments of $4 million in the near term and up to $37 million in development milestones and up to $100 million in sales milestones, according to an SEC filing. — Kyle LaHucik
Radiopharma extends Series A: Convergent Therapeutics added to its Series A, CFO Eric Sullivan told Endpoints News. The company revealed a $90 million round in May 2023, and it’s raised $22 million out of a $40 million equity offering disclosed in an SEC filing this week. It also announced a partnership with NorthStar Medical Radioisotopes. — Kyle LaHucik
Turnstone Biologics touts initial data from Ph1 trial in colorectal cancer: So far, only four patients are evaluable, though Turnstone announced there was a 25% overall response rate and a 50% disease control rate for its tumor-infiltrating lymphocyte candidate, dubbed Tidal-01. The company said one patient had a “deep and durable” ongoing complete response. The trial is still enrolling patients, including those with colorectal cancer, head and neck squamous cell carcinoma and uveal melanoma. — Katherine Lewin
Sonnet BioTherapeutics seeking partner for Ph2 trial: The company said it’s searching for a collaborator for its candidate in diabetic peripheral neuropathy in order to start a mid-stage study. Sonnet has $3.6 million cash, which only leaves enough runway into November. — Katherine Lewin