Privately held Eiger BioPharmaceuticals has signed a deal to merge with failed gene therapy biotech Celladon, looking to make its way onto Wall Street and press forward with a handful of treatments for rare disease.
Drug R&D is a tough business. The odds are almost always against success, and the price to be paid for being wrong is cruelly high. That said, it did seem a little harder than usual this year to...
Celladon is circling the drain, suspending all research tied to its failed gene therapy and again halving its payroll as management searches for a sale and flirts with liquidation.
Reeling after the Phase IIb failure of its "breakthrough" gene therapy for heart failure, Celladon is slashing its budget and payroll, vowing to find a way forward that preserves value for its investors.
Celladon's lead program--as well as its stock price--crashed after the biotech announced Sunday evening that its heart therapy Mydicar failed the primary and secondary endpoints in a Phase IIb trial, losing out in a full lineup of efficacy tests.
San Diego-based Celladon has nabbed a "breakthrough" drug designation from the FDA for its heart failure drug Mydicar. The gene therapy uses a benign virus to insert the Serca2a gene into heart cells.
Back in January, at the annual J.P. Morgan Healthcare Conference, across hotel lobbies and crowded hallways and standing-room-only cafes, one could hardly escape talk about the biotech IPO boom.
In a fresh sign that the big biotech IPO wave that triggered a long lineup of dazzling debuts may have crested, two new California contenders have had to significantly scale down their expectations and a third has decided to bow out for now.
2012 Fierce 15 member Celladon has boosted its IPO goals, seeking as much as $92 million to help get its gene therapy for heart failure through a Phase IIb study and into Phase III.
Celladon and Xencor have cast lines into the still-blazing biotech IPO scene, seeking a combined $155.3 million and betting that the recent Wall Street excitement for drug developers will hold firm.