Biotech Values

[mcbio]

IFRX/CCXI -

2. Thanks for pointing out the Innate Pharma asset. I am aware of a complex literature of C5a biology in myeloid cells that have been suggested to play a role in specific oncologies. I view this aspect of C5a and is receptor(s) function as speculative and insufficiently compelling at the current time. Is there a candidate in search of a disease here, or a disease in search of a target? I see that the Innate obtained this C5a antibody asset from Novo, FWIW. One question here (for myeloid derived suppressor cells) is whether C5a is sufficiently upstream to have a major effect.

First, thanks for all the comments. Will respond to a few here. FWIW, it did sound like IFRX was planning something similar in the future in oncology, at least based on the Leerink webcast. But, presumably we can assume their approach may be specific to C5a and not C5aR given their focus.

3.Concerning avacopan to IFX-1 in AAV, the initial IFX-1 data needs to be longer term. The intriguing thing to me about IFX-1 is the apparent longer term effect at reducing C5a levels. I am sure blockade is quick, as avacopan may take a few days to come to steady-state. Is that really all that important? I think not. That is why I go back to the extent of blockade by each approach. The degree of blockade is important tor true remission as it appears that IFRX sees in HS. Speed is only somewhat important. As to indirect off target effects of avacopan, it is true that generally only some 50-500 molecular targets are evaluated in any in vitro drug specificity test. So with any small molecule there is always that theoretical possibility. But animal tox and human work to date should be sufficient, unless some idiosyncratic tox shows up in man. I would be more concerned with low level liver function tests enzyme elevations or phospholipidosis, for that matter. But overall, I am most concerned about the mediocre drug-like physical properties of the CCXI molecule including solubility.

Would just note the first thing IFRX highlights in the Leerink slides (slide 26) as an advantage vs. CCXI's avacopan is the rapid onset of action, though beyond that they do reference "inhibiting C5a signaling completely protecting from C5a induced priming and activation of neutrophils" so I think they are driving at what you said.