Compass Therapeutics Inc.CMPX
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FDA recommended a new survival trial before a tovecimig BLA submission, delaying the regulatory path for Compass Therapeutics.
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AstraZeneca and GSK Warn Europe's Drug Industry Is 'At Risk'
AstraZeneca and GSK have joined European rivals Novo Nordisk, Sanofi, Roche and Novartis in an open letter warning that Europe's pharmaceutical industry is "losing ground to global competition" and faces a "slow agony" of decline without urgent action. The executives, including AstraZeneca chairman Michel Demaré and GSK chairman Sir Jonathan Symonds, said Europe's share of global pharmaceutical research and development has fallen from 43pc in 1990 to 31pc today, while China has overtaken Europe in clinical trials, pharmaceutical patents and new medicine development. The letter warned that up to 40pc of newly approved therapies never reach European patients, and that patients wait nearly 600 days for drugs that do arrive, putting Europe's €220bn trade surplus in drugs at risk. Closing the gap in clinical trials would unlock up to €53bn alone and create 82,000 jobs, the letter added. The intervention comes amid a broader dispute over European incentives for life-sciences investment, after US President Donald Trump accused Europe of "freeloading" on the American drug industry and threatened tariffs, prompting cuts to NHS rebate rates that added billions of pounds in costs to the taxpayer; AstraZeneca has separately announced plans to invest $50bn in the US and completed a direct listing there earlier this year.
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PureTech Health Ends H1 2026 With $220 Million, Runway to 2028
PureTech Health PLC reported H1 2026 cash and short-term investments of $220 million, down from $277.1 million at year-end 2025, providing operational runway at least through the end of 2028. Seaport Therapeutics completed a successful IPO on NASDAQ, raising $260 million, while Gallup Oncology received FDA Fast Track designation for LYT200 in relapsed/refractory high-risk MDS and completed a successful End of Phase 1 meeting. Estimated future proceeds from Cobenfy royalties and milestones were materially downgraded to approximately $50 million based on analyst consensus. PureTech reserved $70 million for future investment in Celia Therapeutics, which will require additional financing to complete its Phase 3 trial, and expects go-forward cash burn of $30 million to $40 million a year, down from roughly $90 million when later-stage clinical programs were run internally. Gallup Oncology's Phase 2 STRIDE MDS trial is not expected to be pivotal and will take approximately 30 to 33 months, with initiation contingent on external financing targeted for completion by the first half of next year.
VERAXA Biotech Enters Next Phase After NASDAQ Listing and BiTAC Milestones
VERAXA Biotech is entering a new phase of development following its transition to the NASDAQ market and a series of scientific and corporate milestones centered on its proprietary BiTAC platform. The Swiss biotechnology company began trading on the NASDAQ Capital Market under the ticker VRXA in June following the completion of its business combination with Voyager Acquisition Corp. The transaction was accompanied by financing arrangements that included a $27.5 million senior secured note and a securities purchase agreement for up to an undisclosed additional amount. VERAXA is advancing an oncology pipeline built around BiTAC, an AND-gated therapeutic approach in which two complementary components must engage the same cancer cell before the intended cytotoxic mechanism is activated, alongside additional antibody-drug conjugate and engineered-antibody technologies. The company has reported early preclinical evidence for both its BiTAC-TCE and BiTAC-ADC approaches, including an in-vitro proof of concept for BiTAC-ADC announced in June, and recently appointed Raju Willener as CFO and Christoph Erkel, Ph.D., as chief scientific officer.