Allison DeAngelis
@ADeAngelis_bio
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Reporter covering biopharma startups and venture capital at @statnews . Formerly @thisisinsider and @bosbizjournal .
Joined February 2011
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*Some personal news*
Today was my last day at Insider. Starting later this month, I'm going to be covering biopharma startups and VC for
@statnews
.
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Scoop: MIT scientist David Sabatini has been placed on administrative leave after an outside investigation into misconduct in his lab.
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Advice to PR people: It is bad form to pitch news under general embargo, then revoke that offer in order to give one outlet an "exclusive".
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PSA to biotech founders/execs/PR folks: If you're putting out press releases, it's ludicrous to insist you're still in "stealth mode."
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Over the past couple of months, I’ve spoken to 5 biotech founders who were asked to give up control of their startups while raising their seed rounds.
Several turned to tech VCs, who they find more open to founder-CEOs and willing to take less equity.
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Many months ago, STAT got a tip about a data issue at a new RNA medicines company.
The company, Laronde, had raised nearly $500 million on the promise of "endless" RNA, a new technology that could last longer and be more applicable than messenger RNA.
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One pro of
#JPM22
being virtual: I made a damn good penne alla vodka while listening to an investor presentation today.
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Merck is acquiring startup Caraway Therapeutics, which is developing drugs for neurodegenerative disorders.
The pharma co will pay up to $610 million. Caraway raised a $23 million Series A round in 2018 and has basically lived off of that cash since.
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If you happen to be walking around Somerville today, you might loudly hear my 7 year old nephew exclaiming “nobody cares about biotech”
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Investment bank Goldman Sachs is jumping into the biotech world after raising $650 million to invest in privately held startups.
@GoldmanSachs
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All 31 sickle cell patients were free from pain after receiving Vertex/CRISPR’s genome-editing treatment, per
@adamfeuerstein
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Everyone in biopharma trying to dissect the Novo Nordisk ownership structure and the Catalent deal today:
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"If the FDA requires a phase 3, then I will die before I can access (the drug)... The failure to file for approval in America speaks loudly to the failure of the FDA," one ALS patient told me.
@AmylyxPharma
@alsassociation
@CoreyPolen
@sandymorris333
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Moderna has cash to spend, and is looking for acquisitions. Vertex is also scouting out M&A deals.
They're just two of the biotechs that insiders say could become active dealmakers and fill the hole left by Alexion, Celgene, Genentech and Shire.
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What a tough day for digital news reporters today, given the
@thisisinsider
and
@BuzzFeedNews
news. So many talented people will be losing their jobs. Please hire them!
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The FDA just approved a new treatment for ALS made by Amylyx, a small biotech started by "two whippersnapper undergrads," per advisor
@RudyTanzi
, that no VCs wanted to fund.
$AMLX
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One of the leading ALS advocacy orgs
@iamalsorg
is petitioning for a congressional hearing with the FDA after a disappointing delay with
@AmylyxPharma
's treatment in the US
The ALS community deserves transparency, so we need your help contacting your legislators to request a congressional hearing be held with the FDA to discuss ALS and ALS therapy development. Join us by taking action!
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President Biden has selected a former government scientist, and current
@Ginkgo
staffer, as the first director of the nascent Advanced Research Projects Agency for Health,
@owermohle
reports.
$DNA
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A medical journal has retracted two studies claiming to show the harms of the abortion pill mifepristone — studies cited in a pivotal Texas court ruling that has threatened access to the pill.
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Well,
#JPM24
felled me — I finally got COVID.
Promised
@adamfeuerstein
I’d post this photo if/when it ever happens 😜
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The race is on: bluebird bio has submitted its sickle cell gene therapy for approval.
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Surprise! You'll be hearing me more regularly on the Readout Loud.
The pod this week:
- WSJ reporter
@Loftus
wrote a book about Moderna, tracing its roots, struggles and triumphs. It's a fantastic read and he joins us for a chat.
-
@bobjherman
on healthcare CEO pay; and
@ADeAngelis_bio
is our new (fill in) co-host!
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Scoop: Arch, Andreessen Horowitz (a16z), GV, the Longwood Fund and others are involved with a new CRISPR startup that seeks to make large changes in DNA.
The biotech has already quietly closed a Series A round.
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Hark! A biotech IPO! 📯
Arch’s neuroscience company Neumora is going public.
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Apparently Pfizer and BioNTech are sponsoring the
#Oscars
I can’t think of any other instance in which a drug company has sponsored an awards show.
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Get ready, folks, the JPM event invites are starting to roll in.
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Taking the T into the
@statnews
offices for the first time today, and ended up on a brand new orange line train. This feels too nice. The car is too clean. Is this the metaverse?
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"The round only took a few months to close, which speaks to the industry need. We received our first term sheet in a week and half,"
@64xbio
CEO
@lexrovner
said of raising the biotech's Series A round.
Learn more about how the founder/CEO raised the $$:
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Just in: Startup Alto Neuroscience says new Phase 2 trial data (its third such trial) demonstrates that EEG biomarkers can reliably measure depression drug response.
I wrote about how biotechs like Alto are using EEGs to de-risk neuro R&D last year:
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.
@Ginkgo
CEO Jason Kelly just realized a statement responding to the Scorpion Capital report $DNA
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Months of investigation passed, my colleague left, but today, STAT published our deep-dive into what was happening inside of Laronde.
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ICYMI: Just $4.1 billion flowed from VCs into US biotech and pharma companies in the first quarter of the year.
That puts us on pace for about $16.4 billion by year's end. For comparison, VCs invested $32.1 billion last year and $39.2 billion in 2021.
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If you're a biotech company that's affected by the Silicon Valley Bank shutdown, I want to hear from you. DM me, email at allison.deangelis
@statnews
.com, or look me up on Signal.
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It’s now officially fall, per
@adamfeuerstein
, who brought apple cider whoopie pies into the STAT office today
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Andreessen is the latest to raise a $1B+ fund for biotech investment, joining Arch, Flagship, etc.
1/ A physician-scientist recently told me he was starting a company “to complete ‘the impact arc’—going from bench to bedside…to worldwide.”
We’re thrilled to announce
@a16z
’s Bio Fund 4: $1.5B to back founders building the future of bio + health.
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Joke’s on you, Boston, because I always have my own exclusive coffee spot in the STAT offices.
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“In the United States today, you’re about 50% more likely to die in childbirth than your mother was,”
@mavenclinic
’s Neel Shah says at the
#STATSummit
Adds that it is thought that the Dobbs decision could make maternal mortality rise by 20%.
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@HelenBranswell
Katalin Kariko has has quite the journey through the academic research maze, as detailed by this
@statnews
First Opinion:
"By the time I joined the lab, Karikó’s history was still only discussed in hushed tones as a cautionary tale for young scientists.”
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This week was my last as fill-in cohost of the Readout Loud. It's bee a great six months, and I'm so glad for the opportunity. Hopefully you'll hear me on the podcast again soon🎙️
Also, we say goodbye to co-host
@ADeAngelis_bio
who has done a tremendous job filling in for
@megtirrell
these past 6 months.
Thank you so much, Allison! You are awesome.
Meg returns to the Readout LOUD on Jan. 5!
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I'm back from my time off and seriously contemplating getting a T-shirt that says, "I went on vacation and all I got was a lousy COVID exposure."
What did I miss? Also please send me your stories of relaxing, COVID-free vacations so I can live vicariously through you.
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If you're reading this, I'm out on vacation.
I'm deleting slack and won't be checking email until Sept. 11th. Talk to you all later!
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Someone hire Zach 👇
Today's my last day at Business Insider. I've had an incredible time leading BI's healthcare coverage over the past 5 years, and was excited to start with the investigations team this month. I'll be rooting for both groups of incredibly talented reporters from afar.
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Going on vacation and deleting Twitter — catch you all later ✌🏻
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GV, A16z, Casdin Capital and potentially Arch Venture are backing the soon-to-launch VC firm.
A new biotech investment firm, headed by a pair of noteworthy VCs, seeks to ‘free the founders’ via
@ADeAngelis_bio
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Every journalist I know has at least two stories that they're interested in writing, but are currently distracted by breaking news/other projects on their time.
So If I ever say, "I'm working on a piece about XYZ..." and then get pulled away on something else, please be patient.
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Some personal news: Today is my last day at
@EagleTrib
and I'll be joining the
@BosBizJournal
on July 9 as their life sciences/biotech reporter.
The lovely and talented
@breedelstein
will be taking over Salem, NH coverage
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My flight out to SF for
#JPM23
(which doesn’t leave for a few hours) has already been delayed “because of current or anticipated disruptions related to airspace and/or ground congestion.”
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What questions do you have about raising capital? Tweet me, email me (adeangelis
@businessinsider
.com), send carrier pigeons, etc. to get insights from
@cngarabedian
during a special
@BiotechCH
session!
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You probably read about the biotech exec who's spending $2 million a year to try & keep his biological age at 18.
This week, go a step further and read
@Jasonmmast
's piece from inside a meeting of the minds at
#jpm23
on how to legitimize longevity R&D.
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Evelo Biosciences, one of Flagship Pioneering's microbiome startups, is shutting down.
The company laid off nearly half of its staff in February after its lead drug for a skin disorder failed in a clinical trial.
$EVLO
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Biotech sentiment may be poor, but VCs continue to raise money.
Ex-Andreessen and M12 investor Kouki Harasaki launched VC firm Bioluminescence Ventures with $477 million.
It joins four other firms that have announced new funds in the last two weeks.
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Silicon Valley Bank, which does business with roughly half of the nation’s tech and biotech co's, just failed. Startups are left wondering: What happens to their money, and who’s going to finance them?
We answer 5 burning questions about the shutdown:
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IPO update:
- Neumora Therapeutics is looking to raise around $250 million (at the midpoint share price).
- RayzeBio is hoping to raise around $245 million.
Both companies are aiming for between $16 and $18 per share.
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Haven’t even made it off of my plane at Logan yet, and I just heard someone in the plane say, “I’m in biotech.”
#bostonbiotech
#Boston
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25 years after
#Chernobyl
@MotherJones
has some great photos of life within the fallout zone
http://t.co/yzgXd11Kuf
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Welp, guess I'm not going to Napa pre-
#JPM22
Who needs a vacation, anyway? Certainly not a healthcare reporter after two years of a pandemic.
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Monday, in which I learn that
@sxsw
is live-streaming talks on their website, and my day/week changes for the better
http://t.co/FuROuTCmmU
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A new bill in Massachusetts would allow prisoners to redux sentences by donating bone marrow or organs. The sponsor says it would “restore bodily autonomy” for the incarcerated.
Medical ethicists contend the program would put a literal price on freedom.
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These are the types of stories you don’t hear often: Athena Countouriotis admits part of the reason they changed the name of TP Therapeutics to Turning Point Tx was because of an
@adamfeuerstein
tweet 😆
#STATSummit
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This is all immensely bittersweet, and I have to say that
@AndrewE_Dunn
,
@leah_rosenbaum
,
@ZTracer
,
@lydiapflanzer
and the rest of the Business Insider healthcare/cannabis team are amazing. I've really enjoyed working with them, but I'm also excited for this new opportunity.
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The FDA's decision is adding on to the ALS community's frustration with the drug industry. Advocates have already been fighting another drugmaker,
@biogen
, to allow special use of its experimental ALS treatment for one woman, Lisa Stockman Mauriello.
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Scoop: Another FDA advisory committee member has resigned following the Aduhelm approval.
"I felt that the advisory committee was mistreated and that their role was misrepresented to them, and I don't want to be a part of that in the future."
$BIIB
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Breaking from the
#STATSummit
:
Mark Zuckerberg and Priscilla Chan announce a new bio hub in New York
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Tomorrow, the FDA will either accept or reject a drug for the ultra-rare condition that causes bone to grow where it shouldn't.
Many patients are clamoring for the chance to get the drug, but its ambiguous trial results have led to lingering questions.
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So proud of my colleagues!
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A defanged form of CRISPR, which doesn’t slice or nick DNA, but rather alters the epigenome — the layers of chemical coding that sit on top of DNA and control the activity of genes — has aced its first substantive test,
@MeganMolteni
reports.
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New today — ARCH Venture Partners is embarking on a new fundraising round. The plan? $3 billion of fresh capital to invest in startups.
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Well, that’s one kind of M&A deal for Biogen! But will we see the take this money and build out their late-stage portfolio or commercial pipeline?
$BIIB
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Google cofounder Sergey Brin — now the world’s 12th-richest person, worth $78 billion — has quietly become the largest individual donor to Parkinson’s research, per
@Forbes
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Shoutout to the PR person who emailed this afternoon to follow up about a new investment platform.
Read the room, buddy.
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Today, I’m interrupting your regularly scheduled biotech programming to bring you dispatches from jury duty.
Please let me get dismissed or end up on a really interesting trial.
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Meet the new startup co-founded by CRISPR innovator Feng Zhang, a former executive at Grail and Illumina, and others to develop a defanged form of gene editing —
@khoslaventures
@GVteam
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For the first time in more than two years, I’m contemplating leaving my work laptop at the office.
What are the odds I’ll regret it?
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There's always a biopharma angle!
Per
@samwolfson
, Fox was still previewing Tucker Carlson's show this morning, teasing an interview with Vivek Ramasaway
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I'm always here in Boston, but looking forward to seeing some out-of-towners and discussing healthcare at
@HLTHEVENT
next week!
In case you haven't seen, I'll also be moderating two panels...
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Update time!
This startup, Tome Biosciences, officially launched today with $213 million in Series A and B funding.
My story from last year below 👇
Scoop: Arch, Andreessen Horowitz (a16z), GV, the Longwood Fund and others are involved with a new CRISPR startup that seeks to make large changes in DNA.
The biotech has already quietly closed a Series A round.
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One of the aforementioned panels! Join us on Wednesday.
#BIO2022
: Join
@StrandTx
's Jake Becraft (
@DrSynbio
),
@MubadalaCapital
's Amy Liu,
@HAYA_lncRNA
's Samir Ounzain (
@ispiyou
) &
@NovartisScience
's Thomas Pietzonka for a panel on what's next in RNA-based technologies. Moderated by
@statnews
'
@ADeAngelis_bio
|
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Starting the week off with a laugh (H/T Out-Of-Pocket newsletter)
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I’m (surprisingly) early for a
#JPM23
meeting.
Had to note the occasion because it will certainly never happen again.
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Novo Nordisk’s obesity drug Wegovy cut the risk of major heart complications by 20% in a closely watched trial of 17,500 patients.
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I’m no transit/mechanics expert, but is there supposed to be running water on train tracks?
@MBTA
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President Biden told Congress last night that Medicare should be able to negotiate lower drug prices.
One person in the audience, Sen
@amyklobuchar
, agrees. She wrote about the topic in her new book:
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