100 More Jobs Cut At Infinity After AbbVie Inevitably Ends Partnership
AbbVie unsurprisingly walked away from its partnership with Infinity after disappointing Phase II results for the PI3K inhibitor duvelisib. Another 100 Infinity employees will lose their jobs as the company conserves its cash and amends its clinical trial plan.
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Copiktra (duvelisib) becomes the first dual inhibitor of PI3K delta and gamma to hit the market, placing it in competition with Gilead’s Zydelig and AbbVie’s Venclexta.
Duvelisib, licensed from Infinity in 2016, reduces risk of disease progression or death compared to Arzerra in a Phase III study in refractory CLL/SLL. Verastem hopes to file an NDA during the first half of 2018.
Private Company Edition: Venture capital financings didn’t take a break during Thanksgiving week. In addition to the $800m Resilience raised to fund manufacturing services, SomaLogic closed a $121m series A round to fund its proteomic tools for drug discovery and diagnostics development.