Big Pharma interest in a global license of PV-10 steadily grows. Regional license interest in PV-10 also is growing.
On page 20 of the recently filed S-1: "The geographic areas of interest for PV-10 principally include China, India, Japan and Middle East and North Africa (MENA). We are also considering the global licensure of PV-10 as well since it has come to our attention that this is of interest to potential partners."
The world continues to get smaller and smaller. Big Pharma operates where it does and can -- mainly, the U.S. and Europe, and also elsewhere -- but with an eye to so-called developing markets (recall the now or near obsolete BRIC moniker for Brazil, Russia, India and China), and beyond, where it has entered as foreign wholly owned subsidiaries together with partnerships and joint ventures with as well as acquisitions of local players.
I appreciate management's enthusiasm and persistence in pursuing a regional license deal in China. In the S-1 mentioned above: "According to Global Cancer Facts & Figures, 2nd Edition, liver cancer is the fifth leading cause of deaths related to cancer in the world in men and seventh in women. Approximately 750,000 people are newly diagnosed annually with primary liver cancer, also known as Hepatocellular carcinoma (HCC), with China alone accounting for about 55% of the cases diagnosed each year. The world market for liver cancer drugs is projected to exceed $2.0 billion by 2015 and does not include the full impact of the China market potential." Like with most things China-related, it is Big Pharma's new frontier, and a monstrously-sized addressable market at that.
I also understand and appreciate management having to balance enthusiasm for and the potential of near-term cash upfront with China with Big Pharma interest in a global PV-10 license.
I don't want management to do a premature or cheap China deal simply for the cash or to bump up the share price, and diminish the value of a global license and/or the end-game. On the other hand, I don't want management to pursue a global license without taking into consideration sufficiently raising valuation through a string of regional deals before giving way to a global license and/or the end game. I don't think management is doing either.
Rather, regional deals like China (and others) are being considered in the context of a global license and the end game, and vice versa.
April 30, 2013
April 29, 2013
$PVCT in Paris?
2013 Annual Paris Melanoma Conference & Moffitt's Dr. Jeffrey Weber, MD, PhD (see post below). So what? Here's what:
1. Dr. Weber appears to be about combination therapies of all sorts. Read Melanoma: is immunotherapy the future?, an interview of Dr. Weber by Jenaid Rees, Commissioning Editor of Expert Review of Dermatology. The article does not mention PV-10 by name. Reading the interview, however, gives you a very good sense of his professional interest (combination therapies).
2. Dr. Weber presentation at this Paris melanoma conference is about combination therapies. Dr. Sondak, a senior leader at Moffitt, has been very involved with Provectus. To what extent is Dr. Weber (the leadership at Moffitt) involved in or sees further professional development, success and/or legacy building through translational research into and the work of combining PV-10 with anti-CTLA4 agents, anti-PD-1 agents, systemic chemotherapies, other systemic immunotherapies, and on and on...?
3. At a Paris melanoma conference, several industry folks will be gathered. I don't where in Europe Peter is, but Paris probably is on his itinerary. If you're an industry professional, particularly focused on M&A, corporate development, business development or R&D, you owe it to your company to, at the very least, seek Provectus out and speak with them (Pete).
1. Dr. Weber appears to be about combination therapies of all sorts. Read Melanoma: is immunotherapy the future?, an interview of Dr. Weber by Jenaid Rees, Commissioning Editor of Expert Review of Dermatology. The article does not mention PV-10 by name. Reading the interview, however, gives you a very good sense of his professional interest (combination therapies).
2. Dr. Weber presentation at this Paris melanoma conference is about combination therapies. Dr. Sondak, a senior leader at Moffitt, has been very involved with Provectus. To what extent is Dr. Weber (the leadership at Moffitt) involved in or sees further professional development, success and/or legacy building through translational research into and the work of combining PV-10 with anti-CTLA4 agents, anti-PD-1 agents, systemic chemotherapies, other systemic immunotherapies, and on and on...?
3. At a Paris melanoma conference, several industry folks will be gathered. I don't where in Europe Peter is, but Paris probably is on his itinerary. If you're an industry professional, particularly focused on M&A, corporate development, business development or R&D, you owe it to your company to, at the very least, seek Provectus out and speak with them (Pete).
$PVCT: 2013 Annual Paris Melanoma Conference
Moffitt's Dr. Jeffrey Weber, MD, PhD is a member of this conference's faculty, and will discuss Combination therapies in immunotherapy and targeted agents during Friday's session.
April 28, 2013
$PVCT Europe Bound
Peter leaves for Europe on Monday for business development activities, which may include meetings with some or all of prospective pharma partners, industry KOLs, potential investors and existing shareholders. This trip appears more focused on partners and partnerships.
April 26, 2013
Daiichi Sankyo: A Dark Horse Challenger to Big Pharma Buying $PVCT
Earlier this month I identified visits from Daiichi Sankyo in Tokyo spending many, many hours on the blog. Later, I confirmed visits from Daiichi's U.S. headquarters in Parsippany, New Jersey. I think Daiichi Sankyo is interested in a multi-faceted relationship with Provectus.
Plexxikon reported interim analysis of its MM Phase 3 trial for vemurafenib (Zelboraf) in January 2011. In February, the following month, the company announced it was being acquired by Daiichi Sankyo. When a corporate approaches a target, the dance generally begins with an introduction typically 3 to 6 months or more before an acquisition, if achieved, is announced. By this math, Daiichi may have begun speaking with Plexxikon around mid-2010. Plexxikon treated the Phase 3 trial's first patient in January 2010.
Daiichi, one could argue, acted aggressively. "Just a few months after Daiichi Sankyo Co. Ltd. purchased biotech Plexxikon Inc. of Berkeley, Calif., for nearly $1 billion, the Japanese pharmaceutical company is reaping the benefits. A drug developed by Plexxikon and now owned by Daiichi, vemurafenib, was approved for treating metastatic melanoma by the U.S. Food and Drug Administration, the company said Wednesday." (Source here)
Think about it. Daichii approaches Provectus before Moffitt's data has been presented at AACR in April. Before Provectus' contemplated pivotal MM Phase 3 trial is finalized -- where "finalization" means the receipt of the SPA -- and well before enrollment is commenced. That should come as no surprise because PV-10 is far superior to vemurafenib (Zelboraf) and has more multi-indication potential already (whereas vemurafenib did not).
Daiichi has the balance sheet to pay what Provectus desires. In 2008 Daiichi announced that it would pay up to $4.6 billion for a controlling stake in Ranbaxy Laboratories, one of the largest manufacturers of drugs in India; this deal valued all of Ranbaxy at $8.5 billion (a 31% premium to its stock market capitalization prior to the announcement).
Daiichi also has a Japanese cultural approach to M&A that might force Pfizer's hand. That is, it could push Pfizer to act because it has to act to protect an asset (Provectus) it values but heretofore has no impetus to acquire.
"Global studies of M&A point out that once executives dive into the transaction process, they often become so invested in the deal that they cannot pull out even when necessary. In most markets today, however, common wisdom prevails that being able to walk away is a hallmark of M&A sophistication. That notion is rare among Japanese practitioners of outbound M&A." (Source here)
"The demands of Japanese-style consensus building, requiring the hard-won agreement of many parties, make abandoning a deal particularly hard. The potential loss of face in such a decision makes participants reluctant to suggest it, even if the logic of proceeding is undermined by new information."
Daichii was agressive in acquiring Plexxikon, paying more for the company than anyone else offered or was willing to pay. From all accounts, the acquisition is or eventually should be accretive.
If Daiichi executives set their mind to licensing PV-10 (or PH-10) or acquiring Provectus, then Big Pharma (including, in particular, Pfizer) might lose the asset to the Japanese if they're not willing to counter bid.
Plexxikon reported interim analysis of its MM Phase 3 trial for vemurafenib (Zelboraf) in January 2011. In February, the following month, the company announced it was being acquired by Daiichi Sankyo. When a corporate approaches a target, the dance generally begins with an introduction typically 3 to 6 months or more before an acquisition, if achieved, is announced. By this math, Daiichi may have begun speaking with Plexxikon around mid-2010. Plexxikon treated the Phase 3 trial's first patient in January 2010.
Daiichi, one could argue, acted aggressively. "Just a few months after Daiichi Sankyo Co. Ltd. purchased biotech Plexxikon Inc. of Berkeley, Calif., for nearly $1 billion, the Japanese pharmaceutical company is reaping the benefits. A drug developed by Plexxikon and now owned by Daiichi, vemurafenib, was approved for treating metastatic melanoma by the U.S. Food and Drug Administration, the company said Wednesday." (Source here)
Think about it. Daichii approaches Provectus before Moffitt's data has been presented at AACR in April. Before Provectus' contemplated pivotal MM Phase 3 trial is finalized -- where "finalization" means the receipt of the SPA -- and well before enrollment is commenced. That should come as no surprise because PV-10 is far superior to vemurafenib (Zelboraf) and has more multi-indication potential already (whereas vemurafenib did not).
Daiichi has the balance sheet to pay what Provectus desires. In 2008 Daiichi announced that it would pay up to $4.6 billion for a controlling stake in Ranbaxy Laboratories, one of the largest manufacturers of drugs in India; this deal valued all of Ranbaxy at $8.5 billion (a 31% premium to its stock market capitalization prior to the announcement).
Daiichi also has a Japanese cultural approach to M&A that might force Pfizer's hand. That is, it could push Pfizer to act because it has to act to protect an asset (Provectus) it values but heretofore has no impetus to acquire.
"Global studies of M&A point out that once executives dive into the transaction process, they often become so invested in the deal that they cannot pull out even when necessary. In most markets today, however, common wisdom prevails that being able to walk away is a hallmark of M&A sophistication. That notion is rare among Japanese practitioners of outbound M&A." (Source here)
"The demands of Japanese-style consensus building, requiring the hard-won agreement of many parties, make abandoning a deal particularly hard. The potential loss of face in such a decision makes participants reluctant to suggest it, even if the logic of proceeding is undermined by new information."
Daichii was agressive in acquiring Plexxikon, paying more for the company than anyone else offered or was willing to pay. From all accounts, the acquisition is or eventually should be accretive.
If Daiichi executives set their mind to licensing PV-10 (or PH-10) or acquiring Provectus, then Big Pharma (including, in particular, Pfizer) might lose the asset to the Japanese if they're not willing to counter bid.
April 25, 2013
The Date $PVCT Will Be Acquired Is...
Getting a dramatic blog post title out of the way, three precedent transactions provide insight into the end-game (under certain circumstances or along one of several potential paths).
Precedent transaction #1: Plexxikon reported interim analysis of its MM Phase 3 trial in January 2011. In February, the following month, the company announced it was being acquired by Daiichi Sankyo. Transaction #2: BioVex commenced its MM Phase 3 trial in April 2010. In January 2011, Amgen announced it was acquiring BioVex, by which time the trial was about 90% enrolled.
Think about this information in the context of a PV-10 MM Phase 3 trial under SPA with the FDA commencing enrollment in mid-2013 (i.e., late-Q2 or early-Q3): Enrollment might take one or several quarters, and Interim analysis could be available 12 months after enrollment is completed (patients would be treated as enrolled).
Between somewhere in enrollment and interim analysis, after the SPA is received. Drawing out the numbers, the time frame to acquisition through the running of a Phase 3 trial, generally speaking, could be H2 2013 through H2 2014'ish. This back-of-the-envelope "time framing" examines a Phase 3 trial under SPA, with no benefit of an accelerated pathway to market (via accelerated approval or a more precise (shorter) SPA via breakthrough therapy designation).
Receiving an accelerated path to market through receipt of the breakthrough therapy designation -- either accelerated approval or a more precise (and thus shorter or faster) SPA -- certainly would change the timeframe. Of course, the rate limiting step here is clarity on timing and detail of the accelerated path.
Somewhere after the receipt of breakthrough therapy designation ("BTD") is announced, when and if BTD is achieved. Drawing out the numbers in this case, the time frame to acquisition could be H2 2013 through H1 2014'ish.
Precedent transaction #1: Plexxikon reported interim analysis of its MM Phase 3 trial in January 2011. In February, the following month, the company announced it was being acquired by Daiichi Sankyo. Transaction #2: BioVex commenced its MM Phase 3 trial in April 2010. In January 2011, Amgen announced it was acquiring BioVex, by which time the trial was about 90% enrolled.
Think about this information in the context of a PV-10 MM Phase 3 trial under SPA with the FDA commencing enrollment in mid-2013 (i.e., late-Q2 or early-Q3): Enrollment might take one or several quarters, and Interim analysis could be available 12 months after enrollment is completed (patients would be treated as enrolled).
Between somewhere in enrollment and interim analysis, after the SPA is received. Drawing out the numbers, the time frame to acquisition through the running of a Phase 3 trial, generally speaking, could be H2 2013 through H2 2014'ish. This back-of-the-envelope "time framing" examines a Phase 3 trial under SPA, with no benefit of an accelerated pathway to market (via accelerated approval or a more precise (shorter) SPA via breakthrough therapy designation).
Receiving an accelerated path to market through receipt of the breakthrough therapy designation -- either accelerated approval or a more precise (and thus shorter or faster) SPA -- certainly would change the timeframe. Of course, the rate limiting step here is clarity on timing and detail of the accelerated path.
Somewhere after the receipt of breakthrough therapy designation ("BTD") is announced, when and if BTD is achieved. Drawing out the numbers in this case, the time frame to acquisition could be H2 2013 through H1 2014'ish.
There's yet another way to look at Provectus' endgame, too. Transaction #3: Bristol Myers acquired Medarex on the basis of the latter's MM Phase 2 data and a strong understanding of ipilimumab's mechanism of action. Dr. Jeffrey S. Weber, MD, PhD of Moffitt Cancer Center was highly involved in the elucidation of ipi's anti-tumor response. Dr. Weber also did translational research on vemurafenib (Zelboraf), Plexxikon's drug that was acquired by Daiichi Sankyo.
Soon? Drawing out the numbers in this case, the time frame to acquisition could be the end of 2013.
Provectus will be acquired when it is acquired. I found it helpful to review some precedent transactions in order to understand where the company currently resides in the bigger scheme of things.
Soon? Drawing out the numbers in this case, the time frame to acquisition could be the end of 2013.
Provectus will be acquired when it is acquired. I found it helpful to review some precedent transactions in order to understand where the company currently resides in the bigger scheme of things.
April 24, 2013
Just Put Some [of $PVCT's] PH-10 On It
From My Big Fat Greek Wedding. Toula Portokalos: [narrating] My dad believed in two things: That Greeks should educate non Greeks about being Greek and every ailment from psoriasis to poison ivy can be cured with Windex.
I am, of course, relentlessly bullish on rose bengal, and thus PV-10 and PH-10; in the case of PH-10 for inflammatory skin disorders, a topical agent with what appears to be a very high or, literally, no dosing limit.
Peter said "We are pursuing translational research with PH-10 comparable to that underway with PV-10 to clarify the regulatory and commercialization pathways of PH-10."
Translational research? As we saw with Moffitt's work (among others, including Provectus'), answers were provided to questions about PV-10, such as how does PV-10 do what it does, or what is PV-10's clinical relevance -- how and when do you use the drug. Very effective. Very safe. Regular, frequent use. Locoregional monotherapy. Systemtic benefit. Anti-tumor immunity. Tumor-specific immunity. Combination therapy for inaccessible tumors.
By doing this translational research work, Moffitt provides Provectus with a key piece of data, information and knowledge to convince the FDA of PV-10's benefit and explain the drug's clinical relevance to Big Pharma. Both drive value.
Derived from the same active ingredient, why would one think any differently of PH-10? Such translational work is being done at a world-renowned university in a laboratory whose head has a world-class reputation with the FDA. I connected the dots. This work may well be completed by now, or it may soon be completed.
I am, of course, relentlessly bullish on rose bengal, and thus PV-10 and PH-10; in the case of PH-10 for inflammatory skin disorders, a topical agent with what appears to be a very high or, literally, no dosing limit.
Peter said "We are pursuing translational research with PH-10 comparable to that underway with PV-10 to clarify the regulatory and commercialization pathways of PH-10."
Translational research? As we saw with Moffitt's work (among others, including Provectus'), answers were provided to questions about PV-10, such as how does PV-10 do what it does, or what is PV-10's clinical relevance -- how and when do you use the drug. Very effective. Very safe. Regular, frequent use. Locoregional monotherapy. Systemtic benefit. Anti-tumor immunity. Tumor-specific immunity. Combination therapy for inaccessible tumors.
By doing this translational research work, Moffitt provides Provectus with a key piece of data, information and knowledge to convince the FDA of PV-10's benefit and explain the drug's clinical relevance to Big Pharma. Both drive value.
Derived from the same active ingredient, why would one think any differently of PH-10? Such translational work is being done at a world-renowned university in a laboratory whose head has a world-class reputation with the FDA. I connected the dots. This work may well be completed by now, or it may soon be completed.
April 23, 2013
$PVCT: PV-10 + Radiotherapy by Foote et al.
Recall the combination of PV-10 + radiotherapy: Foote et al.'s initial and ongoing work combining PV-10 and radiotherapy are showing dramatic improvement for patients with much later stage disease (Stage IV) and heavy tumor burden.
A recent article on Princess Alexandra Hospital (Australia) radiation oncologist Dr. Matthew Foote, MD highlighted stereotactic body radiation therapy, where radiation is delivered at sub-millimeter precision (1 millimeter is equal to about 4 hundredths of an inch) to treat cancerous tumors while minimizing harm to normal tissue. By beng precise in its direction, Dr. Foote is able to "...crank up the dose of radiation." Craig historically has held the view that other drugs killed cancers through toxicity rather than tumor tissue specificity, and thus had poor efficacy and problematic side effects. The drugs killed normal tissue, leaked out and systemically poisoned patients, preventing the proper and effective stimulation of the immune system. It is interesting to note "targeted radiotherapy" is better than less precisely delivered radiotherapy.
In the article, Dr. Foote is quoted as saying "There’s evidence that the body’s immune system can fight melanoma so a high radiation dose can actually help stimulate the patient’s immune system to then fight off the melanoma."
Also recall the work by Tan and Nehaus: "Novel use of Rose Bengal (PV-10) in two cases of refractory scalp sarcoma." In the two cases highlighted by the authors, the approach was backwards. Yet, the “backwards” approach yielded good results on refractory sarcoma. Why backwards? Recall Foote et al.’s past and current work: PV-10 first, followed by radiotherapy. That appears to be the right treatment order.
Perhaps Dr. Foote will try PV-10 first, followed by targeted radiotherapy.
When Provectus provided an update about Dr. Foote's PV-10 + radiotherapy trial in October 2012, 7 subjects were enrolled.
Around January 2013, it appeared at least 10 patients have been treated, a follow-up to the success of their initial work on 3 patients.
I gather [but not from the company] half of the contemplated 30-patient trial has been enrolled.
A recent article on Princess Alexandra Hospital (Australia) radiation oncologist Dr. Matthew Foote, MD highlighted stereotactic body radiation therapy, where radiation is delivered at sub-millimeter precision (1 millimeter is equal to about 4 hundredths of an inch) to treat cancerous tumors while minimizing harm to normal tissue. By beng precise in its direction, Dr. Foote is able to "...crank up the dose of radiation." Craig historically has held the view that other drugs killed cancers through toxicity rather than tumor tissue specificity, and thus had poor efficacy and problematic side effects. The drugs killed normal tissue, leaked out and systemically poisoned patients, preventing the proper and effective stimulation of the immune system. It is interesting to note "targeted radiotherapy" is better than less precisely delivered radiotherapy.
In the article, Dr. Foote is quoted as saying "There’s evidence that the body’s immune system can fight melanoma so a high radiation dose can actually help stimulate the patient’s immune system to then fight off the melanoma."
Also recall the work by Tan and Nehaus: "Novel use of Rose Bengal (PV-10) in two cases of refractory scalp sarcoma." In the two cases highlighted by the authors, the approach was backwards. Yet, the “backwards” approach yielded good results on refractory sarcoma. Why backwards? Recall Foote et al.’s past and current work: PV-10 first, followed by radiotherapy. That appears to be the right treatment order.
Perhaps Dr. Foote will try PV-10 first, followed by targeted radiotherapy.
When Provectus provided an update about Dr. Foote's PV-10 + radiotherapy trial in October 2012, 7 subjects were enrolled.
Around January 2013, it appeared at least 10 patients have been treated, a follow-up to the success of their initial work on 3 patients.
I gather [but not from the company] half of the contemplated 30-patient trial has been enrolled.
$PVCT: HCC & PV-10
Towards the end of September 2012, Provectus announced it had expanded the protocol for Phase 1 liver cancer study to include "...the assessment of safety and efficacy in up to 24 additional patients with hepatocellular carcinoma ("HCC") or metastatic cancer of the liver (Expansion Cohort 1), as well as the safety and efficacy in up to 12 patients with HCC who are on a stable dose of sorafenib, a standard treatment for HCC (Expansion Cohort 2)." The site at which this study was going to be conducted was the same site for the original Phase 1 trial, Sharp Memorial Hospital in San Diego. The principal investigator was Dr. Paul Goldfarb, MD.
Since then, we've heard no word until recently, a few days ago, when a second site was opened: The Southeastern Center for Digestive Disorders & Pancreatic Cancer. The principal investigator is Dr. Alexander Rosemurgy, MD.
Problematic with running clinical trials, it seems, and among other things, is slowness on the part of the site and investigator to enroll and treat patients. With the opening of a second site, I hope this process is sped up. I imagine Provectus will issue a PR about the site when it enrolls and treats its first patient.
I am curious to understand whether the company has to enroll and treat all of the contemplated patients in the HCC expanded Phase 1 trial, or whether Provectus can enroll and treat a partial number in order to eventually submit an application for breakthrough therapy designation for PV-10 for HCC.
Since then, we've heard no word until recently, a few days ago, when a second site was opened: The Southeastern Center for Digestive Disorders & Pancreatic Cancer. The principal investigator is Dr. Alexander Rosemurgy, MD.
Problematic with running clinical trials, it seems, and among other things, is slowness on the part of the site and investigator to enroll and treat patients. With the opening of a second site, I hope this process is sped up. I imagine Provectus will issue a PR about the site when it enrolls and treats its first patient.
I am curious to understand whether the company has to enroll and treat all of the contemplated patients in the HCC expanded Phase 1 trial, or whether Provectus can enroll and treat a partial number in order to eventually submit an application for breakthrough therapy designation for PV-10 for HCC.
April 22, 2013
$PVCT: The Southeastern Center for Digestive Disorders & Pancreatic Cancer (2nd Liver Cancer/HCC Trial Site)
The website of The Southeastern Center for Digestive Disorders & Pancreatic Cancer can be found here. The principal investigator is Dr. Alexander Rosemurgy, MD. As a side note, Dr. Paul Toomey, MD of Moffitt fame (he was quoted several times related to Moffitt's poster at SSO in March 2012 when the cancer research center first concluded publicly that "Intralesional PV-10 Treatment Leads to the Induction of Anti-Tumor Immunity") appears to be doing a fellowship at The Southeastern Center (see below).
An Inflection Point in $PVCT Data
We finally may have reached the long-awaited inflection point in Rose Bengal data (PV-10 & PH-10).
Management thinks 2013 marks a turning-point in how Provectus is regarded by the FDA, Big Pharma and medical community key opinion leaders (KOLs) vis a vis "the data:" MM Phase 1 & 2, Breast Phase 1, HCC/liver Phase 1, inflammatory skin disorder Phase 1/2, Moffitt murine model immunology, Provectus murine model combination therapy, and the compassionate use program.
That's not to say more data is not very desirable: MM Phase 3 (if necessary), breast Phase 2, pancreas Phase 1, skunk works success by Craig with another key indication, Moffitt human immunology, and Moffitt-like immunology (and also toxicity) investigational work into PH-10 by a world-renowned university whose laboratory head has a world-class reputation with the FDA.
Management thinks 2013 marks a turning-point in how Provectus is regarded by the FDA, Big Pharma and medical community key opinion leaders (KOLs) vis a vis "the data:" MM Phase 1 & 2, Breast Phase 1, HCC/liver Phase 1, inflammatory skin disorder Phase 1/2, Moffitt murine model immunology, Provectus murine model combination therapy, and the compassionate use program.
That's not to say more data is not very desirable: MM Phase 3 (if necessary), breast Phase 2, pancreas Phase 1, skunk works success by Craig with another key indication, Moffitt human immunology, and Moffitt-like immunology (and also toxicity) investigational work into PH-10 by a world-renowned university whose laboratory head has a world-class reputation with the FDA.
April 21, 2013
$PVCT Files Pre-14A (Proxy Statement)
Management filed the company's pre-Form (Schedule) 14A (proxy statement) on Friday.
Regarding proposal number 2, management is seeking shareholder approval for "...an amendment to our Restated Articles of Incorporation...to increase the number of shares of common stock...that we are authorized to issue from 200,000,000 to 250,000,000 shares."
The company, on a fully diluted basis -- common stock + preferred stock + common stock options + common stock warrants -- is nearing its threshold of authorized shares. The proxy counts this figure as about 188 million (see page 29).
I support Proposal No. 2 because it enables management to have sufficient shares of which to use, in part, to raise money so as maintain accounting firm BDO's going concern opinion in the event expected milestones (i.e., SPA, BTD-AA) do not raise the share price sufficiently to utilize the shelf in a less than punitive manner or upfront/cash payments (i.e., China, India, Japan, global, PH-10) from contemplated license deals do not materialize in a suitably soon time frame (i.e., when or should the remaining 12 million units run out or be insufficient).
Regarding proposal number 2, management is seeking shareholder approval for "...an amendment to our Restated Articles of Incorporation...to increase the number of shares of common stock...that we are authorized to issue from 200,000,000 to 250,000,000 shares."
The company, on a fully diluted basis -- common stock + preferred stock + common stock options + common stock warrants -- is nearing its threshold of authorized shares. The proxy counts this figure as about 188 million (see page 29).
I support Proposal No. 2 because it enables management to have sufficient shares of which to use, in part, to raise money so as maintain accounting firm BDO's going concern opinion in the event expected milestones (i.e., SPA, BTD-AA) do not raise the share price sufficiently to utilize the shelf in a less than punitive manner or upfront/cash payments (i.e., China, India, Japan, global, PH-10) from contemplated license deals do not materialize in a suitably soon time frame (i.e., when or should the remaining 12 million units run out or be insufficient).
$PVCT: Good Day, eh!
I'm hoping the CEO letter, which last year was published on April 24, comes out this week. There should be useful information on several topics. I plan to blog a post updating my March Madness entry of January 27 this week, too.
April 20, 2013
$PVCT: The End of the Regulatory Path is Gaining More Clarity
The regulatory journey on which the company has embarked appears to me to have two paths, which are not mutually exclusive nor unrelated. The paths also provide insight into the timing or catalysts for when Big Pharma might move on the Provectus.
The SPA. See recent related posts here (Current SPA Guidance) and here (Time Taken for the SPA). Current management guidance on the receipt of the SPA appears to be Q2. With Moffitt MOA and Provectus combination therapy results in hand, both demonstrating systemic potential, all that should be needed by Pfizer or other Big Pharma to buy Provectus would be interim MM Phase 3 trial data. Recall in BioVex's case, Amgen moved on the company when OncoVex demonstrated systemic potential and interim MM Phase 3 trial data was available.
BTD. A much more catalytic outcome when the end of this path is reached, there's work to be done here. Management (i.e., Eric and his team) must file the application (i.e., make the request) for BTD with the FDA. This scenario could play out like this: The FDA grants Provectus BTD for PV-10. An accelerated path to market in a manner similar or equal to accelerated approval materializes. The SPA, should it be received prior to BTD being granted, is turned into as a post-marketing study (Phase 4 trial). Pfizer or another Big Pharma buys the company thereafter.
The SPA. See recent related posts here (Current SPA Guidance) and here (Time Taken for the SPA). Current management guidance on the receipt of the SPA appears to be Q2. With Moffitt MOA and Provectus combination therapy results in hand, both demonstrating systemic potential, all that should be needed by Pfizer or other Big Pharma to buy Provectus would be interim MM Phase 3 trial data. Recall in BioVex's case, Amgen moved on the company when OncoVex demonstrated systemic potential and interim MM Phase 3 trial data was available.
BTD. A much more catalytic outcome when the end of this path is reached, there's work to be done here. Management (i.e., Eric and his team) must file the application (i.e., make the request) for BTD with the FDA. This scenario could play out like this: The FDA grants Provectus BTD for PV-10. An accelerated path to market in a manner similar or equal to accelerated approval materializes. The SPA, should it be received prior to BTD being granted, is turned into as a post-marketing study (Phase 4 trial). Pfizer or another Big Pharma buys the company thereafter.
$PVCT: More Proactivity by the FDA
The Medical Technology Stock Letter wrote Thursday about Pharmacyclics (NASDAQ: PCYC):
ahead of anyone's expectations by a material pace. Doesn't it appear the FDA has gotten behind PCYC in a big way.
How much is the FDA behind Provectus and PV-10?
"Last night, Janssen (in conjunction with Pharmacyclics) filed a Phase 4 Open Label Treatment Protocol for patients with relapsed/refractory mantle cell lymphoma (MCL) on www.clinicaltrials.gov. This early access program (EAP) is designed to allow use of single-agent ibrutinib to treat RR MCL patients that have no option and cannot enroll in a clinical trial. Currently, there are no RR MCL studies with ibrutinib underway - there is only a front-line MCL trial that is still enrolling patients. Traditionally, a pharmaceutical company, such as JNJ, will open an EAP within 2-3 months of filing for approval with the FDA. Therefore, we now expect that the ibrutinib filing will occur in Q3:13, approximately 3-6 months ahead of the year-end, publicly scheduled BLA. We believe that the FDA Breakthrough Therapy Designation (BTD) is, therefore, moving quickly along, and that formal approval will occur before the end of 2013 - roughly 6-9 months ahead of consensus expectations. In our view, this is a major positive for Pharmacyclics and is not discounted into any Wall Street forecasts, even the most bullish of opinions. We expect the consensus timing and estimates will rise as soon as this information is further disseminated. We had believed ibrutinib would be approved in early 2014, ahead of anyone on the Street. Based upon this new early access program and related timing of events, it seems that even we were too conservative."The key takeaway is bolded. Note the framing of "6-9 months ahead of consensus expectations." It would seem because of breakthrough therapy designation, Pharmacyclics' process is moving well
ahead of anyone's expectations by a material pace. Doesn't it appear the FDA has gotten behind PCYC in a big way.
How much is the FDA behind Provectus and PV-10?
April 19, 2013
$PVCT: Some Additional Analysis Regarding Today's 8K (Fund raising)
I went through the recent calendar year 2012-related 10-Q & 10-K, and produced the table below:
The output (last line) is the company's cash monthly burn rate, per quarter, for 2012. Provectus issues stock and warrants for services rendered, and there also are additional non-cash items. I think I'm on the mark, but I am open to being corrected.
According to Peter, the raise announced in the 8-K filing today was related to ensuring BDO continues to provide the company with a going concern opinion, which is reviewed every quarter-end. For purposes of how BDO assesses Provectus' ongoing operations, the company requires ~$4 million at any given time of assessment.
Hence, prior to year-end, as you read the 2012 10-K, the company raised net proceeds of $2.28 million (not reflected on the 2012 year-end balance sheet in the K) to near this rough or soft $4 million threshold.
You can see this in the table below, under Q4-12: Cash and cash equivalents, at end of period.
Using recent historical quarterly cash burn amounts, I constructed the table below. This table assumes an approximate $930K burn per month.
And below. This table assumes a $750K burn per month:
The takeaway here is management probably won't fall sufficiently below the necessary threshold (again, I think it is a soft or rough one) through the end of Q2 (the end of June), assuming expenses don't shoot up for some expected or unreasonable reason, to endanger BDO's going concern opinion.
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| Click on table to enlarge in separate window |
According to Peter, the raise announced in the 8-K filing today was related to ensuring BDO continues to provide the company with a going concern opinion, which is reviewed every quarter-end. For purposes of how BDO assesses Provectus' ongoing operations, the company requires ~$4 million at any given time of assessment.
Hence, prior to year-end, as you read the 2012 10-K, the company raised net proceeds of $2.28 million (not reflected on the 2012 year-end balance sheet in the K) to near this rough or soft $4 million threshold.
You can see this in the table below, under Q4-12: Cash and cash equivalents, at end of period.
Using recent historical quarterly cash burn amounts, I constructed the table below. This table assumes an approximate $930K burn per month.
![]() |
| Click on table to enlarge in separate window |
![]() |
| Click on table to enlarge in separate window |
April 18, 2013
$PVCT Files 8-K. Raises $3.3MM.
Provectus made an 8-K filing to announce it raised $3.3 million through today. Not adjusted for exercises, there appears to be about 190 million fully diluted shares outstanding (after consideration for preferred and common stock, options and warrants).
April 17, 2013
$PVCT: A Proactive FDA
Ripples become waves. It takes time. It also takes a ripple.
Entitled "A Proactive FDA Is Already Reviewing Sarepta's Muscular Dystrophy Drug (Updated)," Adam Feuerstein recently wrote about the FDA actively reviewing the efficacy and safety of Sarepta Therapeutics' Duchenne muscular dystrophy drug eteplirsen even though the drug has not been formally filed for approval.
In his article, Feuerstein writes "Baird analyst Brian Skorney gets it. "On the surface it appears that the FDA is requesting information that would normally be part of the NDA review process," he writes in a research note. "This appears to be a bit of a departure from precedent and shows the FDA's willingness to remain flexible (at least publicly) on this review. We believe that the agency is essentially doing the bulk of the review on this application prior to submission and would view a recommendation by the agency to file based on the available data as a very strong indication that it will result in an approval.""
Feuerstein further writes "Why is this good news, again? Because the FDA could have easily told Sarepta to come back with data from the planned phase III study. That would have told us FDA didn't believe the existing eteplirsen data."
In its equity research update note Neuralstem Receives Phase 2 ALS Trial Approval, Aegis Capital wrote about this company receiving approval from the FDA to begin Phase 2 testing of its neural stem cell line therapeutic, designated NSI-566, in patients with amyotrophic lateral sclerosis (ALS), also known as Lou Gehrig's disease.
The analysts wrote "FDA Giving Neuralstem What They Wanted. We note that the regulatory agency provided Neuralstem with the approval that the firm requested to begin testing substantially higher doses of NSI-566, which we consider a crucial step forward."
The FDA provides regular updates on submissions and actions taken (within the prescribed time frame) for breakthrough therapy designation (BTD).
When I speak with Pete about the regulatory path, he consistently describes Eric and his team's relationship with the FDA as accommodative.
In regards to Provectus, I think a proactive FDA would:
Entitled "A Proactive FDA Is Already Reviewing Sarepta's Muscular Dystrophy Drug (Updated)," Adam Feuerstein recently wrote about the FDA actively reviewing the efficacy and safety of Sarepta Therapeutics' Duchenne muscular dystrophy drug eteplirsen even though the drug has not been formally filed for approval.
In his article, Feuerstein writes "Baird analyst Brian Skorney gets it. "On the surface it appears that the FDA is requesting information that would normally be part of the NDA review process," he writes in a research note. "This appears to be a bit of a departure from precedent and shows the FDA's willingness to remain flexible (at least publicly) on this review. We believe that the agency is essentially doing the bulk of the review on this application prior to submission and would view a recommendation by the agency to file based on the available data as a very strong indication that it will result in an approval.""
Feuerstein further writes "Why is this good news, again? Because the FDA could have easily told Sarepta to come back with data from the planned phase III study. That would have told us FDA didn't believe the existing eteplirsen data."
In its equity research update note Neuralstem Receives Phase 2 ALS Trial Approval, Aegis Capital wrote about this company receiving approval from the FDA to begin Phase 2 testing of its neural stem cell line therapeutic, designated NSI-566, in patients with amyotrophic lateral sclerosis (ALS), also known as Lou Gehrig's disease.
The analysts wrote "FDA Giving Neuralstem What They Wanted. We note that the regulatory agency provided Neuralstem with the approval that the firm requested to begin testing substantially higher doses of NSI-566, which we consider a crucial step forward."
The FDA provides regular updates on submissions and actions taken (within the prescribed time frame) for breakthrough therapy designation (BTD).
When I speak with Pete about the regulatory path, he consistently describes Eric and his team's relationship with the FDA as accommodative.
In regards to Provectus, I think a proactive FDA would:
- Suggest the company consider submitting a request for BTD,
- Grant Provectus BTD for PV-10 for use in the expanded label of recurrent and metastatic melanoma (the focused label being sought for PV-10 under the SPA is metastatic melanoma in Stage III patients),
- Accelerate PV-10's path to market, in a manner similar to granting the drug accelerated approval, and
- Permit the trial design, including progression definition and programmatic element work, the company currently is utilizing in seeking the SPA to be used as a post-marketing study.
"Accommodative" probably works well for now. "Proactive" will be appropriate in Provectus' case (with the benefit of hindsight, of course) whenever the company achieves the above.
Adam's Feuerstein's description of a "proactive FDA" may continue to ripple until the number of Agency's like actions causes a wave of awareness of its seemingly new behavior and assistance to patients, drugs and companies.
$PVCT: Maxim At It Again
They're baaack... Is Maxim soliciting some Provectus shareholders to become clients and open accounts with the broker-dealer, again? From what I gather, the pitch comes right out of the movie Boiler Room. Maxim folks suggest marks, er, people to whom they speak open an account with the firm so as to give them (the marke, er, those targeted, er, called) favored status when Provectus next fund raises like the company did in February. Why buy in the open market when you can get a sweeter deal (stock + warrants) courtesy of your friends at Maxim? A small dog -- let's call him Seth -- purportedly calls the mark, er, prospective client. Then, purportedly, a bigger dog -- let's call him, um, Chris -- jumps on the phone to try and close the deal.
Update (4/17/13): Some readers of the blog have e-mailed both the company and me asking about this post. They are concerned Maxim is calling some shareholders because Provectus is raising money and, thus, no deal of any kind (e.g., China, India, Japan, global license, PH-10) is in the cards. Peter communicated to me the company has no relationship with Maxim in regards to any fund raising. It appears to me Maxim folks simply are prospecting for business, and are using their firm’s historical association with Provectus (i.e., equity research coverage, primary book-runners on the now terminated PVCTP “IPO”) as the starting point of the conversation. As far as I know, Provectus is not fund raising at the current time.
Strangely, I have not been called.
Update (4/17/13): Some readers of the blog have e-mailed both the company and me asking about this post. They are concerned Maxim is calling some shareholders because Provectus is raising money and, thus, no deal of any kind (e.g., China, India, Japan, global license, PH-10) is in the cards. Peter communicated to me the company has no relationship with Maxim in regards to any fund raising. It appears to me Maxim folks simply are prospecting for business, and are using their firm’s historical association with Provectus (i.e., equity research coverage, primary book-runners on the now terminated PVCTP “IPO”) as the starting point of the conversation. As far as I know, Provectus is not fund raising at the current time.
Strangely, I have not been called.
$PVCT: Time Taken for the SPA
I tried to piece together the history, as much as I understand it, of the time taken to pursue the SPA.
The company's October 2, 2012 PR elucidates the progression definition and programmatic element work that comprise some of the time taken.
Progression definition work. "Progression Free Survival (PFS) will serve as the primary endpoint, with progression defined to include increased tumor burden, advent of active nodal disease, onset of distant metastasis and symptomatic deterioration based on validated instruments."
Programmatic element work. "We have also completed detailed operational planning, something which the FDA now frequently expects as part of the SPA package and a critical step to assure that the study runs smoothly."
The systemic benefit validation, provided by both Moffitt and Provectus' PRs, does not relate to the process of finalizing the SPA with the FDA, although it coincides with the timing of when SPA should be finalized. Of greater interest, and the topic of a subsequent post, that same systemic benefit understanding provides the springboard to a breakthrough therapy designation (accelerated approval) this year.
The company's October 2, 2012 PR elucidates the progression definition and programmatic element work that comprise some of the time taken.
Progression definition work. "Progression Free Survival (PFS) will serve as the primary endpoint, with progression defined to include increased tumor burden, advent of active nodal disease, onset of distant metastasis and symptomatic deterioration based on validated instruments."
Programmatic element work. "We have also completed detailed operational planning, something which the FDA now frequently expects as part of the SPA package and a critical step to assure that the study runs smoothly."
The systemic benefit validation, provided by both Moffitt and Provectus' PRs, does not relate to the process of finalizing the SPA with the FDA, although it coincides with the timing of when SPA should be finalized. Of greater interest, and the topic of a subsequent post, that same systemic benefit understanding provides the springboard to a breakthrough therapy designation (accelerated approval) this year.
April 16, 2013
$PVCT: What Could A Relationship with Daiichi Sankyo Mean?
Daiichi Sankyo's interest in Provectus might range from something simple or narrow to something more robust.
You can read about Daiichi Sankyo's new 5-year business plan here.
$PVCT: J&J Visits The Blog
Folks from J&J Europe visited the blog, but didn't spend nearly as long as those from Daiichi Sankyo
J&J. Just sayin'.
J&J. Just sayin'.
April 15, 2013
$PVCT: Current SPA Guidance
Current management guidance on the receipt of the SPA appears to be Q2 2013.
In Dr. Andtbacka's Current Status of Injectable Therapy presentation at the HemOnc Today Melanoma and Cutaneous Malignancies Symposium in March, around the 17:43 mark of the video, a bullet point referencing mid-2013 enrollment in the pivotal MM Phase 3 trial appears. As referenced in his presentation, Dr. Andtbacka obtained his information from Eric.
In last week's Provectus PR about PV-10 combination therapy, Eric's second quote appears to be a so-called strong reference to his current confidence about a potential start date.
Mid-2013 might mean June or July. Allowing 30 days, give or take, post-SPA receipt to commence the trial, the receipt of the SPA could be announced in May or June.
In Dr. Andtbacka's Current Status of Injectable Therapy presentation at the HemOnc Today Melanoma and Cutaneous Malignancies Symposium in March, around the 17:43 mark of the video, a bullet point referencing mid-2013 enrollment in the pivotal MM Phase 3 trial appears. As referenced in his presentation, Dr. Andtbacka obtained his information from Eric.
In last week's Provectus PR about PV-10 combination therapy, Eric's second quote appears to be a so-called strong reference to his current confidence about a potential start date.
Mid-2013 might mean June or July. Allowing 30 days, give or take, post-SPA receipt to commence the trial, the receipt of the SPA could be announced in May or June.
$PVCT: Big Pharma Interest
This blog is one of the primary sources of information about Provectus.
The blog can see, among several other things, where visitors come from (e.g., IP address, city, state/region, country, etc.) and how often they stay and read (page views, visits, visit lengths, etc.). Anytime you visit any destination on the world wide web, you are being tracked. Unless you use something like Tor to protect your privacy.
About 10 days ago I speculated about Daiichi Sankyo interest in PV-10. Why? Because...
First, folks from Daiichi Sankyo ("DS") in Japan visited multiple times and spent many, many hours on the blog. These visitors' IP address(es) originated from the pharmaceutical company's headquarters in Tokyo.
Then, folks from DS in the U.S. visited the blog. These visitors' IP address(es) originated from the pharmaceutical company's U.S. headquarters in Parsippany, New Jersey.
The next course action would be to ask various questions of Provectus management and gauge their responses, should of course they respond to questions about this topic.
At his presentation in New York in March, Craig noted Provectus was in the due diligence process of a pharmaceutical company for a global license. One presumes he did so because this Big Pharma had formally approached Provectus and were in formal due diligence with the company.
Is DS in formal due diligence with Provectus yet? If so, DS would make at least two Big Pharmas with a stated interest in the company.
If one assumes Pfizer has stated interest through Dr. Eagle's presence on Provectus' corporate advisory board, that would make three Big Pharmas.
There's a fourth. It's IP address(es) comes from...
The blog can see, among several other things, where visitors come from (e.g., IP address, city, state/region, country, etc.) and how often they stay and read (page views, visits, visit lengths, etc.). Anytime you visit any destination on the world wide web, you are being tracked. Unless you use something like Tor to protect your privacy.
About 10 days ago I speculated about Daiichi Sankyo interest in PV-10. Why? Because...
First, folks from Daiichi Sankyo ("DS") in Japan visited multiple times and spent many, many hours on the blog. These visitors' IP address(es) originated from the pharmaceutical company's headquarters in Tokyo.
Then, folks from DS in the U.S. visited the blog. These visitors' IP address(es) originated from the pharmaceutical company's U.S. headquarters in Parsippany, New Jersey.
So, I began connecting dots available to connect; those above, and others. I think DS has been informal (formal, in this context, means one engages the target company) doing due diligence on Provectus. Why? For one thing, simple activities like scouring web-based sources of information and data is merely one way of doing due diligence on a target, without directly engaging the entity in which you're interested. If you spend a lot of time reading a blog about a biotechnology company not written by said company, you're either really bored or really interested. For another, historical information about Daiichi Sankyo does suggest they can and will do global licenses. DS is a global Big Pharma company, with additional regional interests in Japan and India (through Rambaxy Laboratories) and maybe elsewhere in Asia Pacific. For example, in February 2011, Daiichi Sankyo announced its acquisition of Plexxikon for $805 million up-front and near-term milestone payments associated with the approval of PLX4032 (vemurafenib, now Zelboraf) for up to an additional $130 million. The deal closed in April.
The next course action would be to ask various questions of Provectus management and gauge their responses, should of course they respond to questions about this topic.
At his presentation in New York in March, Craig noted Provectus was in the due diligence process of a pharmaceutical company for a global license. One presumes he did so because this Big Pharma had formally approached Provectus and were in formal due diligence with the company.
Is DS in formal due diligence with Provectus yet? If so, DS would make at least two Big Pharmas with a stated interest in the company.
If one assumes Pfizer has stated interest through Dr. Eagle's presence on Provectus' corporate advisory board, that would make three Big Pharmas.
There's a fourth. It's IP address(es) comes from...
April 14, 2013
$PVCT: Post-AACR...
What now? AACR is finished. Two posters displayed: Moffitt and Provectus. Moffit's poster presentation displayed definitive data on PV-10's tumor-specific immunity (i.e., how PV-10 harnesses the immune system). Provectus' showed PV-10's orthogonality (i.e., how PV-10-based combination therapy can be efficacious for inaccessible tumor burden).
There are key questions to explore over the near-term. Among them:
- The FDA. Was the FDA convinced this local regional treatment can provide a systemic benefit to cancer patients? As the first intralesionally-injected compound that leads to the induction of tumor-specific immunity, does the FDA now understand the systemic benefit component of PV-10?
- Big Pharma. By providing not only anti-tumor immunity, but also inducing tumor-specific immunity, does Big Pharma now understand the systemic potential of PV-10?
My students competed well in London, but Wroclaw University of Economics are CFA Institute Research Challenge Global Final champions. "The CFA Institute Research Challenge is an annual global competition that provides university students with hands-on mentoring and intensive training in financial analysis and professional ethics. Students are tested on their analytic, valuation, report writing and presentation skills, and gain real-world experience as they assume the role of an equity research analyst. More than 3,500 students from over 755 universities in 55 countries participated in the 2012-2013 Research Challenge." To be that close will sting them (and me) for a while, but I think they'll harness this experience and success as they embark on their careers.
April 11, 2013
$PVCT: And Dr. Eric Wachter commented...
Eric's responsibility at Provectus comprises clinical development (e.g., trials, biostats, regulatory affairs, etc.), manufacturing and intellectual property (IP). In Provectus' PR about company research results at AACR, management inserted a quote attributable to Eric of "PV-10 is currently entering pivotal Phase 3 testing as a monotherapy for locoregional control of cutaneous metastatic melanoma." In the company's October 2012 ESMO PR, management wrote "The study duration is estimated to be approximately 30 months, with commencement expected in late 2012 or early 2013 following completion of review for SPA." The above describes Provectus' pursuit of the SPA since it first received guidance from the FDA to submit its Phase 3 protocol for review, either via standard review or a request for SPA in January 2012.
Eric and Provectus are pursuing paths to regulatory clarity with the FDA via the SPA and breakthrough therapy designation (whether that is fast track review, a more precise SPA or accelerated approval). I imagine Eric wants to make sure PV-10 is approved, which should include working hand-in-hand with the FDA to determine the best path for this.
The company has long said its primary customers are the FDA and Big Pharma. One would presume the FDA wanted to see Moffitt AACR data (presumably in the context of the fundamental local versus systemic paradigm shift). Now that they have, or when they do, the remaining clarity for shareholders is how and where the FDA directs Provectus to the eventual regulatory path.
Eric and Provectus are pursuing paths to regulatory clarity with the FDA via the SPA and breakthrough therapy designation (whether that is fast track review, a more precise SPA or accelerated approval). I imagine Eric wants to make sure PV-10 is approved, which should include working hand-in-hand with the FDA to determine the best path for this.
The company has long said its primary customers are the FDA and Big Pharma. One would presume the FDA wanted to see Moffitt AACR data (presumably in the context of the fundamental local versus systemic paradigm shift). Now that they have, or when they do, the remaining clarity for shareholders is how and where the FDA directs Provectus to the eventual regulatory path.
$PVCT: London Calling (where else, @starbucks)
My students are doing what they need to do, effectively telling me they don't need me or need me around. I have more time on my hands then I thought...
Some thoughts on the AACR PRs:
There does not appear to be disagreement that PV-10, as a monotherapy, utilized for locoregional control of cutaneous metastatic melanoma in Stage III patients is singularly dramatically effective. Adjusting for a treatment protocol that allows unlimited frequent injections of the drug for this stage of diseased patient, it's probably not unreasonable to believe efficacy could be near-100%.
Provectus extends this effectiveness by demonstrating themselves and through Moffitt's work that tumor-specific immunity is harnessed, and distant untreated metastases are suppressed reduced or eliminated because of it. PV-10 successfully battles tumor heterogeneity of accessible injected lesions (tumors).
"...[A]dvanced melanoma patients, particularly those with stage IV disease, have substantial tumor burden in areas that are often non-accessible to injection with PV-10..." (Provectus' AACR PR) How does PV-10 deal with tumor heterogeneity in tumors into which it has not been injected or visceral metastases for these very late stage diseased patients?
Provectus hypothesized combining anti-CTLA-4 agents (like already approved Yervoy (ipilimumab) with PV-10. The thought was to leverage the incremental benefit of the additional systemic agent (i.e., ipi), while ensuring (demonstrating) there were no incremental safety issues or adverse event features resulting from the combination. "...Provectus aimed to ensure that any systemic treatment was potentially safe in combination with PV-10, and that efficacy signals from the combination therapy could be differentiated from those of PV-10 alone." (Provectus' AACR PR)
The poster and PR showed that "..., as hypothesized, addition of the immunologic effects of an anti-CTLA-4 agent augments the benefits of PV-10." This allows two proofs to be made, in my view. First, the proof of orthogonality -- combination allows for benefit, but no added risk or no greater "un-safety." Second, allowing for the benefit of the combined therapy, in this case the anti-CTLA-4 antibody, to be utilized but at [apparently] lower doses and thus at lower toxicities.
Provectus' work suggests treatment options for very late stage patients can increase markedly by combining a host of other systemic therapies (in potentially less toxic doses) with PV-10 to more effectively defeat tumor burden in inaccessible regions of the body (where injection of PV-10 cannot be done) and visceral metastases (where tumor heterogeneity is more heterogeneous than what PV-10 previously conquered).
Furthermore, management's work suggests
Some thoughts on the AACR PRs:
- Per management's approach in the past, the audience for which the PRs were meant was the pharmaceutical industry, domestically and abroad (e.g., potential Chinese, Japanese, Indian and European partners).
- The PRs certainly weren't designed to inform retail investors. And, I doubt management is expending slightly more than perfunctory effort engaging life sciences fund money on this, other than revisiting the conversation post-AACR. I think the focus, rightly, is on getting regional and/or global license deals done.
- The PR for Moffitt's data (via Dr. Pilon-Thomas's quote) highlighted a key feature of PV-10's mechanism. For the tumor-specific immunity PV-10 generates, the drug's ablative process is critical for this in situ stimulation of the immune system, which I think is helpful for Big Pharma to better understand. Additionally, the PR reinforces the role T cells play in this response and PV-10's systemic capability, with Moffitt saying they would do more research into the processes that PV-10 induces, stimulates, creates, etc.
- The essence of the PR from Provectus' data was combination therapy (i.e., PV-10 plus something else, which in this case was anti-CTLA-4 antibody 9H10 (see below).
Provectus' work on combination therapy had several facets to it.
There does not appear to be disagreement that PV-10, as a monotherapy, utilized for locoregional control of cutaneous metastatic melanoma in Stage III patients is singularly dramatically effective. Adjusting for a treatment protocol that allows unlimited frequent injections of the drug for this stage of diseased patient, it's probably not unreasonable to believe efficacy could be near-100%.
Provectus extends this effectiveness by demonstrating themselves and through Moffitt's work that tumor-specific immunity is harnessed, and distant untreated metastases are suppressed reduced or eliminated because of it. PV-10 successfully battles tumor heterogeneity of accessible injected lesions (tumors).
"...[A]dvanced melanoma patients, particularly those with stage IV disease, have substantial tumor burden in areas that are often non-accessible to injection with PV-10..." (Provectus' AACR PR) How does PV-10 deal with tumor heterogeneity in tumors into which it has not been injected or visceral metastases for these very late stage diseased patients?
Provectus hypothesized combining anti-CTLA-4 agents (like already approved Yervoy (ipilimumab) with PV-10. The thought was to leverage the incremental benefit of the additional systemic agent (i.e., ipi), while ensuring (demonstrating) there were no incremental safety issues or adverse event features resulting from the combination. "...Provectus aimed to ensure that any systemic treatment was potentially safe in combination with PV-10, and that efficacy signals from the combination therapy could be differentiated from those of PV-10 alone." (Provectus' AACR PR)
The poster and PR showed that "..., as hypothesized, addition of the immunologic effects of an anti-CTLA-4 agent augments the benefits of PV-10." This allows two proofs to be made, in my view. First, the proof of orthogonality -- combination allows for benefit, but no added risk or no greater "un-safety." Second, allowing for the benefit of the combined therapy, in this case the anti-CTLA-4 antibody, to be utilized but at [apparently] lower doses and thus at lower toxicities.
Provectus' work suggests treatment options for very late stage patients can increase markedly by combining a host of other systemic therapies (in potentially less toxic doses) with PV-10 to more effectively defeat tumor burden in inaccessible regions of the body (where injection of PV-10 cannot be done) and visceral metastases (where tumor heterogeneity is more heterogeneous than what PV-10 previously conquered).
Furthermore, management's work suggests
- Yervoy could (would) be more effective and more safe for very late stage diseased patients when combined with PV-10 in doses lower than currently used, and
- PV-10 could potentially salvage Pfizer's tremelimumab, a close relative of Yervoy/ipilimumab, by turning the combination of PV-10 and treme into an alternative to Yervoy?
April 10, 2013
$PVCT: PV-10 Data Presented by Moffitt Cancer Center Researchers Examines Induction of Systemic Immune Response in Multiple Tumor Types
Provectus issued a PR to circulate Moffitt's AACR poster. The poster is here. It is worthwhile to focus on Moffitt's Dr. Pilon-Thomas' quote in the PR.
"The findings of this study confirmed not only that PV-10 induces tumor-specific immunity after a single treatment with IL-PV-10 in multiple tumor types, but that the ablative process is critical for this in situ stimulation of the immune system. The data also show that T cells play a critical role in this response."
"The findings of this study confirmed not only that PV-10 induces tumor-specific immunity after a single treatment with IL-PV-10 in multiple tumor types, but that the ablative process is critical for this in situ stimulation of the immune system. The data also show that T cells play a critical role in this response."
$PVCT: Provectus Presents Data on PV-10 Combination Therapy at American Association of Cancer Research Annual Meeting
Provectus issued a PR to circulate its AACR poster. The poster is here. It is worthwhile to focus on Eric's quotes in the PR.
"Results of these studies demonstrate that immuno-chemoablation with PV-10 is highly effective when all tumors are accessible for injection, providing rapid reduction of tumor burden and tumor-specific immunity. PV-10's rapid tumor ablation and immunologic stimulation, combined with its distinctive adverse effects profile and pharmacology that minimizes the potential for drug interaction, represent a unique and powerful approach that could complement many systemic cancer therapies. This work shows that, as hypothesized, addition of the immunologic effects of an anti-CTLA-4 agent augments the benefits of PV-10. For visceral or other inaccessible disease, combination of PV-10 with CTLA-4 blockade offers important potential for synergy."
"PV-10 is currently entering pivotal Phase 3 testing as a monotherapy for locoregional control of cutaneous metastatic melanoma. These data on the potential benefits of combination therapy are encouraging, particularly for advanced melanoma patients with substantial tumor burden inaccessible to PV-10 injection. PV-10's ability to reduce tumor burden and elicit tumor-specific immunologic stimulation make it a logical potential complement to anti-CTLA-4 agents, such as ipilimumab. We believe these results warrant a Phase 1/2 dose escalation trial with 'ipi' to validate this effect and potentially advance the options available to patients."
"Results of these studies demonstrate that immuno-chemoablation with PV-10 is highly effective when all tumors are accessible for injection, providing rapid reduction of tumor burden and tumor-specific immunity. PV-10's rapid tumor ablation and immunologic stimulation, combined with its distinctive adverse effects profile and pharmacology that minimizes the potential for drug interaction, represent a unique and powerful approach that could complement many systemic cancer therapies. This work shows that, as hypothesized, addition of the immunologic effects of an anti-CTLA-4 agent augments the benefits of PV-10. For visceral or other inaccessible disease, combination of PV-10 with CTLA-4 blockade offers important potential for synergy."
"PV-10 is currently entering pivotal Phase 3 testing as a monotherapy for locoregional control of cutaneous metastatic melanoma. These data on the potential benefits of combination therapy are encouraging, particularly for advanced melanoma patients with substantial tumor burden inaccessible to PV-10 injection. PV-10's ability to reduce tumor burden and elicit tumor-specific immunologic stimulation make it a logical potential complement to anti-CTLA-4 agents, such as ipilimumab. We believe these results warrant a Phase 1/2 dose escalation trial with 'ipi' to validate this effect and potentially advance the options available to patients."
April 9, 2013
A $PVCT Snippet
Management was focused on the reaction from the FDA and Big Pharma to Moffitt's poster at AACR, rather than the immediate attention (or lack thereof) of life sciences investors. Short interest for the period ending 3/28/13 fell 26%. I am traveling out of the country through the end of the week, and may blog sporadically until I return home.
@MelanomaReAlli CEO Wendy Selig Attended $PVCT's Presentation at BIO CEO 2013
Melanoma Research Alliance ("MRA") CEO Wendy K.D. Selig attended Peter's February presentation at BIO CEO 2013. Provectus was one of several sponsors of MRA's Fifth Annual Scientific Retreat in Washington, DC in February. I imagine the company participated in some fashion at the retreat.
$PVCT: @LIVESTRONGCEO Doug Ulman in Washington, DC
Southwest Airlines Flight 3600, on which Doug Ulman was when he tweeted the above, is an Austin (AUS) to Reagan National (DCA) flight. There's a good chance he is, among other potential commitments, with Peter and engaged in patient advocacy efforts at the conference and elsewhere in Washington.
April 8, 2013
Potential for 3 #FDA BTD $PVCT Applications
Earlier today, Pharmacyclics (NASDAQ:PCYC) announced it received a third Breakthrough Therapy Designation for ibrutinib from the FDA. It would seem each successive BTD is easier (or less hard) for PCYC to achieve than the prior one presumably because of the FDA gaining more and more comfort with the drug and more and more of an understanding of the drug's benefit with each submission.
Peter has said for some time Provectus enjoys a very collaborative relationship with the FDA. EOP2, the group within the FDA examining PV-10 for metastatic melanoma, also would examine PV-10 for HCC.
BTD Application #1 With Moffitt's data now in hand (i.e., poster and supporting materials), I think the company should have sufficient information to make a very strong case for BTD for melanoma.
BTD Application #2 Building upon the knowledge gained by the FDA from PV-10 & melanoma, once management has results of Provectus' contemplated expanded HCC Phase 1 trial in hand, I would think they should have sufficient information to make the case to the FDA for BTD for HCC.
BTD Application #3 Building upon the knowledge gained by the FDA from PV-10 & melanoma and PV-10 & HCC, and perhaps once management runs, say, a feasibility study for breast cancer, I would think they would make the case to the FDA for BTD for breast.
Peter has said for some time Provectus enjoys a very collaborative relationship with the FDA. EOP2, the group within the FDA examining PV-10 for metastatic melanoma, also would examine PV-10 for HCC.
BTD Application #1 With Moffitt's data now in hand (i.e., poster and supporting materials), I think the company should have sufficient information to make a very strong case for BTD for melanoma.
BTD Application #2 Building upon the knowledge gained by the FDA from PV-10 & melanoma, once management has results of Provectus' contemplated expanded HCC Phase 1 trial in hand, I would think they should have sufficient information to make the case to the FDA for BTD for HCC.
BTD Application #3 Building upon the knowledge gained by the FDA from PV-10 & melanoma and PV-10 & HCC, and perhaps once management runs, say, a feasibility study for breast cancer, I would think they would make the case to the FDA for BTD for breast.
$PVCT Should Provide Moffitt Poster Once AACR ends
I would imagine because of AACR conference stipulations or regulations, Moffitt's poster will be made available when or after the conference ends (either Wednesday or Thursday). I have friends at the conference (smartphones anyone), but will wait until Provectus issues a proper poster copy to post and discuss.
$PVCT Files Prospectus (S-1) for February 2013 Fundraising
Management filed its prospectus (the document presented to prospective investors) today for the February 2013 fundraising.
$PVCT De-Registers Both $50MM Common Stock Shelf Filings (S3s)
@MoffittNews & $PVCT at #AACR: PV-10 Immunology Data Presented by Moffit Cancer Center Researchers at the American Association for Cancer Research Annual Meeting
Provectus issued a PR today about Moffitt's poster presentation.
Dr. Pilon-Thomas commented, “We believe our findings are meaningful because they confirm the induction of tumor-specific immunity after single treatment with IL-PV-10 in multiple tumor types. Our data show that T cells play a crucial roll in this response, and we are continuing our work to further elucidate the mechanisms that occur following PV-10 treatment.”
Dr. Amod Sarnaik observed, “The systemic response to intralesional PV-10 treatment observed in murine models was sufficiently compelling to warrant further clinical investigation. We look forward to additional insights from our current investigational study of the immune mechanism of PV-10 ablation in cutaneous melanoma patients.”
Dr. Pilon-Thomas commented, “We believe our findings are meaningful because they confirm the induction of tumor-specific immunity after single treatment with IL-PV-10 in multiple tumor types. Our data show that T cells play a crucial roll in this response, and we are continuing our work to further elucidate the mechanisms that occur following PV-10 treatment.”
Dr. Amod Sarnaik observed, “The systemic response to intralesional PV-10 treatment observed in murine models was sufficiently compelling to warrant further clinical investigation. We look forward to additional insights from our current investigational study of the immune mechanism of PV-10 ablation in cutaneous melanoma patients.”
April 5, 2013
$PVCT: Daiichi Sankyo
It appears Daiichi Sankyo is interested in Provectus (based on some very specific information I unearthed that leads me to speculate this). It is not yet clear whether such interest is limited to Japan (and possibly India, through its ownership in Ranbaxy), or whether the Japanese global pharmaceutical company's interest extends to a global license of PV-10.
In February 2011, Daiichi Sankyo announced its acquisition of Plexxikon for $805 million up-front and near-term milestone payments associated with the approval of PLX4032 (vemurafenib, now Zelboraf) for up to an additional $130 million. The deal closed in April.
Other acquisitions include Zepharma (2006), the OTC drugs unit of Astellas Pharma, a majority stake in Indian generic drug maker Ranbaxy (2008) valued at ~$4.6 billion, and U3 Pharma (2008) for the company's anti-HER3 antibody. (See Wikipedia)
In February 2011, Daiichi Sankyo announced its acquisition of Plexxikon for $805 million up-front and near-term milestone payments associated with the approval of PLX4032 (vemurafenib, now Zelboraf) for up to an additional $130 million. The deal closed in April.
Other acquisitions include Zepharma (2006), the OTC drugs unit of Astellas Pharma, a majority stake in Indian generic drug maker Ranbaxy (2008) valued at ~$4.6 billion, and U3 Pharma (2008) for the company's anti-HER3 antibody. (See Wikipedia)
More Serious #Pharma Interest in $PVCT
At his presentation in New York in March, Craig noted Provectus was in the due diligence process of a pharmaceutical company for a global license. This is different from Pfizer's "interest" because, as far as we know, Dr. Eagle merely hangs out on Provectus' corporate advisory board. Of course, and as I written about copiously, Pfizer is in the pole position, and merely has to respond to some other competitor moving first by simply paying more. No guarantees of course, but that's the basic gist.
Management has not expressed elsewhere to which I can point other serious global pharmaceutical company interest.
I independently confirmed [what I think is] serious interest by another global player.
Provectus would not comment on the information (which did not originate from the pharma interested in PV-10) underlying my thought/belief/speculation. I want to dig further before naming the pharmaceutical company.
As Provectus approaches AACR week, things might be heating up.
Management has not expressed elsewhere to which I can point other serious global pharmaceutical company interest.
I independently confirmed [what I think is] serious interest by another global player.
Provectus would not comment on the information (which did not originate from the pharma interested in PV-10) underlying my thought/belief/speculation. I want to dig further before naming the pharmaceutical company.
As Provectus approaches AACR week, things might be heating up.
$PVCT Pricing Power
Last week, when news surfaced about Biogen Idec setting the price for its new multiple sclerosis pill, a blog reader who informed me of this asked about Provectus' pricing perspective for PV-10. Tecfidera, Biogen's drug, is more commonly known as dimethyl fumarate. A good read about Tecfidera's pricing comes from Corante's David Lowe: "It [Tecfidera] joins the (not very long) list of industrial chemicals (the kind that can be purchased in railroad-car sizes) that are also approved pharmaceuticals for human use."
Management thinks it has significant pricing flexibility and thus tremendous pricing power for both PV-10 and PH-10 because of the compounds' manufacturing cost structures. Treatment cost, particularly in the context of evidence of PV-10's clinical superiority (as well as that of PH-10's), undoubtedly will be an important aspect of Provectus' discussions with prospective pharmaceutical partners, whether Big Pharma or pharma in China, India and elsewhere around the world.
Management understands and expects any pricing of PV-10 and PH-10, however, will be driven by Provectus' partners, up to (i.e., partners in regional license transactions, and the sale/license of the dermatology business) and including when the company is acquired by Big Pharma.
In other words, management will not set PV-10's price independent of partner guidance. More than likely, any PV-10 pricing will be determined after Provectus has been acquired, at least insofar as being publicly stated. Price points that management currently is considering solely are being used for business valuation purposes and done in consultation with prospective regional and global partners.
I have long been aware of and understood the cost structure underlying PV-10 (and PH-10); specifically, potential gross margins and costs of goods sold. Rose bengal's cost to manufacture and potential treatment prices, together with the drugs' efficacy and safety, make a very compelling value proposition.
Take melanoma, for example. The company surmises what each 5 ml vial of PV-10 a partner might price the vial at depending on the region of the world (e.g., U.S., European Union, Japan, Latin America, China, India, etc.). Management also can surmise the average number of vials per melanoma patient required. Such information, combined with the drug's superior clinical benefit, suggests PV-10's total value proposition (price + efficacy + safety) could very well fracture the competitive landscape of cancer treatment.
Management thinks it has significant pricing flexibility and thus tremendous pricing power for both PV-10 and PH-10 because of the compounds' manufacturing cost structures. Treatment cost, particularly in the context of evidence of PV-10's clinical superiority (as well as that of PH-10's), undoubtedly will be an important aspect of Provectus' discussions with prospective pharmaceutical partners, whether Big Pharma or pharma in China, India and elsewhere around the world.
Management understands and expects any pricing of PV-10 and PH-10, however, will be driven by Provectus' partners, up to (i.e., partners in regional license transactions, and the sale/license of the dermatology business) and including when the company is acquired by Big Pharma.
In other words, management will not set PV-10's price independent of partner guidance. More than likely, any PV-10 pricing will be determined after Provectus has been acquired, at least insofar as being publicly stated. Price points that management currently is considering solely are being used for business valuation purposes and done in consultation with prospective regional and global partners.
I have long been aware of and understood the cost structure underlying PV-10 (and PH-10); specifically, potential gross margins and costs of goods sold. Rose bengal's cost to manufacture and potential treatment prices, together with the drugs' efficacy and safety, make a very compelling value proposition.
Take melanoma, for example. The company surmises what each 5 ml vial of PV-10 a partner might price the vial at depending on the region of the world (e.g., U.S., European Union, Japan, Latin America, China, India, etc.). Management also can surmise the average number of vials per melanoma patient required. Such information, combined with the drug's superior clinical benefit, suggests PV-10's total value proposition (price + efficacy + safety) could very well fracture the competitive landscape of cancer treatment.
April 4, 2013
Liver Toxicity Halts #Vemurafenib-#Ipilimumab Combo Melanoma Study
"Unexpected liver toxicity derailed a phase I melanoma trial of concurrent treatment with the first two targeted agents approved for the disease, according to a brief communication from investigators." Charles Bankhead, Staff Writer, MedPage Today
The NEJM piece on this trial is here.
Takeaway: Two wrongs don't make a right. Don't expect two crappy drugs to make a dramatically better one when combined.
The NEJM piece on this trial is here.
Takeaway: Two wrongs don't make a right. Don't expect two crappy drugs to make a dramatically better one when combined.
Video -- Matastasectomy: Does it make sense in the setting of effective systemic therapy?
I found this video presentation from Dr. Argarwala's 2013 HemOnc Today Melanoma Conference this past March in New York interesting: Matastasectomy: Does it make sense in the setting of effective systemic therapy? by Moffitt Cancer Center's Dr. Vernon Sondak. Provectus some time back had initially facilitated my ability to communicate and interact with Dr. Sondak.
In the presentation, he contrasts and compares surgery PFS and survival times and their respective percentages (PFS6, OS12) to results of various systemic treatment therapies.
Surgical oncologists, however, including several key opinion leaders, think intralesional therapy PV-10 already is viable for pre-operative use, whether the patient is or is not amenable to surgery.
In the presentation, he contrasts and compares surgery PFS and survival times and their respective percentages (PFS6, OS12) to results of various systemic treatment therapies.
Intralesional therapy like PV-10 is the best treatment option for patients who are not amenable to surgery. There undoubtedly will be interest in the pre-operative use of intralesional therapy, but traditional thinking suggests such interest would be on a research basis for the foreseeable future.
Surgical oncologists, however, including several key opinion leaders, think intralesional therapy PV-10 already is viable for pre-operative use, whether the patient is or is not amenable to surgery.
April 2, 2013
#FDA's Breakthrough Therapy Designation
As of March 13, there have been 31 breakthrough therapy designation requests. Of these, 9 were granted, 10 were denied, 11 are pending and 1 was withdrawn.
As at February 27, 22 requests were made. Of these, 5 were granted, 5 were denied and 12 were pending.
As at February 27, 22 requests were made. Of these, 5 were granted, 5 were denied and 12 were pending.
$PVCT: Treating Cancer Like An Infectious Disease by Craig Dees
(c. 2007)
Introduction
Most “high-tech” medicines are not the life-savers they are believed to be. The advent of modern sanitation, especially toilets and clean water, has saved more lives than all medicines combined. As a designer of new drugs this statement dismays me, but its accuracy cannot be questioned.
Among modern medicines, vaccines and antibiotics have undoubtedly saved the most lives. These agents have been so successful because they boost or assist natural defense mechanisms rather than attempting to supplant them.
Virtually any disease defense system designed by Nature, with more than 150 million years of practice, must be intrinsically more effective than so-called “rationally designed” drug, whose discovery is based on the current state of understanding of biology. The selection system for achieving the very best defense system is harsh; a high price is paid for coming in second. Nature’s grading scale rewards a few A+ students with survival, and punishes those receiving lower marks with death or extinction.
Mother Nature’s grading scale rewards the most adaptable mechanisms with survival, and punishes the rest with death or extinction.
Arguments that we can substantially improve on nature, regardless of whether it’s the handiwork of God or of evolution, defies common sense. Even the remarkable products of animal husbandry, plant genetics, and transgenics derive from manipulation of genetic materials already present in nature.
Paradoxically, even the recognized miracle drugs, antibiotics and vaccines, do not cure bacterial or viral diseases. Antibiotics merely hold the microbial invaders at bay until the host’s own defenses can clear the infection. This mechanism holds for most, but not all infectious diseases. Drug cocktails have transformed AIDS, for example, from a universally fatal infection into a chronic, manageable disease. But AIDS is incurable – not due to any shortcoming of AIDs drugs, but because the human body never evolved a home-grown mechanism for curing the disease.
Similarly, vaccines enhance natural immunity by stimulating the host’s normal defenses in anticipation of meeting a microbial or viral invader. Vaccines have little effect, if any, once the host is infected. One can gauge the potential success of a proposed vaccine treatment simply by testing whether the host can mount an immune response, even a weak one, on its own.
A great deal of time and effort have gone into creating an AIDS vaccine. One need not be a world-class immunologist or virologist to predict the probable success in creating such a vaccine. Instead, one only needs ask one or two questions. The first question to ask is, “Can HIV-positive individuals survive infection (presumably as a result of developing natural immunity)?” The answer is “No!” since humans have not yet evolved immune mechanisms capable of significantly altering the course of HIV infection. So what are the chances of developing an AIDS vaccine? Not zero, but most likely quite poor. The human immune system, developed over 150 million-plus years of evolution, is far more effective than our feeble attempts at creating drug-induced immunity. It is more likely that HIV will evolve into a less deadly form than that our immune systems will develop a means for countering this catastrophic infection.
Our approaches to treating cancer directly defy the rationales underlying the effectiveness of vaccines and antibiotics. This may explain the relative lack of success in effecting long-term remissions and cures through conventional cancer therapies, principally chemotherapy and radiation. And it clearly explains, at least in part, the severe side effects resulting from conventional cancer treatments.
Chemotherapy remains primarily a regimen of administering highly toxic agents targeted toward cancer cells’ reproductive mechanisms. An unfortunate side effect almost always is damage to the cells’ genetic material. Chemotherapy agents are among the most potent mutagens, and carcinogens known, so even if these agents clear the disease, a long-term consequence may be a new cancer induced by the treatment itself.
Furthermore, relatively ineffective chemotherapies and radiation are more likely to train the immune system to tolerate the cancer (similar to low-dose tolerance therapy used to treat allergies), as opposed to stimulating a full-scale attack on it. We commonly treat cancer with systemic doses of chemotherapy or fractionated doses of radiation. While almost immediate ablation of the anti-tumor defenses is likely to occur, tumors generally shrink slowly over time. The immune system responds in direct proportion to the strength of a threat. Thus, to maximize their effectiveness, killed-virus vaccines usually contain an adjuvant designed to stimulate a robust immune response, usually through limited tissue damage. Absent this tissue insult, the immune system may simply ignore a vaccine antigen. Similarly, the immune system may not be prompted to attack slowly-shrinking tumors, and in the worst case may be coaxed into leaving the tumor alone.
To become safer and more effective, cancer therapies need to engage the natural anti-cancer defenses instead of destroying them. As radical as it may sound, we need treat cancer like an infectious disease.
As radical as it may sound, we need treat cancer like an infectious disease.
One way to stimulate natural anti-cancer defenses is to kill the tumor rapidly, thereby stimulating the immune system via the destruction of tissue. A simple way to do this is to treat the tumor by intralesional injection of a suitable anti-tumor agent. However, such drugs must possess high specificity for tumors. Previous attempts to ablate tumors directly using standard chemotherapy agents have been unsuccessful because these drugs show little or no preference for tumors over normal tissues. Intralesional injection with such agents produces the same toxic damage to natural anti-cancer immunity as occurs with systemic treatment.
A second way to engage the immune system is to present antigens to the cells responsible for selecting the best antigens, which then present these antigens to high-affinity clones of both effector cells and cells that function as “Concert Masters” by maintaining immunologic memory (a mixed populace of cells so named based on their common function as orchestrators of the immune system). Photodynamic anti-cancer agents are superior in delivering antigens to antigen presenting cells (APCs), allowing these cells to process the antigens, select appropriate targets, present selected antigens to immune system cells with high affinity for the targets, and stimulate cancer-killing cells to replicate .In other words, they are allowed to do the job for which nature prepared them.
Finally, tumor antigens must be viewed in context. Physical ablative techniques, such as heating or freezing tissue, are likely to destroy fragile antigens and disrupt their relevant contextual structures. Disruption of cell membranes and removal of lipids, proteins, and complex carbohydrates destroys the antigens’ context, which is what immune system cells respond to. Thermal destruction may also denature potential antigens, changing their chemical structure so that they are no longer representative of the tumor cell. In order to work, rapid destruction of tumors must preserve antigenic structure and biological context.
Clinical-stage cancer vaccines based on antigen presentation are likely to fail for many of the reasons given above. The antigen chosen by drug developers is very likely not the best one, or the only one, that the immune system would choose on its own. Further, only one antigen has been selected whereas natural presentation of a potpourri of cellular antigens allows the selection of multiple targets, perhaps on an individual basis, and their subsequent presentation to high affinity T and B cells. Finally, generating the response in vitro, compared with normal antigen-presenting mechanisms, hinders the ability to generate an effective immune response.
This approach, while more ingenious and practical than the cell-based treatment, still suffers in that the response generated in vitro may not fully mimic that produced in vivo.
The last liability of current anti-tumor immunotherapies is their novelty, which often relegates them to last-ditch rescue therapy after surgery, radiation and chemotherapy cease to provide a response. By this time, the patient’s natural immune response may have been completely destroyed. Additionally, late-stage patients generally have very high tumor loads, making cancer eradication that much more difficult. Thus, stimulating a patient’s innate anti-tumor defenses should have a much better chance of working before conventional therapies are employed.
Anti-tumor immunotherapies are often relegated to last-ditch rescue therapy after surgery, radiation and chemotherapy cease to provide a response. By this time, the patient’s natural immune response may have been completely destroyed. Stimulating a patient’s innate anti-tumor defenses should have a much better chance of working before conventional therapies are employed.
How to Generate a Practical Anti-tumor Response
Recently PV-10 (Provecta™), a small-molecule agent, was shown by Provectus Pharmaceuticals to have an almost absolute specificity for tumor cells. PV-10 partitions into the hydrophobic membranes of cancer cells but does not penetrate the cell membranes of normal cells. Figure 1a illustrates the penetrating ability of PV-10 in tumors, while figure Fig. 1b shows a more typical agent with comparable affinity for normal and diseased cells. PV-10 was diluted for this demonstration because at therapeutic concentrations all tumors in the mice would be completely destroyed within 24 hours post injection (Table 1 -- No Table Available).
Subsequent light activation of the control agent, a green photodynamic dye, failed to cure any mice, only partially damaging the tumors while inflicting significant damage on normal tissue. In contrast, mice treated with PV-10 (with or without light) were all cured of their tumors and sustained no damage to healthy tissue or other side effects.
PV-10 has a high affinity for the highly fluid lysosomal membranes of cancer cells and the very low pH (pH-4.0) of the intra-lysosomal environment. Once trapped in this membrane, PV-10 causes the lysosomes to leak or rupture. The cancer cell is quickly destroyed from within by autophagy as the lysosomal hydrolases are released into the cytosol of the cell. Hersey and coworkers described this process, in a landmark paper in (Not Available) as possibly a new pathway of chemo-induced apoptosis, through which cancer cells destroy themselves. PV-10 therefore fulfills the criteria for an anti-cancer agent in having almost absolute specificity for tumor tissue, with very rapid clearance from normal tissue. PV-10 shows a half-life after iv injection of 7 hours, but has been detected in significant quantities intratumorally days after intralesional delivery (unpublished data).
Generation of Anti-tumoral Response by PV-10
Table 2 (No Table Available) shows data for immunocompetent mice cured of melanoma tumors by intralesional delivery of PV-10. When challenged 6 months later with transplanted cancer cells, these animals fail to develop tumors. Immunodeficient mice, by contrast, are cured of their initial tumor but fail to develop this protective anti-tumor response. Similarly, mice treated for melanoma by PV-10 treatment, when challenged with an MHC-matched renal adenocarcinoma, develop intradermal tumors produced by these unrelated cancers. Therefore, intralesional treatment with PV-10 produces a highly effective and specific response remarkably similar to that of a vaccine. Furthermore, in immunocompetent mice, tumor removal by intralesional PV-10 can result in remission of distant untreated tumors (called the “bystander effect”) whereas no similar effect occurs in immunodeficient mice.
Recently completed Phase 1 clinical trials have highlighted the safety and efficacy of PV-10 in patients with Stage III-IV metastatic melanoma. Besides being highly effective against the injected tumors (successful treatment being defined as stable disease, partial regresssion, or complete disappearance of treated lesions), many study participants also exhibited the bystander effect in untreated tumors (Data to be published). PV-10’s high level of effectiveness against melanoma is in stark contrast to that of approved agents and other new experimental treatments (such as anti-melanoma monoclonal antibodies).
The effectiveness of PV-10 in early human trials is likely a product of its fulfilling the criteria postulated here for effectively engaging the host’s highly evolved immune defenses. PV-10 targets only tumor cells and can generate a long-lasting protective response in immunocompetent animals while failing to do so when the host’s anti-tumor immunity is compromised. PV-10 stimulates anti-tumor defenses in vivo and allows the natural systems to choose the best antigens that generate the most effective response.
With more than one hundred million years of practice, Nature knows best how to fight cancer. PV-10 appears to activate natural immunologic defenses, which in most cases represent the only real chance to beat cancer.
Introduction
Most “high-tech” medicines are not the life-savers they are believed to be. The advent of modern sanitation, especially toilets and clean water, has saved more lives than all medicines combined. As a designer of new drugs this statement dismays me, but its accuracy cannot be questioned.
Among modern medicines, vaccines and antibiotics have undoubtedly saved the most lives. These agents have been so successful because they boost or assist natural defense mechanisms rather than attempting to supplant them.
Virtually any disease defense system designed by Nature, with more than 150 million years of practice, must be intrinsically more effective than so-called “rationally designed” drug, whose discovery is based on the current state of understanding of biology. The selection system for achieving the very best defense system is harsh; a high price is paid for coming in second. Nature’s grading scale rewards a few A+ students with survival, and punishes those receiving lower marks with death or extinction.
Mother Nature’s grading scale rewards the most adaptable mechanisms with survival, and punishes the rest with death or extinction.
Arguments that we can substantially improve on nature, regardless of whether it’s the handiwork of God or of evolution, defies common sense. Even the remarkable products of animal husbandry, plant genetics, and transgenics derive from manipulation of genetic materials already present in nature.
Paradoxically, even the recognized miracle drugs, antibiotics and vaccines, do not cure bacterial or viral diseases. Antibiotics merely hold the microbial invaders at bay until the host’s own defenses can clear the infection. This mechanism holds for most, but not all infectious diseases. Drug cocktails have transformed AIDS, for example, from a universally fatal infection into a chronic, manageable disease. But AIDS is incurable – not due to any shortcoming of AIDs drugs, but because the human body never evolved a home-grown mechanism for curing the disease.
Similarly, vaccines enhance natural immunity by stimulating the host’s normal defenses in anticipation of meeting a microbial or viral invader. Vaccines have little effect, if any, once the host is infected. One can gauge the potential success of a proposed vaccine treatment simply by testing whether the host can mount an immune response, even a weak one, on its own.
A great deal of time and effort have gone into creating an AIDS vaccine. One need not be a world-class immunologist or virologist to predict the probable success in creating such a vaccine. Instead, one only needs ask one or two questions. The first question to ask is, “Can HIV-positive individuals survive infection (presumably as a result of developing natural immunity)?” The answer is “No!” since humans have not yet evolved immune mechanisms capable of significantly altering the course of HIV infection. So what are the chances of developing an AIDS vaccine? Not zero, but most likely quite poor. The human immune system, developed over 150 million-plus years of evolution, is far more effective than our feeble attempts at creating drug-induced immunity. It is more likely that HIV will evolve into a less deadly form than that our immune systems will develop a means for countering this catastrophic infection.
Our approaches to treating cancer directly defy the rationales underlying the effectiveness of vaccines and antibiotics. This may explain the relative lack of success in effecting long-term remissions and cures through conventional cancer therapies, principally chemotherapy and radiation. And it clearly explains, at least in part, the severe side effects resulting from conventional cancer treatments.
Chemotherapy remains primarily a regimen of administering highly toxic agents targeted toward cancer cells’ reproductive mechanisms. An unfortunate side effect almost always is damage to the cells’ genetic material. Chemotherapy agents are among the most potent mutagens, and carcinogens known, so even if these agents clear the disease, a long-term consequence may be a new cancer induced by the treatment itself.
It’s a long, boring flight between London and Charlotte, NC. Normally I try to read, write, or watch whatever movies are available on the plane. On a recent flight I ran out of material to keep me entertained and picked up my neighbor’s Time Magazine. Thumbing through, I noticed the obituary section and a prominently displayed entry on the passing of a world-class viral pathologist who had trained me. Among the greatest lessons I learned from him were to value scientific integrity and to place scientific data above political or economic pressure. The obituary described my mentor’s death from cancer. With tears streaming down my face, I returned the magazine to the man in the next seat. By the time I landed, many calls were awaiting me from virologists and immunologists locate all over the world. When I answered one, he said, “We knew you would want to be at the funeral but we couldn’t find you.” “London.” was all I said, before asking, “What happened?” The answer was that a new cancer had developed as a result of cancer therapy he had received 30 years prior to defeat colon cancer. The new cancer was so virulent that nothing could stop it. It was so bizarre that the pathologists were puzzled as to what exactly it was and what its origins were. So he really hadn’t completely defeated his initial cancer, but was quite lucky that he had 30 years before the new cancer developed due to the treatments he received.I would argue that the effects of toxic, carcinogenic cancer treatments might do more damage to anti-cancer defenses than to the cancer itself. Any high-affinity immune cell clone, when it recognizes its target, becomes highly activated, which makes it highly susceptible to death by radiation or chemotherapy. In many cases, immune system mechanisms are affected more than the tumor itself, and often the cancer-fighting clones become fully depleted and never return. Therefore, the first casualty of toxic cancer drugs may very well be the defenses that have been evolving for millions of years to fight cancer.
Furthermore, relatively ineffective chemotherapies and radiation are more likely to train the immune system to tolerate the cancer (similar to low-dose tolerance therapy used to treat allergies), as opposed to stimulating a full-scale attack on it. We commonly treat cancer with systemic doses of chemotherapy or fractionated doses of radiation. While almost immediate ablation of the anti-tumor defenses is likely to occur, tumors generally shrink slowly over time. The immune system responds in direct proportion to the strength of a threat. Thus, to maximize their effectiveness, killed-virus vaccines usually contain an adjuvant designed to stimulate a robust immune response, usually through limited tissue damage. Absent this tissue insult, the immune system may simply ignore a vaccine antigen. Similarly, the immune system may not be prompted to attack slowly-shrinking tumors, and in the worst case may be coaxed into leaving the tumor alone.
To become safer and more effective, cancer therapies need to engage the natural anti-cancer defenses instead of destroying them. As radical as it may sound, we need treat cancer like an infectious disease.
As radical as it may sound, we need treat cancer like an infectious disease.
While the etiology of many cancers remains unknown, more and more appear to have a link to infectious agents. We know that certain viruses can transform cells to a cancerous state. Hepatitis B virus is associated with liver cancer; human T-cell leukemia virus is known to cause human leukemia, papilloma viruses are associated with nasopharyngeal and cervical carcinomas. There is evidence that both prostate and breast cancers may be caused by viruses as well. One wonders how many other serious cancers possess a link to viruses (or even bacteria). The recently approved vaccine against human papilloma virus, believed to be the causative agent in cervical cancer, may serve as a model for the state of tomorrow’s cancer prevention strategies.
It will be interesting to observe whether the incidence of prostate cancer in men declines as the use of the papilloma virus vaccine becomes prevalent. While no virus has yet been associated with prostate cancer, researchers have not identified any relevant genetic aberration that explains this disease affecting almost 220,000 men annually in the U.S.How to Engage the Immune System
One way to stimulate natural anti-cancer defenses is to kill the tumor rapidly, thereby stimulating the immune system via the destruction of tissue. A simple way to do this is to treat the tumor by intralesional injection of a suitable anti-tumor agent. However, such drugs must possess high specificity for tumors. Previous attempts to ablate tumors directly using standard chemotherapy agents have been unsuccessful because these drugs show little or no preference for tumors over normal tissues. Intralesional injection with such agents produces the same toxic damage to natural anti-cancer immunity as occurs with systemic treatment.
A second way to engage the immune system is to present antigens to the cells responsible for selecting the best antigens, which then present these antigens to high-affinity clones of both effector cells and cells that function as “Concert Masters” by maintaining immunologic memory (a mixed populace of cells so named based on their common function as orchestrators of the immune system). Photodynamic anti-cancer agents are superior in delivering antigens to antigen presenting cells (APCs), allowing these cells to process the antigens, select appropriate targets, present selected antigens to immune system cells with high affinity for the targets, and stimulate cancer-killing cells to replicate .In other words, they are allowed to do the job for which nature prepared them.
Finally, tumor antigens must be viewed in context. Physical ablative techniques, such as heating or freezing tissue, are likely to destroy fragile antigens and disrupt their relevant contextual structures. Disruption of cell membranes and removal of lipids, proteins, and complex carbohydrates destroys the antigens’ context, which is what immune system cells respond to. Thermal destruction may also denature potential antigens, changing their chemical structure so that they are no longer representative of the tumor cell. In order to work, rapid destruction of tumors must preserve antigenic structure and biological context.
Clinical-stage cancer vaccines based on antigen presentation are likely to fail for many of the reasons given above. The antigen chosen by drug developers is very likely not the best one, or the only one, that the immune system would choose on its own. Further, only one antigen has been selected whereas natural presentation of a potpourri of cellular antigens allows the selection of multiple targets, perhaps on an individual basis, and their subsequent presentation to high affinity T and B cells. Finally, generating the response in vitro, compared with normal antigen-presenting mechanisms, hinders the ability to generate an effective immune response.
The cancer antigen approach suffers from a complete loss of contextual presentation of the tumor targets. When I was first taught immunology, the prevailing dogma held that there was never an anti-self response. However, this is now known to be incorrect. In addition to targeting “foreign” threats such as bacterial infections, the immune system targets things it recognizes as “altered-self.” The immune system can be thought of has having a very highly specific and nearly perfect “picture” of what “self” looks like. Anything different is subject to attack. Therefore, generating the optimal anti-tumor response through a target antigen requires cells to experience the antigen in vivo, in its natural conformation and context.
While we have learned many things about how the immune system works, much still remains a “black box.” We know what goes into the box, and can quantify outputs, but we are clueless of the intervening mechanisms, particularly how to harness the natural immune response for treating cancer.Another technique currently under development for enhancing anti-tumor response entails harvesting high-affinity immune cells which are stimulated and amplified in vitro. For example, white cells exhibiting tumor antigen are harvested, stimulated by chemokines, then re-introduced into the patient. Killed tumor antigens may also be delivered to the patient in the form of a “vaccine” which in theory should help generate a maximum immune response.
This approach, while more ingenious and practical than the cell-based treatment, still suffers in that the response generated in vitro may not fully mimic that produced in vivo.
The last liability of current anti-tumor immunotherapies is their novelty, which often relegates them to last-ditch rescue therapy after surgery, radiation and chemotherapy cease to provide a response. By this time, the patient’s natural immune response may have been completely destroyed. Additionally, late-stage patients generally have very high tumor loads, making cancer eradication that much more difficult. Thus, stimulating a patient’s innate anti-tumor defenses should have a much better chance of working before conventional therapies are employed.
Anti-tumor immunotherapies are often relegated to last-ditch rescue therapy after surgery, radiation and chemotherapy cease to provide a response. By this time, the patient’s natural immune response may have been completely destroyed. Stimulating a patient’s innate anti-tumor defenses should have a much better chance of working before conventional therapies are employed.
How to Generate a Practical Anti-tumor Response
Recently PV-10 (Provecta™), a small-molecule agent, was shown by Provectus Pharmaceuticals to have an almost absolute specificity for tumor cells. PV-10 partitions into the hydrophobic membranes of cancer cells but does not penetrate the cell membranes of normal cells. Figure 1a illustrates the penetrating ability of PV-10 in tumors, while figure Fig. 1b shows a more typical agent with comparable affinity for normal and diseased cells. PV-10 was diluted for this demonstration because at therapeutic concentrations all tumors in the mice would be completely destroyed within 24 hours post injection (Table 1 -- No Table Available).
Subsequent light activation of the control agent, a green photodynamic dye, failed to cure any mice, only partially damaging the tumors while inflicting significant damage on normal tissue. In contrast, mice treated with PV-10 (with or without light) were all cured of their tumors and sustained no damage to healthy tissue or other side effects.
PV-10 has a high affinity for the highly fluid lysosomal membranes of cancer cells and the very low pH (pH-4.0) of the intra-lysosomal environment. Once trapped in this membrane, PV-10 causes the lysosomes to leak or rupture. The cancer cell is quickly destroyed from within by autophagy as the lysosomal hydrolases are released into the cytosol of the cell. Hersey and coworkers described this process, in a landmark paper in (Not Available) as possibly a new pathway of chemo-induced apoptosis, through which cancer cells destroy themselves. PV-10 therefore fulfills the criteria for an anti-cancer agent in having almost absolute specificity for tumor tissue, with very rapid clearance from normal tissue. PV-10 shows a half-life after iv injection of 7 hours, but has been detected in significant quantities intratumorally days after intralesional delivery (unpublished data).
Generation of Anti-tumoral Response by PV-10
Table 2 (No Table Available) shows data for immunocompetent mice cured of melanoma tumors by intralesional delivery of PV-10. When challenged 6 months later with transplanted cancer cells, these animals fail to develop tumors. Immunodeficient mice, by contrast, are cured of their initial tumor but fail to develop this protective anti-tumor response. Similarly, mice treated for melanoma by PV-10 treatment, when challenged with an MHC-matched renal adenocarcinoma, develop intradermal tumors produced by these unrelated cancers. Therefore, intralesional treatment with PV-10 produces a highly effective and specific response remarkably similar to that of a vaccine. Furthermore, in immunocompetent mice, tumor removal by intralesional PV-10 can result in remission of distant untreated tumors (called the “bystander effect”) whereas no similar effect occurs in immunodeficient mice.
Recently completed Phase 1 clinical trials have highlighted the safety and efficacy of PV-10 in patients with Stage III-IV metastatic melanoma. Besides being highly effective against the injected tumors (successful treatment being defined as stable disease, partial regresssion, or complete disappearance of treated lesions), many study participants also exhibited the bystander effect in untreated tumors (Data to be published). PV-10’s high level of effectiveness against melanoma is in stark contrast to that of approved agents and other new experimental treatments (such as anti-melanoma monoclonal antibodies).
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The effectiveness of PV-10 in early human trials is likely a product of its fulfilling the criteria postulated here for effectively engaging the host’s highly evolved immune defenses. PV-10 targets only tumor cells and can generate a long-lasting protective response in immunocompetent animals while failing to do so when the host’s anti-tumor immunity is compromised. PV-10 stimulates anti-tumor defenses in vivo and allows the natural systems to choose the best antigens that generate the most effective response.
With more than one hundred million years of practice, Nature knows best how to fight cancer. PV-10 appears to activate natural immunologic defenses, which in most cases represent the only real chance to beat cancer.
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