Be sure to check out Jessica Sacher's latest podcast where Mayukh Das and Amanda (Curtis) Burkardt tackle challenges ranging from fundraising to reimbursements and everything in between!
Rule #1 of biotech investing: "avoid antimicrobials" ?? Wait, really? It sure seems that way, and it's a problem. But does it have to be? In 2023, knowing full well the 'antibiotic pipeline is broken', the PHIOGEN team started a phage therapy company anyway. I wanted to know why. On this week's Podovirus Podcast, Joseph Campbell & I talked to Amanda (Curtis) Burkardt & Mayukh Das, CEO & COO of PHIOGEN (a spinout of Baylor College of Medicine's phage therapy center, TAILOR Labs). In the end, they convinced me there's a way — I hope this inspires others building in AMR, or any space where the science is there, but economics are tough. ?? First, has it been tough raising funds for a phage therapy company? Yes. Amanda says: "As soon as VCs hear 'infectious disease,' their eyes get big. When they hear 'antibacterial,' even bigger. When we say 'not small molecule'... all alarm bells ring" ?? Antibiotics have been cheap, but that's partly why the math hasn't worked. They're a one-time cure, & we restrict their use. But is there a precedent for a 'premium' antimicrobial? Yes. Recent approvals of Live Biologic Products for C. diff show ~$10k/treatment is possible. ?? Are they waiting for legislation changes to save them? No. While the PASTEUR Act would really help (& the UK version has reassured investors), PHIOGEN is building a business case for the current environment. (It would be icing on the ?? if PASTEUR passes, though!) ?? Will phage therapies be reimburseable? Medicare sets the standard on this, but no one had really asked them... Until now. The PHIOGEN team recently got confirmation from Medicare (CMS) that they want to be involved in phage development WAY earlier than anyone realized. ?? To sum it up, Phiogen's approach involves: 1) Making phages that work more reliably in the body, not just the lab (they screen in presence of bodily fluids & find phages others overlook) 2) Finding indications where the price point is high enough for the math to make sense - following footsteps of C. diff drugs - working with medicare to carve out reimbursement pathways early 3) Learning EVERYTHING they can about why past antibiotic companies went bankrupt (they don't HAVE to fail like this, & these failures have been analyzed publicly — e.g. surprise costs AFTER approval helped tank Achaogen) ?? Required reading: https://lnkd.in/gQtzYmmQ ?? So is it possible to make a successful antimicrobial, in this market? Amanda believes it is: "As long as people are dying & there are unmet medical needs, it is doable. Getting the business model to support that is going to be more challenging, but this is a real problem." ?? Listen to the full episode for more nuggets of wisdom from Amanda & Mayukh on: ? Reimbursement & pricing strategies ? UK's antibiotic subscription model ? Why phage might escape antibiotics' fate Check out the podcast on Spotify & Youtube; links below!