Synlogic has done the decent thing and discontinued development of SYNB1020 after an early-stage failure in cirrhosis. The big question now is whether the group’s bacteria-based approach still has legs. Synlogic’s sellside cheerleaders tried to play down the implications for the company’s pipeline, but unconvinced investors sent the group’s stock down 28% yesterday and a further 7% this morning. Synlogic’s platform creates engineered E coli Nissle bacteria to act as "living medicines", and there are reasons to be cautious about its remaining assets: its phenylketonuria project SYNB1618 failed to lower phenylalanine in phase I/II, and the group is still tinkering with the formulation; meanwhile, questions are growing about Sting-targeting approaches like SYNB1891. Synlogic also has a deal with Abbvie in inflammatory bowel disease, but this has yet to produce any clinical projects despite being signed in 2016. A more recent collaboration with the microbe specialist Ginkgo Bioworks could help replenish Synlogic’s pipeline, but work is very early. Confidence in the group’s technology has not been helped by a notable share price decline in the past month, and it is hard to see how it will be restored.
Could bad news be catching for Synlogic's pipeline? | ||||
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Project | Indication | Description | 2024e sales ($m) | Status |
SYNB1020 | Hyperammonemia | Urea cycle regulator | 182 | Discontinued after phI/II trial failure |
SYNB1618 | Phenylketonuria | Phenylalanine hydroxylase agent | 52 | Bridging study of solid oral formulation planned |
SYNB1891* | Solid tumours | Sting agonist | - | Preclinical; IND planned in H2 2019 |
Unnamed** | Inflammatory bowel disease | Unspecified | - | Preclinical |
*Clinical collaboration with Roche; **collaboration with Abbvie. Source: EvaluatePharma & company website. |