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Tag: Biotechnology

  • Two 9/11 victims identified more than two decades after World Trade Center attacks

    Two 9/11 victims identified more than two decades after World Trade Center attacks

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    Smoke pours from the Twin Towers of the World Trade Center after they were hit by two hijacked airliners in a terrorist attack in New York City, Sept. 11, 2001.

    Robert Giroux | Getty Images

    Two victims who perished in the World Trade Center have been identified more than two decades after the Sept. 11, 2001, terrorist attacks, New York City’s chief medical examiner said Friday.

    The names of the victims, a man and a woman, are being withheld at the request of their families, officials said. They are the 1,648th and 1,649th victims whose remains have been identified since 2001.

    The remains of 1,104 victims, or 40% of those who died in the attacks, still have not been found nearly 22 years after al-Qaida terrorists hijacked commercial airlines and crashed them into the Twin Towers in lower Manhattan.

    The towers were destroyed in the attacks, leaving more than 2,700 people dead.

    Dr. Jason Graham, New York City’s chief medical examiner, described the painstaking effort to identify the victims’ remains as “the largest and most complex forensic investigation” in U.S. history.

    Investigators have spent decades using DNA testing to identify tens of thousands of remains recovered from the Ground Zero disaster site. More than 30% of the remains recovered are still unidentified, according to the medical examiner’s office.

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    Graham said in a statement Friday that the medical examiner’s office has made a “solemn pledge” to return the remains of those who perished to their loved ones.

    The identification of the man was confirmed through DNA testing of remains recovered in 2001. The woman was identified through the testing of remains recovered in 2001, 2006 and 2013.

    The announcement that two victims were identified comes three days before the anniversary of the attacks. The man and the woman are the first new identifications since September 2021.

    Less than an hour after the attacks on the Twin Towers, al-Qaida terrorists crashed a third commercial airliner into the Pentagon, killing 184 people. 

    Passengers in a fourth hijacked airliner heading for the nation’s capital fought for control of the plane. United Airlines Flight 93 crashed in a field outside Shanksville, Pennsylvania, killing all 40 people on board. 

    In the wake of the attacks, the U.S. went to war in Afghanistan, where the leader of al-Qaida, Osama bin Laden, was sheltered by the Taliban. The Bush administration subsequently invaded Iraq to overthrow Saddam Hussein, who had no connection to the attacks. 

    More than 6,700 U.S. troops died in those wars.

    Bin Laden was killed by U.S. forces during a raid in Pakistan in 2011. The Biden administration withdrew the U.S. military from Afghanistan in 2021 and the Taliban returned to power after the collapse of the U.S.-backed government in Kabul.

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  • Congress returns with the clock ticking to avert government shutdown, fund U.S. disaster response

    Congress returns with the clock ticking to avert government shutdown, fund U.S. disaster response

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    An American Flag on the U.S. Capitol Building is seen in Washington, August 31, 2023.

    Kevin Wurm | Reuters

    A deeply divided Congress returned Tuesday from a monthlong summer vacation with the clock ticking to pass spending legislation to avoid a government shutdown and boost U.S. emergency response funding following multiple natural disasters.

    The U.S. government will shut down at midnight on Sept. 30 if Congress fails to pass spending legislation. While the Senate is back in session Tuesday, the House will not return to work until Sept. 12, leaving nearly three weeks to pass funding before the Sept. 30 deadline.

    The White House on Thursday asked Congress to pass a single short-term measure, called a continuing resolution, to fund the federal government at current levels and avoid a shutdown while negotiations continue over a dozen long-term funding bills.

    The leaders of the House and Senate both agree that a short-term measure is the best way to avoid a government shutdown. Senate Majority Leader Chuck Schumer, D-NY, said in August that he and House Speaker Kevin McCarthy, R-Calif., agreed that Congress should pass a continuing resolution to extend funding at existing levels for a few months.

    The continuing resolution is a stopgap measure that would kick the can down the road, setting the U.S. up for potential shutdown at a later date if Congress cannot pass the longer-term spending bills in the interim. The Republican-led House of Representatives has only passed one of a dozen bills needed to fund the federal government through 2024.

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    McCarthy came out publicly in support of a continuing resolution to keep the government running during an interview with Fox News last month. He sought to cajole House Republicans into supporting the measure with a warning that investigations into the Biden administration would grind to a halt if the government shuts down.

    “If we shut down, all of government shuts it down, investigations and everything else. It hurts the American public,” McCarthy told Fox News.

    But far-right members of the House GOP are pushing back against McCarthy. The House Freedom Caucus is trying to tie government funding to legislation that would crack down on undocumented immigration and restart construction of the border wall.

    And Rep. Marjorie Taylor Greene, R-Ga., told constituents during a town hall last Thursday that she would not vote to fund the government unless the House votes to open an impeachment inquiry into President Joe Biden.

    Bank of America analysts in a note Tuesday put the chances of shutdown as a coinflip given the conditions conservative Republicans are putting on funding legislation. If a shutdown does occur, it will have a minimal impact on financial markets, UBS analysts said in a note Tuesday.

    Bank of America believes a shutdown is unlikely to last long if it does occur given the potential political consequences for the GOP and the added pressure to fund the government given the devastating wildfires in Maui, Hawaii and Hurricane Idalia that swept through Florida and the Southeast last week.

    FEMA disaster funding

    The battle over funding the U.S. government comes as the Federal Emergency Management Agency is also running low on money to respond to natural disasters with hurricane season kicking into high gear this month.

    FEMA Administrator Deanne Criswell said last week that a shutdown would not impact operations that are addressing the immediate needs of the victims of Maui wildfires, Hurricane Idalia and other disasters in the near future.

    But FEMA expects to use up the $3.4 billion left in its disaster relief fund and run a deficit by the middle of the month in the absence of additional money. The Biden administration has called on Congress to pass separate funding that includes a total of $16 billion to bolster the disaster fund.

    “We need this money done. We need this disaster relief request met and we need to do it in September — we can’t wait,” President Joe Biden told FEMA personnel during a visit to the agency’s headquarters in Washington, D.C., last week.

    The Biden Administration’s request to bolster FEMA’s disaster relief fund could also run into Republican opposition to U.S. military aid for Ukraine. The White House linked the disaster money to a request for more than $20 billion to bolster Kyiv during its counteroffensive against the Russian occupation.

    Florida Sens. Marco Rubio and Rick Scott, both Republicans, have called for Congress to consider the disaster funding and Ukraine aid separately. Scott vowed to introduce a bill to replenish FEMA’s disaster fund with $12.5 billion and push for an immediate vote when the Senate returns from summer vacation

    Scott accused the Biden administration of “playing games” by tying the FEMA funding to aid for Ukraine. Rubio told Fox News, “No matter how anybody feels about Ukraine funding those two things should never be one for the other.”

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  • Novo Nordisk’s Wegovy weight loss drug launches in the UK

    Novo Nordisk’s Wegovy weight loss drug launches in the UK

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    Packages of the weight-loss drug Wegovy from the pharmaceutical company Novo Nordisk lie on the sales counter in a Danish pharmacy.

    Stefan Trumpf | Picture Alliance | Getty Images

    Novo Nordisk launched its Wegovy weight loss injection in the U.K. on Monday, advancing the drug’s rollout in Europe despite ongoing supply constraints.

    The Danish pharmaceutical giant said that the weekly injection would be available initially “through a controlled and limited launch,” with only certain patients eligible to receive the drug on the country’s National Health Service.

    To qualify for treatment, patients must be on the NHS’s weight management service, have at least one weight-related condition and have a body mass index of 35, according to recommendations outlined by the National Institute for Care and Excellence.

    The drug will also be available privately through a “registered healthcare professional,” Novo Nordisk said in a statement, without adding further detail.

    Novo Nordisk declined to disclose the final price agreed with NHS England for the drug, but said that NICE, the U.K. drug cost-effectiveness watchdog, had described it as a “cost-effective use of NHS resources.” It added that the cost in the private market will be “determined by licensed prescribers.”

    In the U.S., Wegovy has a list price of $1,350 for a monthly dose, while in Europe it retails for around 170 to 300 euros ($190-$330) per month.

    British insurance company Aviva, which provides private health insurance to around 1.1 million Brits, on Monday said that Wegovy would not be covered under its policy, according to Reuters.

    ‘Closely monitoring’ supply issues

    Wegovy’s U.K. expansion comes just over a month after the drug launched in Germany — its third European market at the time, after Denmark and Norway.

    Surging demand for the weight loss drug, as well as a series of clinical studies which point to its wider health benefits, have shot the company’s shares to record highs. On Friday, it briefly unseated French luxury goods behemoth LVMH to become Europe’s most valuable company.

    Supply constraints continue to weigh heavy on the drug’s rollout, with CEO Lars Fruergaard Jorgensen telling a Reuters Newsmakers event last month that it could be “some years” before the company can satisfy all consumers.

    In the U.K., Novo Nordisk said that “a proportion” of available supply would be allocated specifically for NHS treatment, and that the company would work with healthcare professional to ensure that “patients with the highest unmet medical need” are prioritized.

    “We are closely monitoring Wegovy demand and are working with regulators and providers to ensure people living with obesity can have access to and remain on treatment,” it added.

    The company has also limited provisions in other markets. In May, it cut the U.S. supply of starter doses to ensure continuity for existing patients, while in Germany it advised doctors to “prescribe responsibly,” limiting prescriptions to patients with medical needs.

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  • FTC allows Amgen to move forward with $27.8 billion Horizon Therapeutics acquisition

    FTC allows Amgen to move forward with $27.8 billion Horizon Therapeutics acquisition

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    The Amgen logo is displayed outside Amgen headquarters on May 17, 2023 in Thousand Oaks, California.

    Mario Tama | Getty Images

    The Federal Trade Commission on Friday said it has reached a deal with drug giant Amgen to allow the company’s $27.8 billion purchase of Horizon Therapeutics to move forward. 

    The FTC filed a lawsuit in May seeking to block the acquisition, arguing that the deal would stifle competition in the pharmaceutical industry. But the agency this week temporarily suspended that suit, which allowed it to consider whether to settle the case. 

    Shares of Horizon rose nearly 3% in premarket trading Friday. Amgen’s stock edged up slightly.

    Spokespeople for Horizon and Amgen did not immediately respond to requests for comment.

    Amgen first moved to buy Horizon in December 2022 in an effort to gain access to the latter’s rare disease assets, including the thyroid eye disease therapy Tepezza. 

    The buyout was quick to attract regulatory and political scrutiny for its potential antitrust issues.

    In its lawsuit, the FTC said that the deal would allow Amgen to “entrench the monopoly positions” of Horizon’s fast-growing medications, including Tepezza, and Krystexxa, a gout medicine.

    Specifically, the agency said, Amgen would be able to offer rebates on its existing drugs to pressure insurers and pharmacy benefit managers into favoring the two Horizon products, a strategy known as “cross-market bundling.”

    The FTC claimed Amgen has a history of leveraging its drug portfolio to gain advantages over potential rivals.

    The suit came four months after Sen. Elizabeth Warren, D-Mass., in a letter to FTC Chairwoman Lina Khan asked the regulator to “heavily scrutinize” the acquisition and the then-pending merger of Indivior and Opian. She warned the deals could lead to higher prices.

    This story is developing. Please check back for updates.

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  • Wegovy helps reduce heart failure symptoms in obese people, study says

    Wegovy helps reduce heart failure symptoms in obese people, study says

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    A selection of injector pens for the Wegovy weight loss drug are shown in this photo illustration in Chicago, Illinois, March 31, 2023.

    Jim Vondruska | Reuters

    Wegovy, the popular weight loss drug from Novo Nordisk, significantly reduced symptoms of a common type of heart failure in patients with obesity, according to a late-stage clinical trial released Friday. 

    Wegovy helped alleviate symptoms like shortness of breath, fatigue, swelling in the legs and irregular heart beat. It also resulted in lower blood pressure and reductions in inflammation – two important markers of heart health. 

    The results add to Wegovy’s growing list of potential health benefits beyond shedding unwanted pounds. That could potentially lead to expanded use of the drug and increased coverage by insurers. The results also complement the groundbreaking trial data Novo Nordisk released earlier this month, which found that Wegovy slashed the risk of serious heart-related problems by 20%. 

    “We look forward to working closely with the clinical community and regulators to help realise this potential over the coming months,” Martin Lange, Novo Nordisk’s head of development, said in a release. He was referring to the heart health benefits observed in both trials. 

    The new study on 529 obese patients focused on a heart condition known as preserved ejection fraction, or HFpEF – a condition that comprises roughly half of all heart failure cases in the U.S. and occurs when the heart’s lower chamber pumps less blood than the body needs.

    An estimated 2.5 million people in the U.S. have that condition and more than 80% of those patients also have obesity. 

    The study, published in the New England Journal of Medicine, found that Wegovy led to a nearly 17-point improvement on a 100-point scale that’s used to assess symptoms of HFpEF. 

    By comparison, patients who received a placebo had a 9-point improvement.

    Wegovy also led to improvements in physical limitations: Patients who took the drug were able to walk further in six minutes than those in the placebo group. 

    Those on Wegovy also lost about 13% of their body weight, compared with 2.6% for those on a placebo, over the course of the year-long trial.

    There were fewer serious safety events in patients who took Wegovy compared with those who took the placebo. But more patients stopped taking Wegovy because of gastrointestinal issues, which are commonly observed with other weight loss drugs. 

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    One limitation of the trial was its lack of diversity: 96% of the participants were white.

    Wegovy and Novo Nordisk’s diabetes drug Ozempic sparked a weight loss industry gold rush last year for helping patients lose unwanted weight. They are part of a class of drugs called GLP-1 agonists, which mimic a hormone produced in the gut to suppress a person’s appetite. 

    But Novo Nordisk is grappling with supply constraints that have led to shortages of both drugs. 

    There are also recent reports of patients who had suicidal and self-harm thoughts after taking Wegovy and other weight loss drugs, which raised questions about the unintended and potentially life-threatening side effects of the treatments

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  • New coronavirus variant has experts on alert and WHO is urging countries to step up COVID surveillance

    New coronavirus variant has experts on alert and WHO is urging countries to step up COVID surveillance

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    A new variant of the SARS-CoV-2 coronavirus has put epidemiologists around the world on alert, and the World Health Organization is asking countries to sustain early warning, surveillance and reporting systems as it works to evaluate the current COVID-19 risk level.

    The BA.2.86 variant, which was first detected in Israel, was designated a new variant under monitoring by the WHO on Aug. 17, after the agency received nine sequences from five countries — three in the WHO’s European Region, one in the African Region and one in the Region of the Americas.

    The variant has more than 30 mutations in the spike protein compared with the XBB variants that are currently dominant in the U.S. and around the world, namely XBB.1.16 and EG.5, which has been dubbed Eris, following the Greek-alphabet designation used for other variants.

    The WHO made EG.5 a variant of interest, or VOI, earlier this month, which is an upgrade from the designation of variant under monitoring, or VUM.

    But BA.2.86 is worrying experts because there is too little data to assess its potential impact.

    “It is crucial to sustain early warning, surveillance and reporting, variant
    tracking, early clinical care provision, administration of vaccine boosters to high-risk groups, improvements in ventilation, and regular communication,” the agency said in its latest weekly update.

    That update, which reviews the state of the virus for the 28-day period through Aug. 20, contains no data from the WHO’s Region of the Americas, as reports for the period were incomplete. That’s a worry that the WHO has consistently warned about as countries pull back on their monitoring of the illness as they seek to put the pandemic behind them.

    The WHO officially declared the emergency phase of the pandemic to be over on May 5 but emphasized that COVID remains a major threat. Many countries have dismantled much of their systems of oversight and greatly reduced testing and data measurement.

    See also: New ‘Eris’ COVID variant is dominant in the U.S., but a shortage of data is making it hard to track

    The U.S. Centers for Disease Control and Prevention offered an update this week on BA.2.86 — which it said has been detected in Denmark, South Africa, Israel, the U.S. and the U.K. — and said the multiple locations are a sign of international transmission. The CDC acknowledged the surveillance challenge.

    “Notably, the amount of genomic sequencing of SARS-CoV-2 globally has declined substantially from previous years, meaning more variants may emerge and spread undetected for longer periods of time,” the U.S. agency said in its update.

    The CDC also noted a current increase in hospitalizations in the U.S., although it said that’s not likely driven by the BA.2.86 variant.

    “It is too soon to know whether this variant might cause more severe illness compared with previous variants,” said the CDC.

    Perhaps the bigger issue is whether the new variant has greater escape from existing immunity from vaccines and previous infections, compared with other recent variants.

    “One analysis of mutations suggests the difference may be as large as or greater than that between BA.2 and XBB.1.5, which circulated nearly a year apart,” the CDC said. “However, virus samples are not yet broadly available for more reliable laboratory testing of antibodies, and it is too soon to know the real-world impacts on immunity.”

    Americans gearing up for what’s expected to be an annual COVID vaccine booster this fall can be confident those vaccines will be designed to protect against all subvariants of XBB, including Eris, the agency said.

    The CDC said it’s likely that antibodies built up in the population through infection, vaccination or both will provide protection against BA.2.86. However, it said, “this is an area of ongoing scientific investigation.”

    Eric Topol, the chair of innovative medicine at Scripps Research in La Jolla, Calif., said the ability to neutralize the virus depends on the levels of neutralizing antibodies, and those are bound to be lower against BA.2.86 than earlier variants that people have been exposed to or immunized against.

    “Also to note, the burden of new mutations for BA.2.86 is not confined to the spike and is seen broadly across other components of the virus,” he wrote in commentary this week. “If BA.2.86 takes off, it will be a real test of how good our T-cell response can rev up to meet the challenge.”

    Meanwhile, the CDC’s weekly projections for where Eris and other variants are circulating continue to be hampered by a shortage of data. In early August, the CDC said it would unable to  publish its “Nowcast” projections because it did not have enough sequences to update the estimates.

    “Because Nowcast is modeled data, we need a certain number of sequences to accurately predict proportions in the present,” CDC representative Kathleen Conley told MarketWatch at the time.

    The agency had received data from just three U.S. regions. In its most recent weekly update for the week through Aug. 19, it also got data from just three regions.

    Separately, the CDC reported a 21.6% increase in U.S. hospitalizations for COVID in the week through Aug. 12. Deaths rose 21.4% in the week through Aug. 19.

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  • WHO names Eris a COVID variant of interest. Here’s what you need to know.

    WHO names Eris a COVID variant of interest. Here’s what you need to know.

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    The World Health Organization has upgraded COVID-19 variant EG.5 to a variant of interest, or VOI, from a variant under monitoring, or VUM, as it continues to become more prevalent around the world.

    The variant — which has been nicknamed Eris by some media, following the Greek-alphabet designation used for other variants — has been found in 51 countries, with most sequences, 30.6%, stemming from China, said the WHO.

    Other countries that have submitted at least 100 sequences to a central database include the U.S., the Republic of Korea, Japan, Canada, Australia, Singapore, the United Kingdom, France, Portugal and Spain, the WHO said in a statement.

    Eris is a descendent lineage of XBB.1.9.2, which is an omicron subvariant. It was first detected on Feb. 17 and designated as a VUM on July 19.

    Its latest designation means it’s more prevalent than it was, has a growth advantage over earlier variants and merits closer monitoring and tracking.

    Here’s what you need to know about Eris.

    Eris is spreading around the world

    The strain is increasing in global prevalence, accounting for 17.4% of cases sequenced in the week through July 23, up from 7.6% four weeks earlier. The WHO has been tracking COVID data on a 28-day basis, largely because countries have cut back on testing and surveillance as they emerge from the pandemic, meaning the agency has far less data than it did during the pandemic.

    It’s already dominant in the U.S.

    Eris has become dominant in the U.S., according to projections made by the Centers for Disease Control and Prevention, although a shortage of data is hampering the agency’s efforts to surveil the illness.

    The CDC said last week it was unable to publish its “nowcast” projections, which it releases every two weeks, for where EG.5 and other variants are circulating for every region, because it did not have enough sequences to update the estimates.

    “Because nowcast is modeled data, we need a certain number of sequences to accurately predict proportions in the present,” CDC representative Kathleen Conley told MarketWatch.

    “For some regions, we have limited numbers of sequences available and therefore are not displaying nowcast estimates in those regions, though those regions are still being used in the aggregated national nowcast,” she said.

    It is estimated that EG.5, an omicron subvariant, accounted for 17.3% of COVID cases in the U.S. in the two-week period through Aug. 5. That was up from an estimated 11.9% in the previous period and was more than any other variant.

    For more, see: New Eris COVID variant is dominant in the U.S., but a shortage of data is making it hard to track

    It’s no riskier than earlier variants

    The public-health risk is deemed to be low at the global level, lining up with the risk posed by XBB.1.16 and other currently circulating VOIs, according to the WHO statement. But it’s likely more infectious.

    “While EG.5 has shown increased prevalence, growth advantage, and immune escape properties, there have been no reported changes in disease severity to date,” said the WHO.

    That growth advantage and immune-escape properties mean Eris may cause a rise in case incidence over time and become dominant in some countries or even the world, according to the WHO.

    It has the same symptoms as other strains

    The Eris variant causes the same symptoms as seen with other strains of COVID, such as sore throat, runny nose, cough, congestion, fever, fatigue, body aches and a possible loss of taste or smell.

    The best defense against Eris is vaccination

    Like earlier strains of COVID, the best protection is to be vaccinated with any of the vaccines developed by Pfizer Inc.
    PFE,
    -0.03%

    and German partner BioNTech SE
    BNTX,
    -0.32%
    ,
    Moderna Inc.
    MRNA,
    -1.01%

    or Novavax Inc.
    NVAX,
    +9.83%

    The vaccines that will be made available in the fall will be designed to protect against all subvariants of XBB, including Eris.

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  • New ‘Eris’ COVID variant is dominant in the U.S., but a shortage of data is making it hard to track

    New ‘Eris’ COVID variant is dominant in the U.S., but a shortage of data is making it hard to track

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    A new variant of COVID-19 dubbed EG.5 has become dominant in the U.S., according to projections made by the Centers for Disease Control and Prevention, although a shortage of data is hampering the agency’s efforts to surveil the illness.

    The CDC said on Friday it was unable to publish its “Nowcast” projections for where EG.5 and other variants are circulating for every region, which it releases every two weeks, because it did not have enough sequences to update the estimates.

    “Because Nowcast is modeled data, we need a certain number of sequences to accurately predict proportions in the present,” CDC representative Kathleen Conley said in a statement to CBS News.

    “For some regions, we have limited numbers of sequences available, and therefore are not displaying nowcast estimates in those regions, though those regions are still being used in the aggregated national nowcast.”

    It is estimated that EG.5, an omicron subvariant, accounted for 17.3% of COVID cases in the U.S. in the two-week period through Aug. 5. That was up from an estimated 11.9% in the previous period and more than any other variant.

    But the data are based on sequencing from just three regions; Region 2, comprising New Jersey, New York, Puerto Rico and the U.S. Virgin Islands; Region 4, comprising Alabama, Florida, Georgia, Kentucky, Mississippi, North Carolina, South Carolina and Tennessee; and Region 9, comprising Arizona, California, Hawaii, Nevada, American Samoa, Commonwealth of the Northern Mariana Islands, Federated States of Micronesia, Guam, Marshall Islands and Republic of Palau.

    The next most common variants are XBB.1.16, accounting for 15.6% of cases, and XBB.2.3, accounting for 11.2% of cases.

    All are subvariants of XBB, which COVID vaccines in the fall will be designed to protect against.

    The symptoms of EG.5, which Twitter users have nicknamed “Eris,” are similar to early variants, and it’s not deemed to be more virulent than early variants. It may be more infectious, however, as has been the pattern with new strains. Symptoms include a cough, fever, chills, shortness of breath, fatigue and a loss of taste or smell.

    The World Health Organization said last week that EG.5 increased in prevalence globally to 11.6% in the week through July 30 from 62% four weeks earlier.

    The variant is for now a variant under monitoring, or VUM, for the agency, which is a less serious designation than a variant of interest, or VOI, according to its weekly epidemiological update.

    The WHO is monitoring two VOIs, XBB.1.5 and XBB.1.6.

    It is tracking seven VUMs and their descendent lineages, namely BA.2.75, CH.1.1, XBB, XBB.1.9.1, XBB.1.9.2, XBB.2.3 and EG.5.

    CDC data show that hospital admissions with COVID started to rise again in July after being flat or falling for several months. But the number of deaths continues to decline with 81.4% of the overall population in the U.S. having had at least one vaccine dose.

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  • Moderna’s stock jumps 5% premarket after narrower-than-expected loss and revenue beat

    Moderna’s stock jumps 5% premarket after narrower-than-expected loss and revenue beat

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    Moderna Inc.’s stock
    MRNA,
    -3.26%

    rallied 5.5% in premarket trade Thursday, after the COVID vaccine market posted a narrower-than-expected second-quarter loss and revenue that was far below last year’s but still topped consensus estimates.

    The company had a net loss of $1.38 billion, or $3.62 a share, for the quarter, after income of $2.197 billion, or $5.24 a share, in the year-earlier period.

    Revenue fell sharply to $344 million from $4.749 billion a year ago, when demand for COVID vaccines remained strong.

    The FactSet consensus was for a loss of $3.93 and revenue of $308 million.

    Sales of the company’s COVID vaccine came to $300 million for the quarter, and are expected to total $6 billion to $8 billion for all of 2023, depending on U.S. vaccination rates.

    The vaccine is Moderna’s first and for now only FDA-approved product although it has several products in the pipeline, including an RSV vaccine that it hopes will win approval and be launched in 2024.

    “Our late-stage clinical pipeline is firing on all cylinders with four infectious disease vaccines in Phase 3, including RSV which was recently submitted to regulators for approval,” Chief Executive Stéphane Bancel said in a statement.

    “Our individualized neoantigen therapy is now in Phase 3 for melanoma and our lead rare disease program for PA is in dose confirmation. We believe that all these products should launch in 2024, 2025 or 2026, and we are continuing to invest in scaling Moderna to bring forward an unprecedented number of innovative mRNA medicines for patients.”

    The stock has fallen 39% in the year to date, while the S&P 500
    SPX,
    -1.38%

    has gained 18%.

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  • What Is Digital Biology? Here’s Its Impact On the World. | Entrepreneur

    What Is Digital Biology? Here’s Its Impact On the World. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    This story was originally reported on ReadWrite.com.

    In a world where AI services like ChatGPT and Midjourney dominate the hype cycle, this might sound like quite the claim. But it’s based on a solid foundation. As digital biology tools continue to evolve, their potential to have transformative impacts across industries is becoming clearer by the day.

    If you’re a leader looking for the next big step in biology, you can’t afford to sleep on this technology. To understand what I mean, let’s look at some industries ripe for transformation and how digital biology tools can push them to new heights.

    Related: Here’s How CEOs and Millionaires Use ChatGPT for a Productivity Boost

    Healthcare is perhaps the most apparent industry where digital biology plays an increasingly important role. Through a combination of data, AI, and computational tools, scientists and researchers can significantly reduce the time it takes to diagnose diseases and develop complex biopharmaceuticals.

    Companies like Recursion are already using these tools. The company is working to develop new therapeutic molecules for oncology, neuroscience, inflammation and immunology, and rare diseases through automation and machine learning.

    Healthcare and digital biology

    But healthcare isn’t the only area digital biology can be applied. Materials, chemicals, food, and agriculture can benefit from these tools. For example, multiscale predictive modeling of plant growth makes it possible to explore new breeding avenues that combine the mapping of biological systems with the analysis of large data sets. In other words, it can bring true scalability to systems biology for the first time.

    This technology can go even further in food production, speeding up the process to create novel food products and nutritional ingredients with less environmental impact and potentially more health benefits. Extracting information from the human genome and combining it with other data on metabolism, immunity, behavior, gut microbes, and clinical variables can enable precision nutrition that helps us make better dietary choices.

    Related: 3 Studies Show What Sustainability Really Does to Your Bottom Line

    Digital biology is also being used in the materials and chemicals industry. For instance, Solugen is using these tools to genetically engineer enzymes to develop more sustainable chemicals.

    Other applications of digital biology

    These are just some examples of the applications of digital biology. The benefits of digital biology are wide-ranging and will affect numerous professional fields. To understand how your company can harness its potential, let’s look at the benefits it can provide anyone working in the field:

    1. Greater personalization

    Personalization means tailoring products and services to each individual or group’s specific needs, preferences, and characteristics. Digital biology makes personalization possible by leveraging biological data, like genetic data, to identify each person’s or population’s unique biological features and variations. With this information, digital biology can design and deliver more customized and effective solutions for different biological contexts.

    2. Better precision

    The power of large biological databases isn’t limited to personalization. They can also help companies zero in on solutions with precision. In healthcare, this can improve diagnoses, treatments, and disease prevention. For instance, GRAIL is transforming early cancer detection using digital biology tools. Its multi-cancer early-detection blood tests analyze DNA shed by all cells, including cancer cells, into the bloodstream.

    The company adopts machine-learning algorithms trained by massive data sets to identify abnormal methylation patterns on those cell-free DNA fragments that may indicate the presence of cancer, significantly increasing the chance of early cancer detection.

    3. Increased efficiency

    Data and machine-learning can speed up the discovery of new solutions and treatments. Meanwhile, tools like biological sensors can keep track of industrial processes and improve the efficiency with which resources are used. The result is that more products are discovered and developed on faster timelines — all while using fewer resources.

    4. Reduced costs and improved supply chains

    Companies are eager to look for new solutions to reduce costs and improve supply chains of scarce raw materials, especially in the post-pandemic world. For example, properly engineered microorganisms can be deployed to ferment plant-based feedstock to produce products, reducing dependence on traditional raw materials that might be limited and expensive. In this case, computational technologies enable analysis and modeling of the metabolic pathways and gene circuits involved in fermentation, improving yield and scalability.

    5. More sustainability

    There is increasing demand from consumers and regulators to move away from traditional, high-carbon-footprint products and processes, developing innovative ways of manufacturing products that are more environmentally sustainable than existing ones.

    For example, a few years ago, researchers developed a plastic-eating enzyme called PETase; however, it wasn’t ready on an industrial scale. Using a combination of lab automation and computational technologies, researchers can now test thousands of enzyme variants at speeds traditional experimental methods couldn’t imagine.

    The strains can be optimized for the ideal productivity and scalability, while the molecules from plastics breakdown can be reused and synthesized into new materials, reducing carbon footprints.

    Related: How to Disrupt a Giant, Hopeless System Like Healthcare? Ask These Founders, Whose Startup Cuts Pregnancy Risks in Half.

    From precision medicine and disease diagnosis to cultivated meat and sustainable chemicals, digital biology can potentially change the game in several positive ways. With an increasing number of digital biology tools available, there are fewer and fewer excuses not to delve into this promising new field.

    By taking the lead in this space, you can spur your organization on to new discoveries and more sustainable processes that will benefit your business and the people you serve for years to come.

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  • COVID pandemic is officially over in the U.S., excess-deaths data show

    COVID pandemic is officially over in the U.S., excess-deaths data show

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    The COVID-19 pandemic is definitively over, according to two recent reports focused on the same metric.

    That metric is excess deaths, a measure of the difference between the number of deaths that occurred through the pandemic years, beginning in March 2020, and the number that would be expected in a nonpandemic year, based on data from earlier years.

    At…

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  • Biden administration to provide free Covid vaccines to uninsured Americans this fall through end of 2024

    Biden administration to provide free Covid vaccines to uninsured Americans this fall through end of 2024

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    A healthcare worker prepares a dose of the Pfizer-BioNTech Covid-19 vaccine at a vaccination clinic in the Peabody Institute Library in Peabody, Massachusetts, on Wednesday, Jan. 26, 2022.

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    The Biden administration on Thursday announced a program to provide free Covid vaccines to uninsured Americans through December 2024 after the federal government’s supply of shots runs out this fall.

    Those free shots, which the government is purchasing at a discount, will be available to the uninsured at pharmacies and 64 state and local health departments.

    The Health and Human Services Department also is hoping that vaccine makers will donate shots to pharmacies as part of the program.

    There are between 25 to 30 million uninsured adults in the United States and other Americans whose insurance will not cover free Covid products this fall, according to the federal Centers for Disease Control and Prevention.

    Currently, the government has an inventory of vaccines purchased from three manufacturers, Pfizer, Moderna and Novavax, and those companies do not sell the shots to health-care providers.

    In the fall, the companies will begin selling shots directly to health providers, and the government’s supply is expected to run out.

    The Health and Human Services Department in April first announced the Bridge Access Program, but had not said when the program would stop providing shots for free to the uninsured until Thursday.

     The program reflects a broad shift on the pandemic’s effects worldwide. As Covid cases and deaths have dropped to new lows, governments have rolled back stringent health mandates like masking and social distancing, and the rate at which people get Covid vaccines has slowed to a crawl over the past year.

    Earlier this year, the World Health Organization declared an end to the global Covid public health emergency earlier this year. In May, HHS declared an end to the emergency in the United States.

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  • FDA approves Alzheimer’s drug Leqembi, paving way for broader Medicare coverage

    FDA approves Alzheimer’s drug Leqembi, paving way for broader Medicare coverage

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    The Food and Drug Administration on Thursday approved the Alzheimer’s treatment Leqembi, a pivotal decision that is expected to expand access to the expensive drug for older Americans.

    Medicare has promised to start covering Leqembi, with some conditions, on the same day the FDA approves the antibody treatment. Leqembi is made by Japanese pharmaceutical company Eisai and its Cambridge, Massachusetts, partner, Biogen

    Leqembi is the first Alzheimer’s antibody treatment to receive full FDA approval. It is also the first such drug that is expected to receive broad coverage through Medicare.

    Medicare coverage is a crucial step to help older Americans with early Alzheimer’s disease pay for the treatment. With a median income of about $30,000, most people on Medicare cannot afford the $26,500 annual price of Leqembi set by Eisai without insurance coverage.

    Leqembi is not a cure. The treatment slowed cognitive decline from early Alzheimer’s disease by 27% over 18 months during Eisai’s clinical trial. The antibody, administered twice monthly through intravenous infusion, targets a protein called amyloid that is associated with Alzheimer’s disease.

    Joanna Pike, president of the Alzheimer’s Association, the lobby group that advocates on behalf of people living with the disease, said although Leqembi is not a cure, it will help patients in the early stages of the disease maintain their independence, conduct their daily lives, and spend more time with their families.

    “This gives people more months of recognizing their spouse, children and grandchildren,” Pike said in a statement Thursday. “This also means more time for a person to drive safely, accurately and promptly take care of family finances, and participate fully in hobbies and interests.”

    But the treatment carries serious risks of brain swelling and bleeding. Three patients who participated in Eisai’s study died. FDA scientists have said it is unclear if Leqembi played a role in these deaths.

    Alzheimer’s disease is the most common cause of dementia among older adults and the sixth leading cause of death in the U.S., according to the FDA.

    Dr. David Knopman, a neurologist who specializes in Alzheimer’s disease at the Mayo Clinic in Minnesota, said Leqembi clearly demonstrated a benefit to patients in Eisai’s trial, though he cautioned the efficacy of the treatment was modest.

    Knopman said appropriately diagnosed and informed patients should be able to decide for themselves whether they want to take Leqembi after weighing the benefits and risks of the treatment as well as the potential logistical challenges of finding a place to receive the twice-monthly infusions.

    Medicare coverage

    Medicare plans to impose conditions on how it will cover Leqembi. Patients enrolled in Medicare who are diagnosed with early Alzheimer’s disease will have to find a health-care provider participating in a registry system that collects real-world data on the drug’s benefits and risks.

    The system is controversial. The Alzheimer’s Association and some members of Congress are worried this requirement will create barriers to treatment.

    There are concerns that the number of health-care providers participating in such registries will be limited, and that people in rural towns and other underserved communities will have to travel long hours to find such a provider.

    The Centers for Medicare and Medicaid Services has promised to set up a nationwide portal that will make it easy for health-care providers to submit the required data on patients receiving Leqembi. The agency has said the free-to-use portal will be available when the FDA approves the treatment.

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    Rep. Anna Eshoo of California, the ranking Democrat on the House Subcommittee on Health, and Rep. Nanette Barragan, D-Calif., raised concerns in a letter to CMS last month that patients could struggle to find a doctor participating in the system.

    Alzheimer’s is typically diagnosed with the help of a PET scan to detect the amyloid protein associated with the disease or in some cases with a spinal tap. Medicare currently only covers one PET scan per lifetime for dementia. It is unclear if the program plans to change that policy.

    There’s also concern that there could be too few specialist physicians and locations to administer the infusions if Leqembi is broadly embraced as a treatment and patient demand for the antibody is high.

    Some studies have estimated that wait times for antibody treatments like Leqembi could range from months to even years over the next decade depending on demand.

    Tomas Philipson, who advised the FDA commissioner and CMS administrator during the second Bush administration, said the registry is an unnecessary hurdle and Medicare should drop it, but he doesn’t believe the requirement will create an insurmountable barrier to patients accessing Leqembi.

    If demand for Leqembi is high, doctors will have an incentive to participate in the registry and the drug companies will want to help, said Philipson, an expert on health-care economics at the University of Chicago.

    How high demand will be for Leqembi is uncertain, he said. Families worried about the serious side effects may opt not to take the treatment, while others will decide the benefits outweigh those risks, he said.

    High cost

    Leqembi’s price tag and the treatment’s benefit-risk profile are also controversial.

    Patients could still face up to $6,600 in annual out-of-pocket costs for Leqembi even with Medicare coverage, according to a study published in the journal JAMA Internal Medicine. The treatment could cost Medicare up to $5 billion a year depending on how many people receive the infusions, the study estimated.

    Sen. Bernie Sanders, I-Vt., chair of the Senate Health Committee, has called Leqembi’s price “unconscionable” and in a letter last month asked Health and Human Services Secretary Xavier Becerra to take action to reduce the cost.

    Sanders said patient out-of-pocket costs for Leqembi would amount to a sixth of many seniors’ total annual income and noted the high cost of the treatment could increase premiums for everyone on Medicare.

    Eisai says its $26,500 annual list price for Leqembi is lower than the company’s estimate of $37,600 for the total value of the treatment for each patient. The Institute for Clinical and Economic Review, a nonprofit that analyzes health-care costs, estimated in April it should be priced at $8,900 to $21,500 per year.

    Philipson said delaying Medicare coverage of Leqembi would result in increased health-care spending as people with mild Alzheimer’s disease, which can be managed at home, progress to more serious disease that requires expensive nursing home care.

    Philipson and his colleagues at the University of Chicago estimated that delaying Medicare coverage of Alzheimer’s antibody treatments by one year would result in $6.8 billion in increased spending. By 2040, health-care spending would rise by $248 billion.

    Clinical benefit

    Thursday’s full FDA approval comes after a panel of six outside advisors voted unanimously in June in support of the drug’s clinical benefit to patients. The panel was unusually small because some members recused themselves due to conflicts of interest.

    The American Academy of Neurology stated in a February letter to CMS that there is a consensus among its experts that Eisai’s clinical trial of Leqembi was well designed and the results were “clinically and statistically significant.”

    Some nonprofit groups such as Public Citizen, a consumer advocacy organization, strongly opposed FDA approval of Leqembi. A representative from Public Citizen told the advisory panel that the evidence for the drug’s benefit does not outweigh significant risks of brain swelling and bleeding.

    And representatives from the National Center for Health Research and Doctors for America, also nonprofits, told the panel that Eisai’s clinical trial did not include enough Black patients, who are at higher risk for Alzheimer’s disease.

    Leqembi has technically been approved for the U.S. market since January, when the FDA cleared the treatment under an accelerated pathway. The FDA uses expedited approvals to save time and get drugs to patients suffering from serious diseases more quickly.

    But Medicare refused to cover the Leqembi at that time, asking for more evidence that the expensive treatment had a real clinical benefit for patients that outweighed the risks.

    The program’s cautious coverage policy stems from the FDA’s controversial 2021 approval of another Alzheimer’s antibody treatment called Aduhelm, also made by Eisai and Biogen.

    The FDA’s advisory committee declined to endorse Aduhelm because the data did not support a clinical benefit to patients. Three advisors resigned after the agency’s decision to approve the treatment anyway.

    Knopman is one of the advisors who resigned over the FDA’s decision on Aduhelm. He said the data for Leqembi is different. Eisai conducted a clean trial that showed the antibody had a modest clinical benefit for patients, Knopman said.

    An investigation by Congress subsequently found that the FDA’s approval of Aduhelm was “rife with irregularities.”

    Sanders, in his letter to Becerra, said the FDA “has a special responsibility to restore the public trust after its inappropriate relationship with Biogen during the agency’s review of a prior Alzheimer’s drug, Aduhelm.”

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  • FDA approves Alzheimer’s treatment Leqembi, clearing the way for Medicare coverage

    FDA approves Alzheimer’s treatment Leqembi, clearing the way for Medicare coverage

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    The U.S. Food and Drug Administration on Thursday granted full approval to the Biogen BIIB and Eisai Co. Ltd. ESALF Alzheimer’s treatment Leqembi, a step that secures Medicare reimbursement for the first drug shown to slow the progress of the disease, rather than just treating its symptoms.

    Leqembi, also known as lecanemab, is a monoclonal antibody designed to reduce the buildup of amyloid beta plaque in the brain, a marker of Alzheimer’s disease.

    The…

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  • CDC recommends RSV vaccines from Pfizer, GSK for adults 60 and older

    CDC recommends RSV vaccines from Pfizer, GSK for adults 60 and older

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    Respiratory syncytial virus vial.

    Manjurul | Istock | Getty Images

    The Centers for Disease Control and Prevention on Thursday recommended that adults ages 60 and above receive a single dose of RSV vaccines from Pfizer and GSK after consulting their doctors.

    Outgoing CDC Director Rochelle Walensky signed off on the recommendation, which an advisory panel of outside experts made last week. That endorsement says seniors should work with their health-care providers to decide if taking a shot is right for them. 

    The CDC said the shots are expected to be available to the public this fall, when respiratory syncytial virus – along with Covid and the flu – typically begins to spread at higher levels. 

    “These vaccines provide an opportunity to help protect older adults against severe RSV illness at a time when multiple respiratory infections are likely to circulate,” the CDC said in a statement. 

    The virus is a common respiratory infection that usually causes mild, cold-like symptoms, but more severe cases in older adults and children. Each year, RSV kills 6,000 to 10,000 seniors and a few hundred children younger than 5, according to CDC data. 

    Walensky’s decision comes a month after the U.S. Food and Drug Administration approved the vaccines, making them the world’s first authorized jabs against RSV. 

    Spokespeople for Pfizer and GSK did not immediately respond to requests for comment.

    Both companies last week unveiled late-stage clinical data suggesting that their respective vaccines generally maintain protection against RSV after one season of the virus, which in the U.S. typically lasts from October to March.

    But the panel raised concerns about the lack of efficacy data on subgroups of the elderly population at the highest risk of severe RSV. 

    Dr. Michael Melgar, a CDC medical officer who evaluated data on both shots, said during an advisory panel meeting that adults ages 75 and older and those with an underlying medical condition are underrepresented in phase three clinical trials from both companies.

    He said seniors with weak immune systems were excluded from the trials altogether. 

    Both companies said studies on those populations are ongoing. 

    The CDC panel also raised concerns about the price of the shots, which could limit their accessibility to some Americans. 

    GSK said it will price its vaccine between $200 and $295. Pfizer said it will price its shot between $180 and $270.

    The companies declined to guarantee the pricing.

    Pfizer has also developed a vaccine to protect newborns from RSV.

    An FDA advisory panel last month backed that shot, but raised safety concerns over premature births that may be tied to the jab. The FDA is expected to make a final decision on that vaccine in August.

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  • Regeneron shares fall after FDA rejects high-dose eye disease treatment

    Regeneron shares fall after FDA rejects high-dose eye disease treatment

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    A view of the Regeneron Pharmaceuticals headquarters in Tarrytown, New York.

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    Shares of Regeneron fell nearly 9% Tuesday after the U.S. Food and Drug Administration declined to approve a higher-dose version of the company’s blockbuster eye disease treatment.

    The company was seeking approval for an 8-milligram dose of its injection, Eylea, for patients with wet age-related macular degeneration — the leading cause of blindness among the elderly — and two other eye diseases that are common in people with diabetes. 

    Regeneron said the rejection was “solely due to an ongoing review of inspection findings at a third-party filler.”

    The company did not provide further details on those findings or identify the third party, but said the decision was not related to the drug’s efficacy, safety, trial design, labeling or drug substance manufacturing. 

    That suggests the drug could potentially win approval down the road. 

    But a delay won’t help the company fight off threats to its Eylea drug franchise, which is facing competition from Roche Holdings‘ eye drug, Vabysmo. Roche’s treatment was approved last year.

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    Regeneron stock fell nearly 9% Tuesday after an FDA rejection of a higher-dose version of the company’s blockbuster eye treatment.

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  • No more needles? A daily pill may work as well as Wegovy shots to treat obesity

    No more needles? A daily pill may work as well as Wegovy shots to treat obesity

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    That’s a notion that has long fueled hope for many of the more than 40% of Americans who are considered obese — and fueled criticism by those who advocate for wider weight acceptance. Soon, it may be a reality.

    High-dose oral versions of the medication in the weight-loss drug Wegovy may work as well as the popular injections when it comes to paring pounds and improving health, according to final results of two studies released Sunday night. The potent tablets also appear to work for people with diabetes, who notoriously struggle to lose weight.

    Drugmaker Novo Nordisk
    NOVO.B,
    +0.22%

    plans to ask the U.S. Food and Drug Administration to approve the pills later this year.

    “If you ask people a random question, ‘Would you rather take a pill or an injection?’ People overwhelmingly prefer a pill,” said Dr. Daniel Bessesen, chief of endocrinology at Denver Health, who treats patients with obesity but was not involved in the new research.

    That’s assuming, Bessesen said, that both ways to take the medications are equally effective, available and affordable. “Those are the most important factors for people,” he said.

    There have been other weight-loss pills on the market, but none that achieve the substantial reductions seen with injected drugs like Wegovy. People with obesity will be “thrilled” to have an oral option that’s as effective, said Dr. Katherine Saunders, clinical professor of medicine at Weill Cornell Health and co-founder of Intellihealth, a weight-loss center.

    Novo Nordisk already sells Rybelsus, which is approved to treat diabetes and is an oral version of semaglutide, the same medication used in the diabetes drug Ozempic and Wegovy. It comes in doses up to 14 milligrams.

    But results of two gold-standard trials released at the American Diabetes Association’s annual meeting looked at how doses of oral semaglutide as high as 25 milligrams and 50 milligrams worked to reduce weight and improve blood sugar and other health markers.

    A 16-month study of about 1,600 people who were overweight or obese and already being treated for Type 2 diabetes found the high-dose daily pills lowered blood sugar significantly better than the standard dose of Rybelsus. From a baseline weight of 212 pounds, the higher doses also resulted in weight loss of between 15 and 20 pounds, compared to about 10 pounds on the lower dose.

    Another 16-month study of more than 660 adults who had obesity or were overweight with at least one related disease — but not diabetes — found the 50-milligram daily pill helped people lose an average of about 15% of their body weight, or about 35 pounds, versus about 6 pounds with a dummy pill, or placebo.

    That’s “notably consistent” with the weight loss spurred by weekly shots of the highest dose of Wegovy, the study authors said.

    But there were side effects. About 80% of participants receiving any size dose of oral semaglutide experienced things like mild to moderate intestinal problems, such as nausea, constipation and diarrhea.

    In the 50-milligram obesity trial, there was evidence of higher rates of benign tumors in people who took the drug versus a placebo. In addition, about 13% of those who took the drug had “altered skin sensation” such as tingling or extra sensitivity.

    Medical experts predict the pills will be popular, especially among people who want to lose weight but are fearful of needles. Plus, tablets would be more portable than injection pens and they don’t have to be stored in the refrigerator.

    But the pills aren’t necessarily a better option for the hundreds of thousands of people already taking injectable versions such as Ozempic or Wegovy, said Dr. Fatima Cody Stanford, an obesity medicine expert at Massachusetts General Hospital.

    “I don’t find significant hesitancy surrounding receiving an injection,” she said. “A lot of people like the ease of taking a medication once a week.”

    In addition, she said, some patients may actually prefer shots to the new pills, which have to be taken 30 minutes before eating or drinking in the morning.

    Paul Morer, 56, who works for a New Jersey hospital system, lost 85 pounds using Wegovy and hopes to lose 30 more. He said he would probably stick with the weekly injections, even if pills were available.

    “I do it on Saturday morning. It’s part of my routine,” he said. “I don’t even feel the needle. It’s a non-issue.”

    Some critics also worry that a pill will also put pressure on people who are obese to use it, fueling social stigma against people who can’t — or don’t want to — lose weight, said Tigress Osborn, chair of the National Association to Advance Fat Acceptance.

    “There is no escape from the narrative that your body is wrong and it should change,” Osborn said.

    Still, Novo Nordisk is banking on the popularity of a higher-dose pill to treat both diabetes and obesity. Sales of Rybelsus reached about $1.63 billion last year, more than double the 2021 figure.

    Other companies are working on oral versions of drugs that work as well as Eli Lilly and Co.’s
    LLY,
    +0.25%

    Mounjaro — an injectable diabetes drug expected to be approved for weight-loss soon. Lilly researchers reported promising mid-stage trial results for an oral pill called orforglipron to treat patients who are obese or overweight with and without diabetes.

    Pfizer
    PFE,
    -1.11%
    ,
    too, has released mid-stage results for dangulgipron, an oral drug for diabetes taken twice daily with food.

    Novo Nordisk officials said it’s too early to say what the cost of the firm’s high-dose oral pills would be or how the company plans to guarantee adequate manufacturing capacity to meet to demand. Despite surging popularity, injectable doses of Wegovy will be in short supply until at least September, company officials said.

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  • Pharmaceutical trade group sues Biden administration over Medicare drug price negotiations

    Pharmaceutical trade group sues Biden administration over Medicare drug price negotiations

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    Traders work on the floor of the New York Stock Exchange during morning trading, April 10, 2023.

    Michael M. Santiago | Getty Images

    The pharmaceutical industry’s largest lobbying group and two other organizations Wednesday sued the Biden administration over Medicare’s new powers to slash drug prices for seniors under the Inflation Reduction Act

    Pharmaceutical Research and Manufacturers of America, along with the National Infusion Center Association and the Global Colon Cancer Association, argue that the Medicare negotiations with drugmakers violate the U.S. Constitution, in a complaint filed in federal district court in Texas. 

    PhRMA represents many of the largest drugmakers in the world, including Eli Lilly, Pfizer and Johnson & Johnson

    The groups asked the court to declare the program unconstitutional and prevent the Department of Health and Human Services from implementing Medicare negotiations without “adequate procedural protections” for drug manufacturers. 

    HHS did not immediately respond to CNBC’s request for comment. 

    It marks the fourth lawsuit challenging the controversial provision of the Inflation Reduction Act, which became law last summer in a major victory for President Joe Biden and Democratic lawmakers.

    The policy aims to make drugs more affordable for older Americans but will likely reduce pharmaceutical industry profits. Merck and Bristol Myers Squibb — who are also represented by PhRMA — and the U.S. Chamber of Commerce filed separate lawsuits against the provision earlier this month. 

    The latest lawsuit argues the plan delegates too much authority to the HHS.

    PhRMA and the two organizations also argue that the provision includes a “crippling” excise tax aimed at forcing drugmakers to accept the government-dictated price of medicines, making it an excessive fine prohibited by the Eighth Amendment. 

    The lawsuit also argues the policy violates due process by denying pharmaceutical companies and the public input on how Medicare negotiations will be implemented. 

    “The price setting scheme in the Inflation Reduction Act is bad policy that threatens continued research and development and patients’ access to medicines,” PhRMA CEO Stephen Ubl said in a statement. 

    “It also violates the U.S. Constitution because it includes barriers to transparency and accountability, hands the executive branch unfettered discretion to set the price of medicines in Medicare and relies on an absurd enforcement mechanism to force compliance,” Ubl said.

    The first 10 drugs the provision applies to will be chosen in September, with the agreed prices taking effect in 2026. 

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  • Novo Nordisk sues clinics allegedly selling knockoff versions of Ozempic and Wegovy

    Novo Nordisk sues clinics allegedly selling knockoff versions of Ozempic and Wegovy

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    In this photo illustration, boxes of the diabetes drug Ozempic rest on a pharmacy counter on April 17, 2023 in Los Angeles, California.

    Mario Tama | Getty Images

    Novo Nordisk on Tuesday sued five medical spas and wellness clinics for allegedly selling cheaper, unauthorized versions of the company’s weight loss drugs Ozempic and Wegovy. 

    The Danish drugmaker initiated the lawsuits in federal courts in New York, Texas, Florida and Tennessee,  according to complaints obtained by CNBC. 

    The suits accused the spas and clinics of marketing and selling “compounded” drug products that claim to contain semaglutide, the active ingredient in both Ozempic and Wegovy. Compounded drugs are custom-made versions of a treatment that are not approved by the Food and Drug Administration. 

    Novo Nordisk is the sole patent holder of semaglutide and does not sell that ingredient to outside entities. It’s unclear what the spas and clinics are actually selling to consumers.

    Novo Nordisk asked the courts for orders blocking the sales of the unauthorized drugs and an unspecified amount of money damages.

    “These unlawful marketing and sales practices, including the use of Novo Nordisk trademarks in connection with these practices, have created a high risk of consumer confusion and deception as well as potential safety concerns,” the company wrote in a press release Tuesday. 

    The spas and clinics named in the lawsuits include Pro Health Investments, Champion Health & Wellness Clinics and Flawless Image Medical Aesthetics. 

    It also includes Effinger Health, which operates as Nuvida Rx Weight Loss, and Ekzotika Corp., which is doing business as Cosmetic Laser Professionals Med Spa. The latter clinic offers a $30 Groupon for a one-week “semaglutide weight management program.”

    The spas and clinics didn’t immediately respond to CNBC’s requests for comment.

    The suits come amid a shortage of Wegovy and Ozempic, which has led to a boom in compounded alternatives that claim to be the popular injections. 

    The FDA last month warned about the safety risks of unauthorized versions of Ozempic and Wegovy after reports emerged of adverse health reactions to compounded versions of the drugs. 

    Several states have also threatened to take legal action against compounding pharmacies that make or distribute unapproved variations of Novo Nordisk’s weight loss treatments.

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  • Illumina acquisition of Grail wins support from GOP lawmakers, state AGs as FTC tries to block it

    Illumina acquisition of Grail wins support from GOP lawmakers, state AGs as FTC tries to block it

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    Rafael Henrique | Lightrocket | Getty Images

    Republican lawmakers, state attorneys general and several advocacy groups have voiced their support for Illumina’s acquisition of cancer-test developer Grail while the Federal Trade Commission fights to unwind the deal. 

    The groups filed 14 amicus briefs Monday urging the U.S. 5th Circuit Court of Appeals to reverse an FTC order that would have Illumina undo the $7.1 billion Grail deal over concerns that it stifles competition. Last week, the San Diego-based DNA-sequencing company appealed the agency’s ruling.

    Proponents of the deal argued in the court filings that the FTC overstepped its authority in trying to unwind the tie-up that closed nearly two years ago. They added that blocking the companies from merging could harm the development of life-saving technology.

    “Unaccountable federal agency power undermines liberty, and overzealous, unfair agency enforcement impedes technological advancements benefitting citizens’ wellbeing,” attorneys general from 12 states said in one of the briefs. 

    Those states are Alaska, Arkansas, Georgia, Idaho, Indiana, Iowa, Kentucky, Louisiana, Nebraska, South Carolina, Utah and Virginia. 

    Thirty-four Republican lawmakers touted Grail’s early screening test, which can detect more than 50 types of cancers through a single blood draw. The test isn’t approved by the Food and Drug Administration, but it has raked in limited sales over the past year.

    Grail needs Illumina to obtain regulatory approval and commercialize production of the test, which are “required steps to delivering the full benefits of these tests to the public and detecting cancer as quickly as possible,” the lawmakers argued. 

    The FTC declined to comment on the filings.  

    The deal has faced broad opposition. Last year, the European Union’s executive body, the European Commission, blocked the acquisition citing similar competition concerns. Illumina has appealed that order. 

    And activist investor Carl Icahn, who holds a 1.4% stake in Illumina, launched a proxy fight with the company over the Grail deal. 

    Illumina shareholders voted to oust the chair of its board late last month. Company CEO Francis deSouza stepped down on Sunday after weeks of harsh backlash from Icahn.

    Icahn’s opposition stemmed from Illumina’s decision to close the acquisition without first gaining approval from antitrust regulators.

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