WALTHAM, Mass. - Spyre Therapeutics, Inc. (NASDAQ: SYRE), a biotechnology firm focusing on inflammatory bowel disease (IBD) treatments, reported favorable interim Phase 1 data for its monoclonal antibody, SPY001. The company announced today that SPY001, targeting the α4β7 receptor, was well tolerated in trials with a safety profile consistent with its class. The pharmacokinetic data suggests a half-life over 90 days, potentially enabling less frequent dosing.
The Phase 1 trial, which included 56 healthy adult participants, assessed the safety and pharmacokinetics of SPY001. Results indicated that single and multiple doses up to 1000 mg and 600 mg, respectively, were well-tolerated with no serious adverse events reported. The most common side effects were headache and nasopharyngitis. The pharmacodynamic data showed complete saturation of the α4β7 receptor for up to 12 weeks with a single low dose.
These findings support the potential for SPY001 to offer improved or accelerated efficacy compared to existing treatments and to serve as a backbone for combination therapies in IBD. Spyre plans to initiate a Phase 2 trial in mid-2025, which will include SPY001 and other investigational therapies SPY002 and SPY003, under a single master protocol.
Cameron Turtle, CEO of Spyre, expressed optimism about the Phase 2 trials, highlighting the potential of SPY001 as a differentiated monotherapy and a cornerstone for combination therapies in IBD. The company aims to update its guidance for maintenance dosing across its portfolio to every three to six months for monotherapies and combinations, based on the Phase 1 results.
The upcoming Phase 2 trial will target patients with moderately-to-severely active ulcerative colitis, aiming to enroll around 500 subjects. The trial structure is designed to efficiently evaluate the safety and efficacy of Spyre's therapies.
SPY001 is an investigational drug targeting the same epitope as vedolizumab but with a significantly extended half-life, which could mean less frequent dosing for patients. The company's focus is on creating next-generation IBD products by leveraging antibody engineering, therapeutic combinations, and precision medicine.
The information in this article is based on a press release statement from Spyre Therapeutics, Inc.
In other recent news, Spyre Therapeutics has seen a series of positive developments in its drug pipeline. Analyst firms Guggenheim, Baird, Wells Fargo (NYSE:WFC), BTIG, and TD (TSX:TD) Cowen have all expressed confidence in the biotech company. Guggenheim noted Spyre's diverse portfolio, particularly highlighting biologic candidates SPY001, SPY002, and SPY003, and raised its price target to $65.
Spyre has revealed promising data for SPY003, which has a longer half-life than its competitor Skyrizi, potentially allowing for less frequent dosing schedules for patients. This data was presented at the United European Gastroenterology Week and garnered support from multiple analyst firms.
The company also announced plans to accelerate the development of SPY003, with the first subject expected to be dosed in the Phase 1 study in the first quarter of 2025. Additionally, Spyre has appointed Sheldon Sloan, M.D., M. Bioethics, as its new Chief Medical (TASE:PMCN) Officer, bringing his 25 years of experience in the pharmaceutical industry to the team.
Lastly, Evercore ISI initiated coverage on Spyre, assigning an Outperform rating, reflecting confidence in Spyre's potential. This level of analyst support, coupled with the company's recent developments, underscores the positive outlook for Spyre Therapeutics in the biotech industry.
InvestingPro Insights
Spyre Therapeutics' promising Phase 1 results for SPY001 have been reflected in the company's recent stock performance. According to InvestingPro data, Spyre has seen a significant 37.11% price return over the past month and an impressive 314.65% return over the last year. This surge aligns with the positive clinical data and the company's strategic positioning in the IBD treatment market.
Despite the optimistic outlook, investors should note that Spyre Therapeutics is not yet profitable. An InvestingPro Tip indicates that analysts do not anticipate the company will be profitable this year, which is typical for biotech firms in the early stages of drug development. The company's gross profit for the last twelve months stands at -$84.05 million, reflecting the substantial costs associated with research and development in the pharmaceutical industry.
Another InvestingPro Tip highlights that Spyre holds more cash than debt on its balance sheet, suggesting a solid financial position to fund its ongoing clinical trials and the planned Phase 2 study in 2025. This financial stability is crucial for biotechnology companies as they navigate the lengthy and capital-intensive drug development process.
For investors seeking a more comprehensive analysis, InvestingPro offers 13 additional tips for Spyre Therapeutics, providing a deeper understanding of the company's financial health and market position.
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