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Axovant Sciences IPO generates $2B+ valuation, NIH program tracks molecules affected by physical activity (Morning Read)

Axovant Sciences with Alzheimer's drug in Phase 3 development had a monster IPO, prompting fears of a biotech bubble.

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Axovant Sciences, which has an Alzheimer’s disease drug in Phase 3 development, raised $315 million — generating a valuation of more than $2 billion in its first day of trading on the New York Stock Exchange — the largest IPO in the biotech sector to date. Axovant bought the drug from GlaxoSmithKline for $5 million last October. It has been tested in 1,250 patients.

The high valuation of Axovant is causing a fear of a bubble in the biotech sector. John Carroll, Fierce Biotech editor said:

Given the fact that GlaxoSmithKline had a chance to take a look at this drug in the clinic, and concluded that they couldn’t do better than selling it for lunch money, the IPO terms illustrate the kind of overnight riches a select few can find on Wall Street, provided you have the right kind of friends with money.

The National Institutes of Health’s Common Fund launched the Molecular Transducers of Physical Activity in Humans program. The goal is to track the biological molecules that are affected by physical activity in people and characterize functions of the molecules. The program is the largest targeted NIH investment of funds to understand the effects of physical activity on improved health and disease prevention.

LIFE SCIENCES

Agilent Technologies’ aggregate commitments under a credit facility increased to $700 million.

The Food and Drug Administration announced Class 1 recalls for Zimmer’s total hip replacement component, Maquet Holdings and HeartWare’s urgent medical device correction. Fierce Medical Device noted that these recalls are made when it’s believed that use of the devices will cause serious adverse health consequences or death.

A Purdue startup Vibronix Inc. received $212,978 in funding from the National Institutes of Health to help advance a prostate cancer diagnostic that distinguishes between cancerous and normal tissue based on the intensity of a sound wave created after the absorption of near-infrared light.

PAYERS-PROVIDERS

The American Medical Association is developing guidelines to assess the physical and mental health of elderly physicians and review their patient treatment.

Applying economic theory to speed up kidney donor matching.

Unless governments make policy changes, more hospital closures are likely to happen because of the rural health financial crisis.

TECH

Wegman’s supermarket chain will soon offer telemedicine to customers through an agreement with Doctor on Demand.

A paper written by New York University researchers called for changes in temperature of body tissue to be used as a safety metric for mobile devices operating at millimeter wave frequencies.

Lir Scientific, the creator of a pre-emptive bladder fullness wearable, notifies those with chronic loss of bladder control when they need to use the bathroom in order to avoid accidents.

POLITICS

The National Institutes of Health approved a report laying out a long-term scientific vision for the National Library of Medicine.

The Obama administration announced a preventive health campaign to help people who are newly insured under Obamacare to understand their coverage.

A LITTLE EXTRA

Uber created a free mobile game to help their drivers learn the best routes around their city.

The Morning Read provides a 24-hour wrap up of everything else healthcare’s innovators need to know about the business of medicine (and beyond). The author of The Read published it but all full-time MedCity News journalists contribute to its content.

Photo: National Institutes of Health

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