John Maraganore joins Axion Bio board to advance cancer therapy

DALLAS - Biotech veteran John Maraganore has been appointed to the Board of Directors of Axion Bio, a wholly-owned subsidiary of Instil Bio (NASDAQ:TIL), the company announced Wednesday.

Axion Bio is focused on developing AXN-2510, a PD-L1xVEGF bispecific antibody targeting solid tumors with priority on first-line non-small cell lung cancer (NSCLC).

"John’s appointment reflects our commitment to assembling world-class leadership to maximize the value of the ’2510 program for patients and shareholders," said Bronson Crouch, CEO of Instil Bio, according to the press release.

Dr. Maraganore, who previously served as founding CEO of Alnylam Pharmaceuticals (NASDAQ:ALNY) for nearly two decades, brings over 30 years of biotechnology experience to the role. Under his leadership, Alnylam developed RNA interference therapeutics and grew to its current market capitalization of $39.44 billion, achieving impressive revenue growth of 17.21% and maintaining a strong gross profit margin of 86.01%. According to InvestingPro, ALNY has delivered a remarkable 93.35% return over the past year, with 11 more key insights available to subscribers.

The company stated that enrollment for ImmuneOnco’s Phase 2 trial of AXN-2510 in combination with chemotherapy for first-line NSCLC patients is expected to complete this summer. For detailed analysis of biotech companies like ALNY, including comprehensive financial health scores and Fair Value estimates, explore InvestingPro’s extensive research tools and reports.

"This program has a strong scientific rationale, early signs of robust activity, and clear differentiation from others in our therapeutic area," Maraganore said in the announcement.

Instil Bio describes AXN-2510 as a novel PD-L1xVEGF bispecific antibody being developed for multiple solid tumor indications.

The information in this article is based on a company press release statement.

In other recent news, Alnylam Pharmaceuticals has received European Commission approval for its RNAi therapeutic, AMVUTTRA, to treat adult patients with wild-type or hereditary transthyretin amyloidosis with cardiomyopathy (ATTR-CM). This approval is based on the HELIOS-B Phase 3 study, which showed significant reductions in all-cause mortality and improvements in patient quality of life. Analysts at H.C. Wainwright have reiterated a Buy rating for Alnylam with a $500 price target, citing promising initial results from the AMVUTTRA launch. RBC Capital Markets also maintains an Outperform rating with a $330 target, noting the initial uptake of AMVUTTRA has exceeded expectations. JPMorgan has increased its price target to $330, reflecting a positive outlook on Alnylam’s financial health and market performance. The company’s TTR business is reportedly ahead of plan, driven by strong formulary access and utilization. Additionally, Alnylam is expanding its site-of-care network, which is expected to enhance the uptake of its treatments. The company’s broader pipeline is advancing with late-stage programs targeting various disorders, signaling potential for sustained revenue growth.

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