In this week’s edition of InnovationRx, Deepmind announced the launch of AlphaFold 3, a next-generation AI software for structural biology that can predict protein folding and interactions of other biological molecules. The company also introduced a new web service called AlphaFold Server, making it easier for researchers to generate biochemical models. Oscar Health reported its first profitable quarter, with a $177 million profit, as enrollment in its individual coverage plans under the Affordable Care Act soared. The company’s new management team, led by former Aetna CEO Mark Bertolini, seems to be delivering on promises.
In pipeline and deal updates, Regeneron reported positive data on its gene therapy for genetic deafness, while the FDA approved Geneoscopy’s RNA screening test for colorectal cancer. Zenas Biopharma raised $200 million in a series C round for its monoclonal antibody treatment for immune disorders, and Karius secured $100 million in funding for its genomics-based test for infectious diseases. Flagship Pioneering launched Prologue Medicines with a focus on viral proteins, and Backpack Healthcare raised $14 million for its online mental health services for children. Rad AI raised $50 million for its AI-powered radiology report automation.
In another update, Gates, Novo Nordisk Foundation, and Wellcome committed $300 million to address climate change, infectious diseases, and nutrition. The three organizations will each contribute $100 million to support global health and development efforts over the next three years. Novo Nordisk reported a strong profit of $3.65 billion in the first quarter of 2024, while Cigna reported a $300 million loss due to an impairment loss on its investment in VillageMD. Alignment Healthcare also reported a net loss despite increased enrollment in its Medicare Advantage plans.
Additionally, the American Cancer Society launched a study focusing on the impact of racism, health history, and lifestyle on the long-term health and cancer outcomes of 100,000 Black women in the US over 30 years. Equinox partnered with Function Health to offer a $40,000-per-year program promoting longevity, and a new study revealed that over 321,000 children in the US lost a parent to a drug overdose between 2011 and 2021. In other news, Forbes discusses Warner Bros potentially losing the NBA, while highlighting investment opportunities. Other reading materials touch on monoclonal antibody therapies, fluoride in drinking water, and the ongoing health challenges faced by survivors of gun violence incidents.
