Tag Archives: Slows

Biogen’s Alzheimer’s drug slows cognitive decline in early study – STAT

  1. Biogen’s Alzheimer’s drug slows cognitive decline in early study STAT
  2. More convenient form of breakthrough Alzheimer’s drug Leqembi shows promising results in study CNBC
  3. New studies find benefits in very early drug treatment of Alzheimer’s Financial Times
  4. New Data from Biogen’s Investigational Antisense Oligonucleotide (ASO) Targeting Tau Shows Promise for Potential New Generation of Treatments in Early Alzheimer’s Disease | Biogen Biogen
  5. Alzheimer’s drug Leqembi could be given as shots rather than IV infusion, study suggests CNN
  6. View Full Coverage on Google News

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‘Metal detectors are no use.’ Challenge of removing landmines slows Ukraine counteroffensive – FRANCE 24 English

  1. ‘Metal detectors are no use.’ Challenge of removing landmines slows Ukraine counteroffensive FRANCE 24 English
  2. Weary Soldiers, Unreliable Munitions: Ukraine’s Many Challenges The New York Times
  3. Ukraine’s Lack of Weaponry and Training Risks Stalemate in Fight With Russia The Wall Street Journal
  4. ‘I didn’t realise I’d lost my leg’: Risks taken by Ukrainian soldiers to defuse mines and booby traps Sky News
  5. Ukraine’s military is overcoming Russia’s dense minefields and its counteroffensive is poised to ‘gain pace,’ Zelenskyy says Yahoo News
  6. View Full Coverage on Google News

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Fed Set to Shrink Rate Hikes Again as Inflation Slows

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Federal Reserve officials are set to shift down the pace of interest-rate hikes again in the coming week amid signs of slowing inflation, while Friday’s jobs report may show steady demand for workers that improves the chances of a soft landing for the the world’s largest economy.

Policy makers are poised to raise their benchmark federal funds rate by a quarter percentage point on Wednesday, to a range of 4.5% to 4.75%, dialing back the size of the increase for a second-straight meeting.

The move would follow a slew of recent data suggesting the Fed’s aggressive campaign to slow inflation is working.

“I expect that we will raise rates a few more times this year, though, to my mind, the days of us raising them 75 basis points at a time have surely passed,” Philadelphia Fed President Patrick Harker said in a Jan. 20 speech. “Hikes of 25 basis points will be appropriate going forward.”

Key questions for Fed Chair Jerome Powell at his post-meeting press conference will be how much higher the central bank intends to raise rates, and what officials need to see before pausing.

Fed officials have made clear they also want to see evidence that supply and demand imbalances in the labor market are starting to improve.

Hiring probably slowed in January, according to economists surveyed by Bloomberg, who projected employers added 185,000 jobs compared with 223,000 in December. They see the unemployment rate ticking up to 3.6%, still near a five-decade low, and expect average hourly earnings rose 4.3% from a year earlier, a slowdown from the prior month, according to their median estimate.

The Fed will get another important read on inflation Tuesday when the Labor Department releases the Employment Cost Index, a broad measure of wages and benefits. Figures on job openings for December are also due Wednesday, as well as a January survey of manufacturers.

What Bloomberg Economics Says:

“The Fed faces a dilemma: On the one hand, inflation data has come in softer than expected, and activity indicators have shown slowing momentum over the past month; on the other, financial conditions have eased as traders believe the Fed will soon switch to rate cuts. The data would justify smaller rate hikes, but the Fed is likely to see easier financial conditions — while inflation remains uncomfortably above-target — as a reason to act hawkishly.”

—Anna Wong, Eliza Winger and Niraj Shah, economists. For full analysis, click here

Elsewhere, the day after the Fed, the European Central Bank and the Bank of England will each probably raise rates by a half point, after euro-zone data are likely to show slowing inflation and a stagnating economy. Meanwhile, surveys from China might reveal improvement, Brazil’s central bank may keep borrowing costs unchanged, and the International Monetary Fund will publish its latest global economic forecasts.

Click here for what happened last week, and below is our wrap of what’s coming up in the global economy.

Asia

China returns to work after the Lunar New Year holiday with the strength of its economy in close focus.

Official PMIs due on Tuesday are likely to improve sharply from December’s dismal readings, but the manufacturing sector is still not expected to return to a clear expansion. They’ll be followed by PMIs from across Asia on Wednesday.

Japan releases factory output, retail sales and jobless figures that may cast doubt on the strength of the economy’s rebound from a summer contraction.

India unveils its latest budget in the middle of the week as policy makers there try to keep growth on track while reining in the deficit.

Export figures from South Korea will provide a pulse check on global commerce on Wednesday, while inflation figures the next day will be closely scrutinized by the Bank of Korea.

Trade figures are also due from New Zealand, though jobless figures will be the main concern for the RBNZ as it mulls the possibility of smaller rate hikes.

The Reserve Bank of Australia will be keeping an eye on house prices and retail sales data in the run-up to its rate decision the following week.

Europe, Middle East, Africa

Major rate decisions will dominate the news in Europe, with the first meetings of the year at central banks in both the euro zone and the UK.

Before the ECB on Thursday, key data will draw attention for clues on the path for policy. Economists are split on whether GDP for the euro area on Tuesday will show a contraction in the fourth quarter — potentially heralding a recession — or whether the region avoided a slump.

The next day, euro-zone inflation in January is anticipated to have slowed for a third month, though a small minority of forecasters predict an acceleration.

Growth and consumer-price data from the region’s three biggest economies — Germany, France and Italy — are also due in the first half of the week, making it a busy few days for investors.

The so-called core underlying measure of inflation may show just a slight weakening. That gauge is drawing more focus from officials justifying further aggression on policy tightening.

The ECB decision itself is almost certain to feature both a half-point rate increase and more details of the plan to wind down bond holdings built up over years of quantitative easing.

Given President Christine Lagarde’s penchant for hinting at future decisions, investors may focus on any outlook she divulges for March in her press conference, at a time when officials are increasingly at odds over whether to slow tightening.

The BOE decision will also take place on Thursday, and may too feature a half-point rate increase. That would extend the UK’s quickest monetary tightening in three decades. While inflation has fallen in each of the past two months, it remains five times the central bank’s 2% target.

That day, too, the Czech central bank is likely to keep rates unchanged at the highest level since 1999 and present a fresh inflation outlook.

Looking south, Ghana is expected to raise borrowing costs on Monday after faster-than-expected price growth in the last two months of 2022 and renewed volatility in the cedi, as the country negotiates a restructuring plan for its debt.

The same day, Kenyan policy makers are poised to slow tightening after inflation eased for two straight months. They’re expected to raise borrowing costs by a quarter-percentage point.

Egypt, where the yield on local Treasury bills has already widened to a record over peers in emerging markets, may hike rates again on Thursday with inflation running at a five-year high.

Latin America

Mexico this week becomes the first of the region’s big economies to post Oct-Dec output. Most analysts see GDP grinding lower for a third straight quarter, and more than a few forecast a mild recession some time in 2023.

December remittance data due at midweek are likely to comfortably push the full-2022 figure over $57 billion, easily bettering the previous record annual haul of $51.6 billion set in 2021.

Chile over the course of three days posts at least seven economic indicators, led by the December GDP-proxy reading that’s expected to be consistent with an economy tipping into recession.

In Colombia, the readout of the central bank’s Jan. 27 gathering — where policy makers extended a record hiking campaign — will be posted on Tuesday. At 12.75%, BanRep may be nearing its terminal rate.

In Brazil, look for the broadest measure of inflation to have slowed in January while industrial output continues to struggle.

With inflation now only making glacial progress back to target, Brazilian central bankers this week have little choice but to keep the key rate at 13.75% for a fourth meeting. Economists surveyed by the bank see just 229 basis points of slowing over the next four years, which would mean missing the target for a seventh straight year in 2025.

–With assistance from Andrea Dudik, Vince Golle, Benjamin Harvey, Paul Jackson and Robert Jameson.

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©2023 Bloomberg L.P.

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Dare We Say Consensus Achieved: Lecanemab Slows the Disease

The top-line results last September from Eisai’s Phase 3 trial of the anti-amyloid antibody lecanemab galvanized the field, but scientists said they needed to see the data before passing judgement. Now they have. At the 15th Clinical Trials on Alzheimer’s Disease conference, held November 29 to December 2 in San Francisco and online, scientists presented detailed findings to a standing-room-only audience of some 2,000 people and many more on livestream. Four speakers reported that secondary and biomarker measures were consistent, and of similar magnitude to the effect on primary. Overall, lecanemab appeared to slow disease progression by about one-quarter, and caused the brain edema known as ARIA-E in one of eight participants. The data were published in the New England Journal of Medicine November 29, the same day as the presentation.

  • On lecanemab, all clinical outcomes showed similar slowing of decline.
  • Amyloid plaque dropped below 25 centiloids after 18 months.
  • AD biomarkers fell; neurodegeneration markers were mixed.

The audience responded positively. Many scientists praised the trial’s execution, and expressed relief that the presentations appeared thorough and transparent. “The Clarity trial is a landmark in AD therapeutic research, the culmination of over three decades of efforts across the field,” said Paul Aisen of the University of Southern California in San Diego. Randall Bateman of Washington University, St. Louis, presented the biomarker evidence, concluding that it indicates the treatment modified underlying biology. “These findings support the ability to change the course of Alzheimer’s disease,” he told Alzforum. Takeshi Iwatsubo of the University of Tokyo agreed, saying “This is a monumental event for patients.” All three are co-authors on the NEJM paper. Other researchers mentioned aspects of the trial design that strengthened their confidence in the findings, such as Eisai using separate medical teams to handle participants’ clinical trial evaluations and ARIA to minimize the risk of unblinding.

At the same time, researchers said the ARIA risks need to be taken seriously, and stressed that not all patients will be candidates for this therapy. Everyone agreed on the need to build on a small effect size by adding other therapeutic approaches and finding ways to give lecanemab earlier in disease.

Diverging Trajectories. People on lecanemab worsened more slowly on the CDR-SB than did people on placebo, resulting in a quarter less progression at 18 months. [Courtesy of Eisai.]

A Consistent Clinical Benefit
The 18-month Clarity trial enrolled 1,795 people with mild cognitive impairment or mild dementia due to AD, half of whom received 10 mg/kg intravenous lecanemab every two weeks. Eisai previously reported that lecanemab slowed decline on the primary outcome measure, the CDR-SB, by 0.45 points on the 18-point scale, or about one-quarter of the 1.66-point decline seen in the placebo group (Sep 2022 news).

In San Francisco, Christopher van Dyck of Yale School of Medicine in New Haven, Connecticut, fleshed out details on secondary measures. These mirrored the CDR-SB, with participants on lecanemab declining 1.44 fewer points on the ADAS-Cog14 and 0.05 fewer on the ADCOMS than the placebo group, for relative slowings of 26 and 24 percent, respectively. On a functional measure, the ADCS MCI activities of daily living (ADL), lecanemab put on the brakes by 2 points, or 37 percent. For all four clinical measures, the difference between lecanemab and placebo became statistically significant by six months and grew over time. On the CDR-SB and ADL, the slopes continued to diverge up to 18 months, whereas the difference between the curves appeared to stabilize on the ADAS-Cog14 at 15 months, and on the ADCOMS at 12.

“Because there is such mild decline in these patients over 18 months, it’s very difficult to see a positive signal,” noted Eric Musiek of Washington University in St. Louis, adding, “I’m impressed the signal is so clear, even if it is small in an absolute sense.”

The slightly larger effect on ADLs caught the interest of some scientists, since these can feel most important to participants. “[This] indicates that patients and families could benefit from slowing of observable functional worsening,” Joshua Grill of the University of California, Irvine, wrote to Alzforum (full comments below).

Left of Center. Lecanemab had similar effects in all subgroups examined, though men appeared to benefit more than women, older people more than younger, and APOE4 non-carriers more than carriers. [Courtesy of Eisai.]

Van Dyck also showed results from several sensitivity analyses that suggested the findings were not caused by confounding factors. In the treatment and placebo groups, 81 and 84 percent of participants, respectively, completed the trial, but dropouts did not affect the results. Imputing missing data and accounting for the COVID-19 pandemic did not change the data either. Nor did removing data from participants who developed ARIA-E, suggesting the positive results were not due to inadvertent unblinding of participants.

Likewise, subgroup analyses breaking down participants by age, sex, race, ethnicity, geographic region, disease stage, and use of symptomatic AD medications found treatment benefits across the board. Women appeared to benefit somewhat less than men, a potential difference that sparked discussion in the field. One possibility is that women have more advanced tau pathology at a given stage of cognitive impairment than men, making amyloid removal less effective for them, Maria Teresa Ferretti of the University of Zurich told Alzforum (Nov 2019 news).

The researchers also found a difference by APOE genotype. APOE4 carriers made up two-thirds of the cohort, and seemed to benefit less from lecanemab than noncarriers. In particular, the 15 percent of participants who carried two copies of APOE4 appeared to post no treatment effect on the CDR-SB, and but a small one on the ADAS-Cog14 and ADCS MCI-ADL. However, several scientists told Alzforum that they suspect the homozygote finding represents statistical noise. They pointed out that APOE4 homozygotes on placebo barely declined during the trial, muddying the ability to see a treatment effect in this small subgroup.

Colin Masters of the University of Melbourne, Australia, believes greater effects of lecanemab in APOE4 noncarriers make sense. “We know APOE4 leads to amyloid deposition starting earlier in life than in E4 noncarriers. I suspect the noncarriers had a better result because they started out with a lower amyloid burden,” Masters told Alzforum. He suggested letting trials run longer than 18 months to better detect effects in carriers.

The findings contrast with data from aducanumab, where more of the cognitive benefit in the positive EMERGE trial occurred in APOE4 carriers (see Nov 2020 news).

The Pesky Question: Does This Help Patients?
As with the FDA approval of aducanumab in June 2021, researchers at CTAD debated whether the measured benefit on these clinical tests is clinically meaningful. Sharon Cohen of the Toronto Memory Program, a site investigator for the Clarity trial, argued that it is. She noted that participants on lecanemab and their caregivers reported from one-quarter to one-half less worsening on measures of quality of life and caregiver burden compared to the placebo group. Looking at the data another way, the slower decline translated to a one-third lower risk of advancing to the next stage of AD during the trial, Cohen said.

More Time. Alzheimer’s disease progressed more slowly in people on lecanemab, delaying arrival of the next disease stage. [Courtesy of Eisai.]

This equates to a five- to six-month delay in disease progression, said Eric Siemers of Siemers Integration LLC (full comment below). Others noted this is similar to the benefit of acetylcholinesterase inhibitors, and wanted a Cohen’s d analysis of effect size for easier comparison with other treatments.

Researchers agree that the key question is what happens when people stay on lecanemab for longer periods. Will the clinical benefit persist, grow, as many argue, or diminish? Clinicians are eager to see data from open-label extension studies that might answer this question. “If the reduction in decline were to persist for, say, three to four years, I would expect it to be appreciated by families and patients. On the other hand, if the effect is not durable and fades within a year or so, there will be much less enthusiasm for its use, which after all is somewhat arduous,” David Knopman of the Mayo Clinic in Rochester, Minnesota, wrote to Alzforum (full comment below).

Amyloid as Surrogate?
As expected, lecanemab’s slashing of plaque was dramatic. In Clarity, participants started with an average amyloid PET of 76 centiloids at baseline. This rose by four in the placebo group and dropped by 55 in the treatment group, for a difference of 59 centiloids at 18 months. The divergence between groups became statistically significant at three months, and another three months later clinical measures started changing. Participants on lecanemab ended up with an average of 23 centiloids, which is below the threshold for amyloid positivity typically set at 25. Put another way, two-thirds of the treatment group became PET amyloid-negative at 18 months.

Roger Nitsch of Neurimmune, Switzerland, believes there is also a threshold effect for clinical benefit. In a keynote talk at CTAD, he noted that positive trials of anti-amyloid antibodies, such as Clarity, aducanumab’s EMERGE, and donanemab’s TRAILBLAZER, all brought plaque below 25 centiloids. Negative trials, such as aducanumab’s ENGAGE and the recent GRADUATE studies of gantenerumab, did not. “We have to lower amyloid load to 25 or less to get a clinical effect,” Nitsch proposed.

Others concurred that the relationship between amyloid removal and clinical benefit may not be linear, but stepwise. Eisai has not yet shown data on the correlation between how much of a person’s plaque vanished and their clinical response in Clarity. Ron Petersen of the Rochester Mayo Clinic said that more data are needed on whether it makes a difference how fast amyloid was removed.

At CTAD, researchers debated whether the Clarity results are strong enough to validate plaque removal as a surrogate biomarker for disease slowing. Maria Carrillo of the Alzheimer’s Association made a case for this; others want to see more data. Van Dyck noted that plaques could well be a stand-in for smaller aggregates, which might be the toxic species responsible for cognitive decline. Grill suggested that downstream markers of tangle burden and neurodegeneration may be more important for predicting the cognitive effects of treatment.

Tangle, Inflammation Markers Down. Tau tangle spread slowed on lecanemab (top), while a fluid marker of astrogliosis fell (bottom). [Courtesy of Eisai.]

Alzheimer’s Biomarkers Down, Neurodegeneration Signals Mixed
Regarding those markers, CTAD provided a wealth of data. Bateman reported that on lecanemab, the Aβ42/40 ratio rose by about 60 percent in cerebrospinal fluid and 10 percent in plasma, while p-tau181 dropped around 16-18 percent in both. These measures became statistically different from placebo at six months, in tandem with the clinical benefits. Tau PET showed a slowing but not stoppage of tangle accumulation in the medial temporal lobe, and trends toward slowing in other brain regions, with the PET signal increasing about half as much as in controls. The astrogliosis marker GFAP fell about 15 percent on lecanemab, but rose 10 percent in those on placebo.

“I was particularly pleased to see the significant fall in plasma GFAP levels,” Dennis Selkoe of Brigham and Women’s Hospital, Boston, wrote to Alzforum. “This suggests a notable amelioration of an inflammatory component that is increasingly recognized as a main feature of AD.”

Neurodegeneration markers gave a more ambiguous picture. CSF total tau fell about 4 percent on lecanemab, while rising 15 percent on placebo. Neurogranin, which reflects synapse loss, normalized as well, falling about 15 percent. On the other hand, plasma NfL only trended toward improvement on lecanemab, while CSF NfL did not change.

As has been seen with other amyloid immunotherapies, structural MRI revealed more shrinkage of whole brain and of cortical thickness on lecanemab, and an expansion of the brain’s fluid-filled ventricles. Curiously, however, atrophy in the much smaller hippocampal region slowed. Brain atrophy used to be considered bad, and is used routinely as a diagnostic aid for many brain diseases. Alzheimerologists still do not know what to make of these findings. An early hypothesis—that gray matter shrinkage may reflect amyloid removal—is not in vogue anymore, but nothing else has emerged in its place. Knopman cautioned that the increase in ventricle size in particular deserves further study. “We are willing to ignore this finding now because we have a clinical benefit, which is the gold standard. But we need to keep it in mind,” he said.

Overall, the data support the idea that lecanemab modifies underlying biology, Bateman said. Eric Reiman of Banner Alzheimer’s Institute in Phoenix, whose abiding interest is in enabling prevention, believes these data will help facilitate future prevention trials for a range of drugs by clarifying how biomarker changes predict clinical outcomes.

ARIA Lower, but the Risk Is Real
Safety is a major concern for the widespread use of any amyloid immunotherapy. Eisai and Biogen previously announced that 12.6 percent of people taking lecanemab developed the brain edema known as ARIA-E. In San Francisco, Marwan Sabbagh of the Barrow Neurological Institute in Phoenix showed details. About one-quarter of ARIA-E cases came with symptoms, which were typically mild and cleared up within three to six months. Three people in the trial had severe symptoms, though Sabbagh did not identify what they were.

As expected, a person’s ARIA-E risk was driven by his or her APOE genotype. One-third of APOE4 homozygotes developed ARIA-E, compared to 10 percent of heterozygotes and 5 percent of noncarriers. For reference, in aducanumab’s Phase 3 trials, those percentages were 66, 36, and 20 (Dec 2021 news).

Researchers said the overall risk/benefit calculation favors lecanemab. “I view the safety profile to be acceptable,” Grill said. Nick Fox of University College London agreed. “Any risk is clearly important, but I believe many of my patients would be willing to take such a risk,” he wrote (full comment below).

Nonetheless, they cautioned that clinicians will need to understand well what concurrent illnesses might magnify their patients’ risk so they can counsel them appropriately. Recent reports of two deaths from brain hemorrhage in the lecanemab open-label extension have broadly publicized the issue. One was a man with atrial fibrillation who was taking blood thinners; the other, a woman with cerebral amyloid angiopathy who received tissue plasminogen activator after a stroke (see Science story).

Neither death has been definitively linked to lecanemab, but they have reignited discussion about whether blood thinners and tPA should be contraindicated for people taking lecanemab. Anticoagulant use was allowed in the Clarity trial, in part because Eisai felt it needed to collect these data to learn about the issue, Eisai’s Mike Irizarry told the audience during his presentation. Macrohemorrhages, defined as any brain bleed larger than 1 cm, came in at 0.7 percent in the treatment group, higher than the 0.2 percent in the placebo group. For people on anticoagulants, the rate of macrohemorrhage on lecanemab was 2.4 percent, a more than threefold increase.

“tPA and anti-Aβ antibodies perhaps should not be given to the same AD patient, especially in the presence of CAA,” said Mathias Jucker, Hertie Institute, Tuebingen. Twenty years ago, Jucker’s group described how both tPA and Aβ immunotherapy induced cerebral bleeding in mouse models with CAA, though the scientists did not test the combination (Winkler et al., 2002; Pfeifer et al., 2002).

Stepping Stone to Disease Modification?
With a decision on accelerated approval of lecanemab scheduled by January 6, researchers expect the drug to become clinically available in 2023 (Jul 2022 news). Fox noted that this will create a tremendous challenge for healthcare systems, which at present lack the resources to do the diagnosis, counseling, imaging, IV infusions, and MRI monitoring needed. Most clinics are unprepared to roll out amyloid immunotherapy quickly at a large scale.

Even so, researchers at CTAD liked that the Clarity cohort was more representative of the general AD population than were previous trial cohorts. It included 22.5 percent Hispanic and 4.5 percent black participants. The age range was broad, from 50 to 90 years old, and inclusion criteria were intentionally liberal, allowing people with common conditions such as hypertension, diabetes, obesity, hyperlipidemia, and heart disease to join. Selkoe noted that about one-fourth of AD patients in the general population would meet the Clarity inclusion criteria, suggesting many could qualify for lecanemab treatment.

Still, clinicians are cautious. “If I were to start using this in my clinic, I would target it at healthier patients with positive biomarkers but milder symptoms, less atrophy on MRI, no microhemorrhages, and no anticoagulation,” Musiek wrote. “Patients will need to be motivated, reliable, and have good access and support (as well as insurance) to successfully receive this therapy and keep up with the MRI monitoring.”

The Alzheimer’s Association in 2021 announced a registry study, dubbed ALZ-NET, to track the long-term risks and benefits of disease-modifying AD therapies (Nov 2021 conference news; Aug 2022 conference news). In San Francisco, Carrillo noted that ALZ-NET enrolled its first patient November 1. So far, all participating clinics are on the east coast of the U.S.; the association invites additional institutions to join.

The FDA already has a mechanism to ensure that risky drugs are safely administered. The Risk Evaluation and Mitigation Strategy (REMS) educates physicians on how best to use drugs with potential deleterious effects, and maintains a central database to track outcomes. Jason Karlawish of the University of Pennsylvania, Philadelphia, suggested the FDA require lecanemab use REMS. “The risk/benefit assessment is an ethically challenging Gordian knot. FDA and CMS should collaborate to assure this complicated drug’s transition from research into practice is net beneficial,” he wrote (full comment below).

In anticipation of approval and, potentially, insurance coverage, changes are already being set in motion across the research field. For example, leaders of longstanding observational cohorts that never disclosed amyloid status to their participants, such as AIBL and others, anticipate contacting them to inform them they can now find out their status and go on lecanemab if appropriate. Down’s syndrome researchers are considering running trials in the readiness cohorts they have been building among this population. Scientists at drug companies across the field are starting to prepare for testing their investigational drugs against lecanemab as background medication. And aducanumab researchers are hinting that—just you wait—this antibody is going to come off the sidelines in 2023, as well.

All researchers Alzforum spoke with stressed that lecanemab and other amyloid immunotherapies represent the beginning of disease-modifying therapies. Many estimate a 30 percent slowing may be the most that can be achieved with amyloid removal alone in a symptomatic population, especially in the presence of mixed pathology. They emphasized the need to explore anti-amyloid drugs in presymptomatic populations with biomarker evidence of only amyloid pathology, or amyloid and tau pathology. All eventually want active vaccines to reduce cost and open treatment to large populations across nations. Finally, they urge combination trials of different therapeutic approaches to build on this first signal. At CTAD, Lefkos Middleton of Imperial College London said, “We need to celebrate what we have, but keep investigating AD biology to find treatments that make a big difference.”—Madolyn Bowman Rogers & Gabrielle Strobel

Therapeutics Citations

  1. Lecanemab
  2. Aduhelm
  3. Donanemab

News Citations

  1. ApoE4 and Tau in Alzheimer’s: Worse Than We Thought? Especially in Women
  2. Aducanumab Still Needs to Prove Itself, Researchers Say
  3. Aduhelm Phase 3 Data: ARIA Is Common, Sometimes Serious
  4. Lecanemab: FDA Set Accelerated Approval Decision for January 2023
  5. Aduhelm Lowers Tau; Registry to Track Real-World Performance
  6. Bringing Aduhelm—and Antibodies to Come—Into Practice

Paper Citations

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    Thrombolysis induces cerebral hemorrhage in a mouse model of cerebral amyloid angiopathy.
    Ann Neurol. 2002 Jun;51(6):790-3.
    PubMed.
  2. .
    Cerebral hemorrhage after passive anti-Abeta immunotherapy.
    Science. 2002 Nov 15;298(5597):1379.
    PubMed.

Other Citations

  1. Sep 2022 news

External Citations

  1. Science
  2. Risk Evaluation and Mitigation Strategy

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China’s producer prices fall, consumer inflation slows on soft demand

  • PPI falls for a second month
  • Nov PPI -1.3% y/y vs -1.3% y/y in October
  • Nov CPI +1.6% y/y vs +2.1% y/y in October

BEIJING, Dec 9 (Reuters) – China’s factory-gate prices showed an annual fall for a second month in November while consumer inflation slowed, indicating weak activity and soft demand in an economy that has been held back by tough pandemic controls.

Analysts said they expected the government to keep interest rates low and take measures to boost confidence.

The producer price index (PPI) was down 1.3% on a year earlier, unchanged from an annual contraction seen in October, according to National Bureau of Statistics (NBS) data issued on Friday. That was slower than a 1.4% fall tipped in a Reuters poll.

The November consumer price index (CPI) rose at its slowest pace in eight months, climbing 1.6% from a year earlier, which was less than the 2.1% annual rise seen in October but in line with a Reuters poll.

“These data suggest the economic momentum (continues) to weaken,” said Zhiwei Zhang, chief economist at Pinpoint Asset Management.

A high-level political meeting on Tuesday, a gathering of the ruling Communist Party’s Politburo, emphasised that in 2023 the government would focus on stabilising growth, promoting domestic demand and opening up to the outside world.

Zhang said that, although the government had eased pandemic controls over the past week, it would take further measures to spur the economy.

“The Politburo meeting … identified weak confidence as a major problem for the economy,” he said. “I expect the government will do more to boost market and household confidence. The fast pace of reopening indicates the government’s sense of urgency.”

Growth in the world’s second-largest economy has sagged this year, largely impacted by the uncompromising COVID-19 curbs as global demand has also wavered.

The producer price deflation and milder consumer price inflation of November accompanied record COVID-19 infections and related curbs that disrupted production and curbed mobility.

Although markets have cheered the shift in pandemic policy, economists say it will likely depress growth over the next few months as infections surge, bringing an economic rebound only later in 2023.

Reuters Graphics

Producer deflation was led by the steel industry, in which prices were down 18.7%.

Part of the explanation for slower growth in consumer prices was in food markets.

Food prices were up 3.7% on a year earlier, whereas the rise seen in October was 7.0%. Within the food category, pork was a factor behind moderating inflation: it was 34.4% pricier in November than in the same month last year, but in October the annual rise had been 51.8%.

Underlying core annual inflation, which excludes volatile food and energy prices, was just 0.6% in November, unchanged from October

“The overall inflation pressure remains benign in China, and we expect the CPI inflation will be around 1.6% for 2023, down from 2.0% in 2022. Given this, the monetary policy will remain accommodative over the coming year,” said Hao Zhou, chief economist at Guotai Junan Group.

China’s central bank has kept its benchmark one-year loan prime rate at 3.65% since August. It expects consumer inflation to remain moderate next year.

Reporting by Liangping Gao and Liz Lee; Editing by Edmund Klamann and Bradley Perrett

Our Standards: The Thomson Reuters Trust Principles.

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China’s Exports Drop Sharply as Global Economy Slows

SINGAPORE—China’s exports to the rest of the world shrank unexpectedly in October, a sign that global trade is in sharp retreat as consumers and businesses cut back spending in response to central banks’ aggressive moves to tame inflation.

The slide in exports from the world’s factory floor adds to the gloom surrounding the global economy as leaders from the Group of 20 advanced and developing countries prepare to gather in Indonesia next week.

A buoyant U.S. labor market is showing signs of cooling as the Federal Reserve jacks up interest rates to tame high inflation. Many economists expect a recession in the U.S. within the next 12 months.

Europe is bracing for a difficult winter after Russia decided to throttle energy supplies in response to sanctions over the war in Ukraine. The European Central Bank raised interest rates by three-quarters of a percentage point for the second time in a row last month, but signaled mounting concerns about economic growth, prompting speculation among investors that it may soon dial back the pace of rate increases.

For China, the world’s second-largest economy, the sharp pullback in demand for its goods abroad removes a key prop for growth at a time when its economy is pressured by the government’s zero-tolerance approach to Covid-19 and a severe real-estate slump.

“It’s almost like it doesn’t have a leg to stand on,” said Steve Cochrane, chief economist for Asia Pacific at Moody’s Analytics in Singapore.

Chinese health officials said Saturday that China would stick to its tough Covid-prevention strategy, dashing hopes that had built up in recent days for an easing of strict pandemic measures following a closely watched Communist Party congress last month.

With growth slowing in the U.S., Europe and China, economists are downbeat about the global economy’s prospects this year and next. The International Monetary Fund warned last month that “the worst is yet to come,” saying it expects global gross domestic product to expand 3.2% this year, before slowing to 2.7% in 2023.

The China export slowdown “is a worrying sign for global growth,” said Duncan Wrigley, chief China economist at Pantheon Macroeconomics in London.

Exports from China declined 0.3% last month compared with a year earlier, China’s General Administration of Customs said Monday, the weakest pace of growth since May 2020, when trade was hobbled by countries’ early efforts to contain a worsening global pandemic. That was well below the expectations of economists polled by The Wall Street Journal, who had expected exports to increase 4% year over year.

Monday’s data showed exports to the U.S. fell 13% on the year in October, the third month of decline, while sales to the European Union fell 9%.

The data showed big falls in exports of products including home appliances and medical supplies, and weakening growth in exports of mobile phones and automobiles.

Other bellwether exporters in Asia, such as South Korea and Taiwan, have also reported faltering overseas sales, pointing to a broad slowdown in trade as the global economy loses momentum.

South Korea’s trade ministry said Nov. 1 that exports fell 5.7% in October compared with a year earlier, led by sinking exports of memory chips, petrochemicals and computers.

The cost of shipping containers full of goods around the world has fallen in recent months, as consumers retrench following a splurge on gadgets and home improvements while stuck at home during the depths of the pandemic. Prices for moving goods from Asia to the U.S. West Coast last week were 87% lower than the same time last year, according to data from online freight marketplace Freightos. Ocean carriers are canceling dozens of sailings on the world’s busiest routes during what is normally peak season.

The data showed weakening growth in Chinese exports of mobile phones and automobiles.



Photo:

Cfoto/Zuma Press

The decline in Chinese exports in October followed several months of slowing growth. Exports in September rose at an annual 5.7% rate, down from the double-digit pace Chinese exports posted around the middle of the year.

China’s imports from the rest of the world dropped 0.7% in October from a year earlier, underscoring weak domestic spending in China’s economy.

That was also weaker than the flat import performance expected by economists, which meant China’s trade surplus widened in October to $85.15 billion, from $84.7 billion in September.

Zichun Huang, an economist at Capital Economics, said in a note to clients Monday that he expects Chinese exports to fall further in the months ahead as the global economy slides closer to recession.

Weakening exports aren’t the only headwind facing the world’s second-largest economy.

Lockdowns have hurt economic activity throughout the year, and the threat of further measures to snuff out even the tiniest Covid-19 outbreaks means consumers are reluctant to spend and businesses hesitant to invest, compounding the drag from a deflating property bubble.

Economists say China is poised to fall well short of officials’ earlier goal of expanding 5.5% this year, and will likely record its worst 12 months for growth—aside from the first year of the pandemic—in decades.

Xiao Xiao in Beijing contributed to this article.

Write to Jason Douglas at jason.douglas@wsj.com

Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

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DraftKings Shares Have Worst Day Ever as User Growth Slows

(Bloomberg) — DraftKings Inc. plunged the most in its trading history on Friday as the sports-betting company said its user growth slowed in the third quarter.

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The number of monthly unique paying customers increased to 1.6 million in the quarter, short of the 2 million that analysts had projected. Customer growth was 22% compared with the prior year, down from 30% in the second quarter and 29% in the first quarter.

DraftKings competes with FanDuel, a division of Irish bookmaker Flutter Entertainment Plc, and other sportsbooks for market share as more US states legalize online sports betting. Investors are wondering whether rapid inflation will affect gamblers’ budgets, though DraftKings says it isn’t seeing an impact from the weakening economy so far.

Shares of DraftKings tumbled 27.8%, the biggest daily drop since the business began trading as a SPAC in 2019. The stock had already fallen 43% this year through Thursday’s close, compared with a 23% drop in the Russell 1000 Index.

Waiting for Profitability

The company is also facing pressure from Wall Street to become profitable. After years of pouring money into advertising, DraftKings says it is trying to be more efficient with its marketing. On an earnings call, Chief Executive Officer Jason Robins said the company is shifting its spending from local to national ads as it expands into more states.

Robins said he still expects the company will achieve positive adjusted earnings before interest, taxes, depreciation and amortization in the fourth quarter of next year. However, the initial 2023 guidance calls for a wider loss than analysts had estimated.

Jefferies LLC analyst David Katz said in a research note that “market patience remains thin” in the wait for profitability, even though DraftKings has enough cash on hand that “liquidity should not be a concern.”

The expected failure to legalize online sports betting in California in next week’s election will raise additional questions about how the company can keep growing. Robins said that he doesn’t expect the California referendum to pass.

DraftKings says its forecast assumes it will launch mobile sports betting in Maryland in the fourth quarter of 2022, in Ohio and Massachusetts in the first quarter of 2023, and in Puerto Rico in the third quarter of 2023.

Bloomberg News reported last month that DraftKings is nearing a large new partnership with Walt Disney Co.’s ESPN, which could widen its audience.

(Updates with trading in first and fourth paragraphs.)

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©2022 Bloomberg L.P.

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U.S. economy adds 263,000 jobs as labor market growth slows

Job growth continued to slow in September, in another sign that the labor market is cooling from its red-hot peak earlier this year, while remaining an area of strength for the U.S. economy.

Employers added 263,000 jobs last month, the Labor Department announced in its monthly jobs report Friday, ticking down from August and following months of strong job growth that has defined the pandemic recovery economy. It’s the lowest monthly increase since April 2021.

The unemployment rate fell to 3.5 percent, back to its level in February 2020, before the pandemic.

Even as other economic indicators soured in recent months, the labor market continued to boom. But the jobs outlook is shifting, with workers seeing moderated wage growth and employers slowing down hiring in anticipation of a slowdown in sales.

“Employers are mainly hiring for replacement rather than growth and expansion, and they’re focusing on essential roles,” ZipRecruiter economist Julia Pollak said. “But when push comes to shove, they’re still having to hire because they’re still seeing customers walking through the door and healthy sales.”

Ahead of Friday’s report, Wall Street forecasters had predicted a September figure of 250,000 jobs added.

The largest job gains were seen in leisure and hospitality, with 83,000 jobs added in September, one of the few sectors that has still not returned to its pre-pandemic levels — the industry is still 1.1 million jobs below its February 2020 level. Health care rose by 60,000 jobs, with strong gains in hospitals and ambulatory health services.

Professional and business services added 46,000 jobs. Temporary help services added 27,000 jobs. Losses in the temp industry are typically a bellwether for economic downturns.

Manufacturing, construction and wholesale trade continued to see strong growth. Transportation and warehousing, retail, government, and mining showed little change. Financial services employment declined slightly.

Nick Bunker, director of North American economic research for job site Indeed, said a slowing job market should not cause alarm.

“We have to change our expectations,” Bunker said. “The gains of earlier this year were astronomical, because we were in a very, very large hole when it came to jobs, and we are now getting something akin to full employment.”

Anxieties have flared over a potential downturn as the stock market has tumbled, inflation has soared and the housing market has cooled down. Nearly two-thirds of economists recently surveyed by Bankrate, a consumer financial services company, predicted a recession by mid-2024.

The Federal Reserve has warned that households and the labor market will experience some pain, as officials continue to raise interest rates to temper demand and thereby lower inflation. So far, the labor market has remained resilient, but it is far too early to see the full effects of the Fed’s monetary policy.

Other indicators suggest that the Fed is achieving its goal of softening the labor market without widespread layoffs.

Average hourly earnings continued to increase, but at a slower rate of 0.3 percent this month, to $32.46 an hour. Slower wage growth suggests that low-wage workers in particular are feeling the pinch of inflation even harder while employers have been able to attract workers without further increasing pay.

“To the extent that employers already raised wages earlier this year, those higher wages are still working to attract workers,” said Elise Gould, a senior economist at the Economic Policy Institute, a left-leaning think tank. “Wages aren’t falling, but they aren’t rising at the same rate.”

The labor force participation rate was little changed at 62.1 percent, an area where economists hoped to see more growth to ease labor shortages.

Employers in August had 10.1 million job openings, down about 10 percent compared with the previous month, according to a Labor Department report released Tuesday.

The continued tightness of the labor market has allowed workers to flex their muscles to demand better pay and working conditions. Last week, a three-day strike at San Francisco International Airport resulted in $5-an-hour raises for some 1,000 food service workers. Meanwhile, Amazon will face a union election next week at a warehouse near Albany, N.Y., which could result in the second unionized shop in the e-commerce giant’s vast logistics empire. (Amazon founder Jeff Bezos owns The Washington Post.)

But workers’ wage gains are still being wiped out by high inflation, which has disproportionately affected low-income households that devote a larger share of their income to food and housing, where prices have continued to rise sharply.

Jamika Ruffin, 29, makes $10 an hour as a cashier at a McDonald’s in Detroit, after seven years at the fast-food chain. She received a 25-cent raise in January but said that raise hasn’t gone far.

“We’re not living on these wages,” said Ruffin. “We’re surviving. The cost of living has gone up so much this year.”

Ruffin said she can’t always pay her phone bill and has to borrow money so that her daughter can go on field trips with her school. And at the end of the month, they visit soup kitchens for food.

The latest shifts in the labor market have helped some employers.

Jeff Ulmer, the owner of Action Hardware in Wilmington, Del., said he is having an easier time hiring after months of struggling to compete with larger employers for retail workers. High school students, he said, could find jobs at other places that start at $15 an hour, much more than he could afford to pay.

“We’ve had better luck recently,” Ulmer said. “The power between owner and employees had shifted, but it’s starting to go back the other way.”

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Appetite rises and fat burn slows if you eat later in day, study finds



CNN
 — 

We all know that eating later in the day isn’t good for our waistlines, but why? A new study weighed in on that question by comparing people who ate the same foods – but at different times in the day.

“Does the time that we eat matter when everything else is kept consistent?” said first author Nina Vujović, a researcher in the division of sleep and circadian disorders at Boston’s Brigham and Women’s Hospital.

The answer was yes – eating later in the day will double your odds of being hungrier, according to the study published Tuesday in the journal Cell Metabolism.

“We found that eating four hours later makes a significant difference for our hunger levels, the way we burn calories after we eat, and the way we store fat,” Vujović said. “Together, these changes may explain why late eating is associated with increased obesity risk reported by other studies and provide new biological insight into the underlying mechanisms.”

The study provides support for the concept that circadian rhythm, which influences key physiologic functions such as body temperature and heart rate, affects how our bodies absorb fuel, researchers said.

The study does show eating later results in “an increase in hunger, impacts hormones and also changes gene expression, especially in terms of fat metabolism with a tendency towards less fat breakdown and more fat deposition,” said Dr. Bhanu Prakash Kolla, a professor of psychiatry and psychology at the Mayo Clinic College of Medicine and a consultant to Mayo’s Center for Sleep Medicine and Division of Addiction Medicine.

While prior studies have linked later eating to weight gain, this study did not measure weight loss and can not show a causal link, said Kolla, who was not involved in the study. In addition, research has shown that skipping breakfast is linked to obesity, he said.

“So could these results be a result of skipping breakfast rather than eating late? That’s an effect to consider for this study,” Kolla said.

The study was small – only 16 overweight or obese people – but carefully planned to eliminate other potential causes of weight gain, the authors said.

“While there have been other studies investigating why late eating associates with an increased risk for obesity, this may be the most well controlled, including strictly controlling the amount, composition and timing of meals, physical activity, sleep, room temperature and light exposure,” said senior author Frank Scheer, director of the Medical Chronobiology Program in the Brigham’s Division of Sleep and Circadian Disorders.

All participants were in good health, with no history of diabetes or shift work, which can affect circadian rhythm, and had regular physical activity. Each person in the study kept to a strict healthy sleep/wake schedule for about three weeks and were provided with prepared meals at fixed times for three days before the lab experiment began.

Participants were then randomized into two groups. One group ate calorie-controlled meals at 8 a.m., noon and 4 p.m., while the other ate the same meals four hours later, at noon, 4 p.m. and 8 p.m. for the six days reported in the study. Measures of hunger and appetite were gathered 18 times each while tests for body fat, temperature and energy expenditures were gathered on three separate days.

After a break of a few weeks, the same participants reversed the procedure – those who had eaten earlier moved to the late eating group and vice versa, thus using each person as their own control.

Results showed that hunger pangs doubled for those on a night-eating regime. People who ate later in the day also reported a desire for starchy and salty foods, meat and, to a lesser extent, a desire for dairy foods and vegetables.

By looking at the results of blood tests, researchers were able to see why: Levels of leptin, a hormone which tells us when we feel full, were decreased for late eaters versus early eaters. In comparison, levels of the hormone ghrelin, which spikes our appetite, rose.

“What is new is that our results show that late eating causes an increase in the ratio of ghrelin and leptin averaged across the full 24-hour sleep/wake cycle,” Scheer said. In fact, the study found that the ratio of ghrelin to leptin rose by 34% when meals were eaten later in the day.

“These changes in appetite-regulating hormones fits well with the increase in hunger and appetite with late eating,” Scheer said.

When participants ate later in the day they also burned calories at a slower rate than when they ate at earlier times. Tests of their body fat found changes in genes that would impact how fat is burned or stored, the study found.

“These changes in gene expression would support the growth of fat tissue by formation of more fat cells, as well as by increased fat storage,” Scheer said.

It’s not known if these effects would continue over time, or on people who currently take medications for chronic disease, which were excluded from this study. Further study is needed, the authors said.

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Experimental Alzheimer’s drug slows cognitive decline in trial, firms say

An experimental Alzheimer’s drug slowed cognitive and functional decline by 27 percent in a closely watched clinical trial, the sponsors of the medication said Tuesday, increasing the therapy’s chance for approval as soon as early next year.

Japanese drugmaker Eisai and its American partner, Biogen, in a news release said the slowing of deterioration, compared with a placebo, was “highly statistically significant.” They said the drug, called lecanemab, had met the primary and secondary goals of the 18-month late-stage study. The trial results have not undergone peer review.

The upbeat news served as a stark contrast to the calamitous rollout last year of another drug, marketed as Aduhelm, sponsored by the two companies.

Like Aduhelm, lecanemab reduces abnormal clumps of beta amyloid, a hallmark of Alzheimer’s. But unlike Aduhelm, for which the data was confused and conflicting, the trial results for lecanemab told a straightforward and encouraging story, some experts said. Aduhelm was approved by the Food and Drug Administration, but Medicare refused to cover it broadly, and the drug collapsed in the marketplace.

“A 27 percent slowing of deterioration seems like a modest effect, but for patients with Alzheimer’s, this could be very meaningful,” said Gil Rabinovici, a neurologist at the University of California at San Francisco.

The trials for Aduhelm were shut down before they were completed, and a post-hoc analysis raised a raft of questions. But the lecanemab trial, called Clarity AD, was “completed according to protocol” and shows that “lowering amyloid at this stage can translate into a slowing of clinical decline,” Rabinovici said. “That is a huge breakthrough.”

Some other experts cautioned that the benefits of the drug were likely to be small and said they wanted to see the full data before reaching conclusions.

The companies have already applied to the FDA for accelerated approval for lecanemab, based on earlier-stage data. The FDA’s deadline for a decision is Jan. 6. The firms said the FDA has agreed that the results of the Clarity AD trial can serve as the confirmatory study to verify the clinical benefit of lecanemab. That process will continue to go forward.

But Eisai officials said Tuesday they will also seek full FDA approval for the drug after they get the expedited approval. Full approval would make it much more likely that the treatment would be covered by Medicare and other insurers.

The trial included almost 1,800 patients with mild cognitive impairment caused by Alzheimer’s or early-stage Alzheimer’s.

Eisai, which is taking the lead in developing the drug and working with regulatory authorities, said it will present the full results of the study in late November at an Alzheimer’s conference in San Francisco. The results also will be published in a medical journal, the company said.

Officials said the clinical trial participants were tested in several areas to gauge the pace of their decline, including memory, orientation and problem solving. Starting at six months, the companies said, the group that received the treatment did better than the placebo group. The treatment was administered intravenously twice a month.

The lecanemab group experienced side effects including brain swelling and bleeding — complications of anti-amyloid therapies — but the rates were within expectations, the companies said in the release.

Eisai officials also said the results showed that the “amyloid hypothesis” — which holds that removing amyloid plaques can slow the progression of the neurodegenerative disease — is valid. Critics have expressed skepticism about that approach because of multiple failures involving drugs targeting amyloid.

The trial results “prove the amyloid hypothesis, in which the abnormal accumulation of [beta amyloid] in the brain is one of the main causes of Alzheimer’s disease,” said Haruo Naito, Eisai’s chief executive officer.

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