Here's Who is Developing COVID Vaccines in Los Angeles
Los Angeles biotech companies are in a race to create vaccines as the U.S. embarks on the largest public health initiative in generations.
On Friday, the FDA issued emergency authorization to Pfizer's COVID vaccine, paving the way for a massive mobilization effort across the country. Moderna has also submitted a vaccine, slated for review December 17.
But that won't bring an end to the need for vaccines.
"Let's face it, there are close to 7 billion people on this Earth, and most of them will need a vaccine," said City of Hope vaccine researcher Don J.Diamond. "No one company will want to devote the resources to vaccinating the world."
There are an estimated 237 vaccines under development globally, according to the Milken Institute's vaccine and treatment tracker. Most are still in early development; only 38 of them are in clinical trials. A majority of these vaccines will not make it to market.
Two vaccines are in phase one trials in Southern California. If those trials show the vaccine is safe, the companies will go on to test for effectiveness in phase two and three trials, which Milken estimates could take eight months.
California's first round of COVID-19 vaccine distributions could begin as early as next week, with 84,000 doses for healthcare workers on the frontlines with another shipment to follow later this month.
But experts are concerned that even with the FDA's approval and shipments on the way, the U.S. will not be able to meet its goal to get Americans vaccinated by summer.
Here's a look at the L.A. companies in the race toward that goal by developing new vaccines.
ImmunityBio
The El Segundo-based biotech company ImmunityBio is the furthest along. It started phase one trials of its vaccine at Hoag Hospital in Newport Beach in October with 35 patients.
No adverse reactions have been reported in the 20 individuals that have received low doses of the vaccines, so far.
The vaccine, called hAd5, uses engineered adenovirus that targets "spike" and "nucleocapsid" COVID proteins to generate antibodies that the company hopes will provide long-term immunity.
The CEO of ImmunityBio, Patrick Soon-Shiong, a biotech leader and billionaire who owns the umbrella company NantQwest and the Los Angeles Times, told the news organization two months ago that the biggest challenge to using adenovirus is that it is a common cold virus. Many already have developed antibodies that could hurt its effectiveness.
His late-stage immunotherapy company had been working with adenovirus in its development of drugs for cancer and infectious diseases
The two-dose vaccine in development wouldn't require frigid temperatures that Pfizer's vaccine needs.
The company sees promise. Last month, it found that T cells gathered from previously infected patients showed indications that an immune response could be triggered by the vaccine.
"As the virus continues to spread at an alarming rate, it is important that we develop COVID-19 vaccines that not only provide the population with protection from new infection through antibodies that block viral entry into cells, but also establish a robust T cell immune response to clear the virus from infected cells," said Soon-Shiong said in a statement announcing the findings.
City of Hope
A team at City of Hope's clinical research center for cancer, diabetes and diseases announced last month it entered a phase one clinical trials. The vaccine aims to stimulate antibodies and T cells that can block the virus from entering susceptible cell types such as those in the lungs.
The first volunteer, a City of Hope employee, is scheduled to receive the first dose of the vaccine on Friday.
Researchers at the Duarte-based biomedical treatment and research facility developed a synthetic platform technology that hosts the SARS-CoV-2 spike and nucleocapsid proteins known as an MVA.
The MVA then replicates DNA within other cells that ultimately leads to the production of Sars-CoV-2 proteins that triggers an immune response.
According to City of Hope, synthetic MVA is a safely modified version of the poxvirus that's been approved by the Food and Drug Administration for the prevention of smallpox and monkeypox. It's also included in the federal government's Strategic National Stockpile for lifesaving use during a public health emergency.
Like many other vaccines, City of Hope's would require two doses. It would need to be stored at 60 degrees celsius, not as cold as Pfizer's, but researchers are investigating whether it can be freeze dried and stored at room temperature. The trial is estimated to finish by the end of March 2021.
Capricor Therapeutics
The Beverly Hills-based clinical stage biotech company is in the early stages of developing an exosome-RNA vaccine with Johns Hopkins University that uses tiny particles secreted by cells as a natural drug delivery vehicle in the body.
"As a cell-free substance, exosomes can be stored, handled, reconstituted and administered in a similar fashion to common biopharmaceutical products, such as antibodies and other recombinant protein drugs," the company said in a statement.
The 15-year-old company is known for developing exosome-based therapeutics to treat conditions including Duchenne muscular dystrophy.
Capricor said it has also begun phase two of a clinical trial of a therapeutic for patients at high-risk that are infected with the virus. The study is enrolling high-risk patients to examine the long-term cardiac consequences of the virus.
**This story has been updated.
- Volunteers launch database for COVID-19 test centers across U.S. ... ›
- OnSite Waste's Plan to Sterilize Discarded Vaccine Needles - dot.LA ›
- Coronavirus Vaccines and Test Startups Are Being Supported by ... ›
- Milken Institute Launches COVID-19 Treatment and Vaccine Tracker ... ›
- City of Hope Starts COVID-19 Vaccine Trial - dot.LA ›
- Why Is It so Hard to Book a COVID Vaccine Appointment? - dot.LA ›
- This Twitter Bot Alerts LA Residents About Open Vaccine Appointments - dot.LA ›
Subscribe to our newsletter to catch every headline.
The interactive video platform lets creators like Eilish make money from ticket sales, subscriptions and even streamed ecommerce events. The company touts a long list of artist and industry partners, including Epic Games, Shopify, Microsoft, Adweek and Universal Music Group.
Tuesday's announcement comes after a year of steady growth for Maestro. The company said in a statement that revenue tripled in 2020. In the past six months, its team has grown five times over.
And since May, when the company launched its monetization features, creators on the platform have secured "millions of dollars."
Especially during COVID-19, platforms like Maestro have opened up new streams of business for celebrities. Music streaming companies like Wave, Mandolin, Veeps and Looped Live have become more attractive to investors as creators find new ways to tour virtually. But it's unclear whether these sites will hold onto viewers post-pandemic.
"Maestro gives artists greater flexibility and control to build the most engaging and customized events for their fans, allowing creators at any stage of their career to put together a world class live stream event," Sony Music Entertainment's Dennis Krooker said in a press release.
"We serve the creator as a partner in their journey and the achievement of their dreams," founder and CEO Ari Evans added.
The Series B bumps Maestro's total funding to $22 million. NetEase, Acronym Venture Capital and Michael and Amy Morhaime, former executives at Blizzard, contributed to the round.
A list of existing investors — SeventySix Capital, The Strand Partners, Stadia Ventures, Hersh Interactive Group, and Transcend Fund, and early Zoom employees Richard Gatchalian and Aaron Lewis — also participated.
The Opportunity
Several startup founders and musicians are looking to this incipient market not just as a means of selling digital collectibles, but as a unique way to offer fans exclusive, paid experiences.
"Any new avenue of potential profit is exciting in the music industry, considering the lack thereof from streaming and [the need to rely on] touring," said Brian Spencer, one half of the L.A.-based musical duo FINKEL.
There's nothing new about creators offering fans exclusive perks. What is new is that they can now be linked to an NFT that also functions as a "key" or "passport." Many artists are hoping this linkage can stoke demand for perks, thanks to the innate human attraction to ownership.
"There's a lot of psychological evidence that owning things matters a lot to people," said Valentin Haddad, a professor at UCLA Anderson School of Management who studies how and why people make financial decisions.
He pointed to the so-called "endowment effect," which, research has suggested, makes people value things more when they own them, simply because they own them. Since NFTs are a certificate of ownership, linking them to an experience – like a backstage pass, or a producer credit – should boost the value fans see in those experiences, Haddad said.
"I think the idea of tying some experiences, tying something more special, to the object [underlying the NFT] is going to increase," he said. "We're going to see lots of creativity."
Illmind is auctioning 10 NFTs linked to audio files he created that owners can use royalty free.
Rikin Mantri's recently launched NFT-minting and -trading platform, Curio, has sold about $130,000 worth of tokens tied to graphic novel characters the company licensed, and it plans to expand soon into other IP, including music. Mantri sees the eye-popping prices capturing headlines as indicative of a bubble, but thinks NFTs have enduring potential.
"We think NFTs have a strong use case in building digital collectible collections and offering experiences around those collectibles," he said. "It's a completely new incremental revenue stream."
Kings of Leon, the Grammy-winning band, released their new album last month alongside a series of NFTs, six of which were high-end "golden ticket" versions that granted token owners lifetime front-row concert tickets. In February, 3LAU, a DJ, auctioned off a topshelf NFT that entitled one fan to creatively direct a new composition.
Rapper Post Malone is planning to sell an NFT linked to a private game of beer pong. Illmind, a Grammy-winning DJ, is auctioning 10 NFTs linked to audio files he created that owners can use royalty free. Electronic musician Aphex Twin recently turned an NFT into a digital scavenger hunt. And Logan Paul, a YouTuber, linked an NFT to the opportunity to watch him unbox rare Pokémon cards.
Other creators are taking a less experiential and more charitable approach to offering NFT products. Street-artist Shepard Fairey, best known for designing the Obama "Hope" poster, is working with East Hollywood-based Verisart to auction off a digital artwork as an NFT, and donating the proceeds to Amnesty International. Pussy Riot, a Russian feminist punk rock group led by activist Nadya Tolokonnikova, recently minted four NFTs tied to a video produced by young AR pioneer Asad Malik of La Cañada-based Jadu, some of the proceeds of which went to a shelter for domestic abuse survivors.
Meanwhile as the metaverse inches closer, the range of perks and experiences that can be tied to NFTs is growing. One sign of things to come is Decentraland, a virtual world with its own blockchain-enabled currency that has hosted digital parties that require NFT-ownership for entry.
Financial Stake
The same technology that enables these unlockable perks, whether digital or in-person, also allows artists to retain a financial stake in all future sales of the NFTs they issue. Stipulations like sending 10% of the price paid for an NFT to a specified bank account can be executed automatically: thus the term "smart contract."
Smart contracts are one element that distinguishes the Ethereum blockchain, on which most NFTs run, from the blockchain that underpins Bitcoin and many other cryptocurrencies.
They're also what could make NFTs helpful to smaller artists in particular. Since smart contracts can theoretically automate tasks like preventing fraud and scalping, they open up new opportunities.
"It's giving artists lots of access to ways to share experiences and share things that big artists could always do [but] small artists couldn't," Haddad said. "The benefits are likely to accrue to the top, but I think it will benefit everybody by creating a better way to exchange with your fans."
Artists' NFT Concerns
One downside to NFTs is the high volume of electricity they use, which can harm the environment. That's turning some artists away from them for now.
FINKEL is unlikely to pursue NFTs until the environmental concerns can be addressed, Spencer said.
One way of doing so could be a shift in how the blockchain works. Validating who owns what on a blockchain has largely relied so far on a method called "proof-of-work," which requires intensive computation that uses an immense amount of electricity. Some observers say an alternative method, called "proof-of-stake", would require less and could be less environmentally harmful. Although proof-of-stake has not been widely adopted, Ethereum has publicly stated it wants to transition to it, in part because of its environmental benefits.
Beyond environmental concerns, some artists bridle at NFT perks because of their inherent exclusivity and transactional nature.
Rebecca Arango, aka Oddnesse, thinks the tactic could perpetuate what she views as a deeper problem underlying the tenuous financial situation that many musicians find themselves in: fans have lost the human connection they once had with the artists behind the music they love.
"It's like the music just comes and goes and it'll always be there, and if one artist goes broke and gives up, there's always another one where that came from," she said.
But she concedes she may be fighting an uphill battle.
"I'm still going to advocate for the [intrinsic] value of the songwriting and the records," said Arango. "[But] if people are really into owning these digital tokens, I'll have to get with the program."
