Investors have deserted Relay after RLY-2608 failed to produce any clear response in breast cancer patients, but it maintains underlying data represent proof-of-concept for a more targeted and less toxic competitor to Novartis's Piqray.

The FDA placed a partial hold on the VELA study of BLU-222 due to some patients experiencing visual toxicity, but the company anticipates reporting data and said it is near identifying Phase II dose.

The FGFR inhibitor beats prior entrants on efficacy in cholangiocarcinoma, although Relay presented data at ESMO for its investigational RLY-4008 showing especially high efficacy and tolerability.

Biopharma stock prices overall are trending down again, but standout firms are raising cash, including the first company to price an IPO over $100m since May, Third Harmonic. Also, Sarepta and Alnylam launched large note offerings, totaling $1bn and $900m, respectively.