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Plus, news about Basilea, TME Pharma and Perceive Biotherapeutics: Septerna stops work on Phase 1: The newly public biotech ended a healthy volunteer trial for SEP-786, its hypoparathyroidism candidate, after “unanticipated events of elevated unconjugated bilirubin levels.” The company had been targeting a readout in the middle of this year, CEO Jeffrey Finer told Endpoints News at last month’s JP Morgan Healthcare Conference. The biotech now expects to select a follow-up candidate “to accelerate toward the clinic later this year to quickly regain momentum with our PTH1R program,” Finer said Tuesday. Multiple drugmakers are doing work in the rare endocrine disorder field, and Ascendis’ hypoparathyroidism drug was recently approved. Septerna’s stock $SEPN was down about 63% on Tuesday morning. — Kyle LaHucik FDA approves Sanofi’s Merilog: It’s the first FDA-approved, fast-acting insulin biosimilar to Novo Nordisk’s NovoLog, and is now the third insulin biosimilar approved by the agency to treat diabetes. — Alexis Kramer Basilea abandons MRSA drug ahead of clinic entry: The Swiss biotech decided not to exercise its option for its endolysin candidate, dubbed tonabacase, because it didn’t meet “stringent risk-return criteria.” Basilea licensed the option for tonabacase from iNtRON Biotechnology back in 2023 and did a preclinical assessment of the candidate last year. — Ayisha Sharma German cancer biotech has new eye focus: TME Pharma is planning to establish a “new entity” focused on the “rapid advancement” of NOX-E36 for ophthalmic indications, with support from private investors. The company said it has enough supply of the drug for initial preclinical and clinical studies. TME is also looking for a strategic partner for its lead asset, dubbed NOX-A12, for glioblastoma. — Ayisha Sharma Ophthalmology biotech reveals $15M Series A: Johnson & Johnson’s corporate venture arm, Deerfield Management and other investors are backing Perceive Biotherapeutics. The small molecule startup, a spinout of Perceive Pharma, is working on “neuroprotective therapeutics” for glaucoma and other eye conditions. — Kyle LaHucik