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Feds fund research that could slash US cancer deaths by 50%

HOUSTON – (Sept. 26, 2023) – The Advanced Research Projects Agency for Health (ARPA-H) has awarded $45 million to rapidly develop sense-and-respond…

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HOUSTON – (Sept. 26, 2023) – The Advanced Research Projects Agency for Health (ARPA-H) has awarded $45 million to rapidly develop sense-and-respond implant technology that could slash U.S. cancer-related deaths by more than 50%.

Credit: Credit: Brandon Martin/Rice University

HOUSTON – (Sept. 26, 2023) – The Advanced Research Projects Agency for Health (ARPA-H) has awarded $45 million to rapidly develop sense-and-respond implant technology that could slash U.S. cancer-related deaths by more than 50%.

The award to a Rice University-led team of researchers from seven states will fast-track development and testing of a new approach to cancer treatment that aims to dramatically improve immunotherapy outcomes for patients with ovarian, pancreatic and other difficult-to-treat cancers.

“Instead of tethering patients to hospital beds, IV bags and external monitors, we’ll use a minimally invasive procedure to implant a small device that continuously monitors their cancer and adjusts their immunotherapy dose in real time,” said Rice bioengineer Omid Veiseh, principal investigator (PI) on the ARPA-H cooperative agreement. “This kind of ‘closed-loop therapy’ has been used for managing diabetes, where you have a glucose monitor that continuously talks to an insulin pump. But for cancer immunotherapy, it’s revolutionary.”

Rice President Reginald DesRoches said, “Rice is proud to be the recipient of the second major funding award from the ARPA-H, a new funding agency established last year to support research that catalyzes health breakthroughs. The research Rice bioengineer Omid Veiseh is doing in leading this team is truly groundbreaking and could potentially save hundreds of thousands of lives each year. This is the type of research that makes a significant impact on the world.”

The team includes engineers, physicians and multidisciplinary specialists in synthetic biology, materials science, immunology, oncology, electrical engineering, artificial intelligence and other fields spanning 20 different research labs. The project and team are named THOR, an acronym for “targeted hybrid oncotherapeutic regulation.” THOR’s implant, or “hybrid advanced molecular manufacturing regulator,” goes by the acronym HAMMR.

Dr. Amir Jazaeri, a co-PI and professor of gynecologic oncology at the University of Texas MD Anderson Cancer Center, summarized the clinical need and potential of the technology as follows: “Cancer cells are continually evolving and adapting to therapy. However, currently available diagnostic tools, including radiologic tests, blood assays and biopsies, provide very infrequent and limited snapshots of this dynamic process. As a result, today’s therapies treat cancer as if it were a static disease. We believe THOR could transform the status quo by providing real-time data from the tumor environment that can in turn guide more effective and tumor-informed novel therapies.”

The THOR team includes 19 co-PIs from Rice, MD Anderson, Georgia Institute of Technology, Stanford University, Carnegie Mellon University, Northwestern University, the University of Houston, Johns Hopkins University, the Chicago-based startup CellTrans and New York City-based Bruder Consulting and Venture Group.

The THOR cooperative agreement includes funding for a first-phase clinical trial of HAMMR for the treatment of recurrent ovarian cancer. The trial is slated to begin in the fourth year of THOR’s 5 1/2-year project.

“The technology is broadly applicable for peritoneal cancers that affect the pancreas, liver, lungs and other organs,” said Veiseh, an associate professor of bioengineering at Rice and a CPRIT Scholar with the Cancer Prevention and Research Institute of Texas. “The first clinical trial will focus on refractory recurrent ovarian cancer, and the benefit of that is that we have an ongoing trial for ovarian cancer with our encapsulated cytokine ‘drug factory’ technology. We’ll be able to build on that experience. We have already demonstrated a unique model to go from concept to clinical trial within five years, and HAMMR is the next iteration of that approach.”

The THOR award will be administered through the Rice Biotech Launch Pad, a new medical innovation and commercialization initiative. Directed by Veiseh, the initiative aims to rapidly turn Rice-discovered technologies into medical treatments that cure diseases and improve lives.

THOR is the second program funded under ARPA-H’s inaugural Open Broad Agency Announcement solicitation for research proposals. The first is a $24 million project to boost immune cell function led by Emory University that was awarded Aug. 23.

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Video:

https://youtu.be/FruCjsGvCsg
DESCRIPTION: Funded by a $45 million grant from the Advanced Research Projects Agency for Health, or ARPA-H, the THOR Project is a first-of-its-kind approach to cancer treatment that aims to dramatically improve immunotherapy outcomes for patients with ovarian, pancreatic and other difficult-to-treat cancers. (Video by Brandon Martin/Rice University)

Image downloads:

https://news-network.rice.edu/news/files/2023/09/0925_THOR-053BMar-hammr-lg.jpg
CAPTION: A prototype of the “hybrid advanced molecular manufacturing regulator,” or HAMMR, a “closed-loop,” drug-producing implant smaller than an adult’s finger that is being developed to treat ovarian, pancreatic and other difficult-to-treat cancers. The implant, which is small enough to be implanted with minimally invasive surgery, will be able to  continuously monitor a patient’s cancer and adjust their immunotherapy dose in real time. It is under development by a Rice University-led team of researchers from eight universities and two companies in seven states and is supported by a $45 million award from the Advanced Research Projects Agency for Health that includes funding for a first-phase clinical trial for recurrent ovarian cancer within five years. (Photo by Brandon Martin/Rice University)

https://news-network.rice.edu/news/files/2023/09/0925_THOR-HAMMR-fig-lg.jpg
CAPTION: A figure illustrating how a “closed-loop” implant called HAMMR (short for “hybrid advanced molecular manufacturing regulator”) will be used to treat recurrent ovarian cancer. The implant, which is small enough to be implanted with minimally invasive surgery, is being developed by a Rice University-led team of researchers from eight universities and two companies in seven states. The Advanced Research Projects Agency for Health awarded $45 million to fast-track development of the implant, which includes funding for a first-phase clinical trial within five years. (Figure courtesy of Veiseh Lab/Rice University)

https://news-network.rice.edu/news/files/2023/09/0925_THOR-ajov222bm-lg2k.jpg
CAPTION: Omid Veiseh (right) and Amir Jazaeri in Veiseh’s Rice University laboratory in August 2023. Veiseh is principal investigator on the “targeted hybrid oncotherapeutic regulation” (THOR) project, a $45 million program that the Advanced Research Projects Agency for Health (ARPA-H) is funding to fast-track the development of a small implant that can continuously monitor a patient’s cancer and adjust their immunotherapy dose in real time. Veiseh is an associate professor of bioengineering at Rice and a CPRIT Scholar with the Cancer Prevention and Research Institute of Texas. Jazaeri, a THOR co-principal investigator, is a professor of gynecologic oncology at the University of Texas MD Anderson Cancer Center, vice chair for clinical research in MD Anderson’s Department of Gynecologic Oncology and Reproductive Medicine and director of MD Anderson’s Gynecologic Cancer Immunotherapy Program. (Photo by Brandon Martin/Rice University)

https://news-network.rice.edu/news/files/2023/09/0925_THOR-0119Bmar156-Veiseh-lg.jpg
CAPTION: Omid Veiseh, an associate professor of bioengineering at Rice University, is the principal investigator on the THOR Project. Short for “targeted hybrid oncotherapeutic regulation,” THOR is a $45 million program by the Advanced Research Projects Agency for Health (ARPA-H) to fast-track development of a small implant that can continuously monitor a patient’s cancer and adjust their immunotherapy dose in real time. (Photo by Brandon Martin/Rice University)

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https://news.rice.edu/news/2023/rice-biotech-launch-pad-accelerator-aims-rapidly-turn-medical-and-health-discoveries

‘Drug factory’ implants eliminate mesothelioma tumors in mice – Aug. 22, 2022
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THOR investigators:

Omid Veiseh* – Rice University

Isaac Hilton – Rice University

Laura Segatori – Rice University

Oleg Igoshin – Rice University

Jacob Robinson – Rice University

Jonathan Rivnay – Northwestern University

Shana Kelley – Northwestern University

Tzahi Cohen-Karni – Carnegie Mellon University

Rahul Panat – Carnegie Mellon University

Douglas Weber – Carnegie Mellon University

Josiah Hester – Georgia Institute of Technology

Yingyan Lin – Georgia Institute of Technology

Ken Chen – MD Anderson Cancer Center

Amir Jazaeri – MD Anderson Cancer Center

Nathan Reticker-Flynn – Stanford University

Jamie Spangler – Johns Hopkins University

Weiyi Peng – University of Houston

Susan Drapeau – Bruder Consulting

José Oberholzer – Cell Trans

*Principal investigator

Links:

ARPA-H: arpa-h.gov

Veiseh lab: veisehlab.rice.edu

Rice Biotech Launch Pad: biotechlaunchpad.rice.edu

Rice Bioengineering: bioengineering.rice.edu

George R. Brown School of Engineering: engineering.rice.edu

This release can be found online at news.rice.edu.

Follow Rice News and Media Relations via Twitter @RiceUNews.

Located on a 300-acre forested campus in Houston, Rice University is consistently ranked among the nation’s top 20 universities by U.S. News & World Report. Rice has highly respected schools of Architecture, Business, Continuing Studies, Engineering, Humanities, Music, Natural Sciences and Social Sciences and is home to the Baker Institute for Public Policy. With 4,240 undergraduates and 3,972 graduate students, Rice’s undergraduate student-to-faculty ratio is just under 6-to-1. Its residential college system builds close-knit communities and lifelong friendships, just one reason why Rice is ranked No. 1 for lots of race/class interaction and No. 4 for quality of life by the Princeton Review. Rice is also rated as a best value among private universities by Kiplinger’s Personal Finance.

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Homes listed for sale in early June sell for $7,700 more

New Zillow research suggests the spring home shopping season may see a second wave this summer if mortgage rates fall
The post Homes listed for sale in…

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March 11, 2024

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  • A Zillow analysis of 2023 home sales finds homes listed in the first two weeks of June sold for 2.3% more. 
  • The best time to list a home for sale is a month later than it was in 2019, likely driven by mortgage rates.
  • The best time to list can be as early as the second half of February in San Francisco, and as late as the first half of July in New York and Philadelphia. 

Spring home sellers looking to maximize their sale price may want to wait it out and list their home for sale in the first half of June. A new Zillow® analysis of 2023 sales found that homes listed in the first two weeks of June sold for 2.3% more, a $7,700 boost on a typical U.S. home.  

The best time to list consistently had been early May in the years leading up to the pandemic. The shift to June suggests mortgage rates are strongly influencing demand on top of the usual seasonality that brings buyers to the market in the spring. This home-shopping season is poised to follow a similar pattern as that in 2023, with the potential for a second wave if the Federal Reserve lowers interest rates midyear or later. 

The 2.3% sale price premium registered last June followed the first spring in more than 15 years with mortgage rates over 6% on a 30-year fixed-rate loan. The high rates put home buyers on the back foot, and as rates continued upward through May, they were still reassessing and less likely to bid boldly. In June, however, rates pulled back a little from 6.79% to 6.67%, which likely presented an opportunity for determined buyers heading into summer. More buyers understood their market position and could afford to transact, boosting competition and sale prices.

The old logic was that sellers could earn a premium by listing in late spring, when search activity hit its peak. Now, with persistently low inventory, mortgage rate fluctuations make their own seasonality. First-time home buyers who are on the edge of qualifying for a home loan may dip in and out of the market, depending on what’s happening with rates. It is almost certain the Federal Reserve will push back any interest-rate cuts to mid-2024 at the earliest. If mortgage rates follow, that could bring another surge of buyers later this year.

Mortgage rates have been impacting affordability and sale prices since they began rising rapidly two years ago. In 2022, sellers nationwide saw the highest sale premium when they listed their home in late March, right before rates barreled past 5% and continued climbing. 

Zillow’s research finds the best time to list can vary widely by metropolitan area. In 2023, it was as early as the second half of February in San Francisco, and as late as the first half of July in New York. Thirty of the top 35 largest metro areas saw for-sale listings command the highest sale prices between May and early July last year. 

Zillow also found a wide range in the sale price premiums associated with homes listed during those peak periods. At the hottest time of the year in San Jose, homes sold for 5.5% more, a $88,000 boost on a typical home. Meanwhile, homes in San Antonio sold for 1.9% more during that same time period.  

 

Metropolitan Area Best Time to List Price Premium Dollar Boost
United States First half of June 2.3% $7,700
New York, NY First half of July 2.4% $15,500
Los Angeles, CA First half of May 4.1% $39,300
Chicago, IL First half of June 2.8% $8,800
Dallas, TX First half of June 2.5% $9,200
Houston, TX Second half of April 2.0% $6,200
Washington, DC Second half of June 2.2% $12,700
Philadelphia, PA First half of July 2.4% $8,200
Miami, FL First half of June 2.3% $12,900
Atlanta, GA Second half of June 2.3% $8,700
Boston, MA Second half of May 3.5% $23,600
Phoenix, AZ First half of June 3.2% $14,700
San Francisco, CA Second half of February 4.2% $50,300
Riverside, CA First half of May 2.7% $15,600
Detroit, MI First half of July 3.3% $7,900
Seattle, WA First half of June 4.3% $31,500
Minneapolis, MN Second half of May 3.7% $13,400
San Diego, CA Second half of April 3.1% $29,600
Tampa, FL Second half of June 2.1% $8,000
Denver, CO Second half of May 2.9% $16,900
Baltimore, MD First half of July 2.2% $8,200
St. Louis, MO First half of June 2.9% $7,000
Orlando, FL First half of June 2.2% $8,700
Charlotte, NC Second half of May 3.0% $11,000
San Antonio, TX First half of June 1.9% $5,400
Portland, OR Second half of April 2.6% $14,300
Sacramento, CA First half of June 3.2% $17,900
Pittsburgh, PA Second half of June 2.3% $4,700
Cincinnati, OH Second half of April 2.7% $7,500
Austin, TX Second half of May 2.8% $12,600
Las Vegas, NV First half of June 3.4% $14,600
Kansas City, MO Second half of May 2.5% $7,300
Columbus, OH Second half of June 3.3% $10,400
Indianapolis, IN First half of July 3.0% $8,100
Cleveland, OH First half of July  3.4% $7,400
San Jose, CA First half of June 5.5% $88,400

 

The post Homes listed for sale in early June sell for $7,700 more appeared first on Zillow Research.

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February Employment Situation

By Paul Gomme and Peter Rupert The establishment data from the BLS showed a 275,000 increase in payroll employment for February, outpacing the 230,000…

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March 9, 2024

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By Paul Gomme and Peter Rupert

The establishment data from the BLS showed a 275,000 increase in payroll employment for February, outpacing the 230,000 average over the previous 12 months. The payroll data for January and December were revised down by a total of 167,000. The private sector added 223,000 new jobs, the largest gain since May of last year.

Temporary help services employment continues a steep decline after a sharp post-pandemic rise.

Average hours of work increased from 34.2 to 34.3. The increase, along with the 223,000 private employment increase led to a hefty increase in total hours of 5.6% at an annualized rate, also the largest increase since May of last year.

The establishment report, once again, beat “expectations;” the WSJ survey of economists was 198,000. Other than the downward revisions, mentioned above, another bit of negative news was a smallish increase in wage growth, from $34.52 to $34.57.

The household survey shows that the labor force increased 150,000, a drop in employment of 184,000 and an increase in the number of unemployed persons of 334,000. The labor force participation rate held steady at 62.5, the employment to population ratio decreased from 60.2 to 60.1 and the unemployment rate increased from 3.66 to 3.86. Remember that the unemployment rate is the number of unemployed relative to the labor force (the number employed plus the number unemployed). Consequently, the unemployment rate can go up if the number of unemployed rises holding fixed the labor force, or if the labor force shrinks holding the number unemployed unchanged. An increase in the unemployment rate is not necessarily a bad thing: it may reflect a strong labor market drawing “marginally attached” individuals from outside the labor force. Indeed, there was a 96,000 decline in those workers.

Earlier in the week, the BLS announced JOLTS (Job Openings and Labor Turnover Survey) data for January. There isn’t much to report here as the job openings changed little at 8.9 million, the number of hires and total separations were little changed at 5.7 million and 5.3 million, respectively.

As has been the case for the last couple of years, the number of job openings remains higher than the number of unemployed persons.

Also earlier in the week the BLS announced that productivity increased 3.2% in the 4th quarter with output rising 3.5% and hours of work rising 0.3%.

The bottom line is that the labor market continues its surprisingly (to some) strong performance, once again proving stronger than many had expected. This strength makes it difficult to justify any interest rate cuts soon, particularly given the recent inflation spike.

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Mortgage rates fall as labor market normalizes

Jobless claims show an expanding economy. We will only be in a recession once jobless claims exceed 323,000 on a four-week moving average.

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March 8, 2024

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Everyone was waiting to see if this week’s jobs report would send mortgage rates higher, which is what happened last month. Instead, the 10-year yield had a muted response after the headline number beat estimates, but we have negative job revisions from previous months. The Federal Reserve’s fear of wage growth spiraling out of control hasn’t materialized for over two years now and the unemployment rate ticked up to 3.9%. For now, we can say the labor market isn’t tight anymore, but it’s also not breaking.

The key labor data line in this expansion is the weekly jobless claims report. Jobless claims show an expanding economy that has not lost jobs yet. We will only be in a recession once jobless claims exceed 323,000 on a four-week moving average.

From the Fed: In the week ended March 2, initial claims for unemployment insurance benefits were flat, at 217,000. The four-week moving average declined slightly by 750, to 212,250


Below is an explanation of how we got here with the labor market, which all started during COVID-19.

1. I wrote the COVID-19 recovery model on April 7, 2020, and retired it on Dec. 9, 2020. By that time, the upfront recovery phase was done, and I needed to model out when we would get the jobs lost back.

2. Early in the labor market recovery, when we saw weaker job reports, I doubled and tripled down on my assertion that job openings would get to 10 million in this recovery. Job openings rose as high as to 12 million and are currently over 9 million. Even with the massive miss on a job report in May 2021, I didn’t waver.

Currently, the jobs openings, quit percentage and hires data are below pre-COVID-19 levels, which means the labor market isn’t as tight as it once was, and this is why the employment cost index has been slowing data to move along the quits percentage.  

2-US_Job_Quits_Rate-1-2

3. I wrote that we should get back all the jobs lost to COVID-19 by September of 2022. At the time this would be a speedy labor market recovery, and it happened on schedule, too

Total employment data

4. This is the key one for right now: If COVID-19 hadn’t happened, we would have between 157 million and 159 million jobs today, which would have been in line with the job growth rate in February 2020. Today, we are at 157,808,000. This is important because job growth should be cooling down now. We are more in line with where the labor market should be when averaging 140K-165K monthly. So for now, the fact that we aren’t trending between 140K-165K means we still have a bit more recovery kick left before we get down to those levels. 




From BLS: Total nonfarm payroll employment rose by 275,000 in February, and the unemployment rate increased to 3.9 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in health care, in government, in food services and drinking places, in social assistance, and in transportation and warehousing.

Here are the jobs that were created and lost in the previous month:

IMG_5092

In this jobs report, the unemployment rate for education levels looks like this:

  • Less than a high school diploma: 6.1%
  • High school graduate and no college: 4.2%
  • Some college or associate degree: 3.1%
  • Bachelor’s degree or higher: 2.2%
IMG_5093_320f22

Today’s report has continued the trend of the labor data beating my expectations, only because I am looking for the jobs data to slow down to a level of 140K-165K, which hasn’t happened yet. I wouldn’t categorize the labor market as being tight anymore because of the quits ratio and the hires data in the job openings report. This also shows itself in the employment cost index as well. These are key data lines for the Fed and the reason we are going to see three rate cuts this year.

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