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Here's a roundup of top developments in the biotech space over the last 24 hours.
(Biotech stocks hitting 52-week highs on Nov. 12)
(Biotech stocks hitting 52-week lows on Nov. 12)
COI Pharma, established by Avalon Ventures, said Merck & Co., Inc. (NYSE:MRK) had acquired Calporta Therapeutics for a total potential consideration of up to $576 million, including an upfront payment and contingent milestone payments.
Calporta develops selective small molecule agonists to TRPML 1, which play a key role in lysosomal function by promoting autophagy and lysosomal exocytosis. These TRPML 1 agonists are being evaluated in preclinical studies to treat various lysosomal storage and neurodegenerative disorders, including Alzheimer's and Parkinson's disease.
(Nuvectra Corp (NASDAQ: NVTR) said it has elected to file a voluntary petition for Chapter 11 bankruptcy protection. The company said it intends to use the court-supervised process to continue its review of options to maximize value and address its financial obligations.
The stock tumbled 76.22% to 33 cents in after-hours trading.
Seattle Genetics, Inc. (NASDAQ:SGEN) said it has submitted an arbitration demand to the American Arbitration Association to resolve its dispute with DAIICHI SANKYO/S ADR (OTC:DSNKY) regarding ownership of certain technology used by the latter in its metastatic breast cancer drug candidate DS-8201, [Fam-] trastuzumab deruxtecan, among other candidates.
Seattle Genetics said its demand is to place the dispute in arbitration in Seattle, Washington, where it belongs under the agreement, even as Daiichi Sankyo has filed a declaratory judgment action in the U.S. District Court for the District of Delaware.
See Also: Biotech Stock On The Radar: Alkermes At A Crossroads
Mallinckrodt PLC (NYSE:MNK) announced Phase 4 data on patient-reported outcomes for its Acthar Gel (repository corticotrophin injection), which showed improved disease measures that impact rheumatoid arthritis patients with persistently active disease, as early as Week 4, and resulted in clinically meaningful improvements in PROs.
The data was presented at the American College of Rheumatology/Association of Rheumatology Professionals 2019 annual meeting.
The stock rose 1.79% to $2.85 in after-hours trading.
NextCure Inc (NASDAQ:NXTC) shares, which received a price target cut at the hands of Bank of America on Tuesday, came under pressure in after-hours trading after it announced a proposed public offering of 3.2 million shares of its common stock.
The stock slid 8.85% to $34.10 in after-hours trading.
Reata Pharmaceuticals Inc (NASDAQ:RETA) said it plans to offer 2 million shares of its Class A common stock in an underwritten public offering.
The stock, which tumbled about 15% in the regular session Tuesday in reaction to a clinical readout, rose 1.46% to $185.50 in after-hours trading.
BioCryst announced intention to sell $55 million worth of its common stock in a follow-on offering. The stock declined 8.94% to $1.63 in after-hours trading.
Replimune Group Inc (NASDAQ:REPL) announced a proposed public offering of up to 5 million shares of its common stock. The shares fell 2.46% to $16.29 in after-hours trading.
Marker Therapeutics, Inc. (NASDAQ:MRKR) reported a loss of 12 cents per share for the third quarter, narrower than the loss of 32 cents per share a year ago, while analysts estimated a loss of 13 cents per share. The company also said its current cash position will be sufficient to fund operations at least until the fourth quarter of 2020.
The stock slipped 9.95% to $3.53 in after-hours trading.
Transenterix Inc's (NYSE:TRXC) third-quarter revenues slipped from $5.4 million in 2018 to $2 million in 2019. The adjusted loss per share widened from 6 cents to 9 cents. The results trailed expectations.
The stock tumbled 18.17% to 25 cents in after-hours trading.
Catalyst Pharmaceuticals Inc (NASDAQ:CPRX) reported net product revenues of $30.90 million in the third quarter of 2019 compared to no revenues a year ago. The company reversed to a profit of 13 cents per share from a loss of 8 cents per share in the year-ago quarter. The consensus estimate called for earnings per share of 11 cents.
The stock slipped 11.41% to $4.35 in after-hours trading.
HTG Molecular Diagnostics Inc (NASDAQ:HTGM) said its revenues increased from $4.71 million in the third quarter of 2018 to $5.40 million in the third quarter of 2019. The loss per share narrowed from 17 cent to 15 cents. The company forecast full-year revenues of $19 million to $20 million, below the $23.94 million consensus estimate.
The stock moved down 18% to 64 cents in after-hours trading.
Opiant Pharmaceuticals Inc's (NASDAQ:OPNT) third quarter revenues climbed notably from $4.37 million in 2018 to $20.64 million in 2019, thanks to a surge in royalty and licensing revenues. The company reversed from a loss of 32 cents per share to a profit of $2.64 per share. Analysts, on average, estimated a loss of 9 cents per share.
The stock jumped 31.76% to $20.70 in after-hours trading.
2019 Connective Tissue Oncology Society Annual Meeting Presentations
Deciphera Pharmaceuticals Inc (NASDAQ:DCPH) - initial Phase 1 data for DCC-3014 in solid tumors
• Liquidia Technologies Inc (NASDAQ:LQDA) (before the market open)
• Matinas BioPharma Holdings Inc (NYSE:MTNB) (before the market open)
• Alpine Immune Sciences Inc (NASDAQ:ALPN) (after the market close)
• Biocept Inc (NASDAQ:BIOC) (after the market close)
• DiaMedica Therapeutics Inc (NASDAQ:DMAC) (after the market close)
• Gamida Cell Ltd (NASDAQ:GMDA) (after the market close)
• Edap Tms SA (NASDAQ:EDAP) (after the market close)
• Cyclacel Pharmaceuticals Inc (NASDAQ:CYCC) (after the market close)
• Y-mAbs Therapeutics, Inc (NASDAQ:YMAB) (after the market close)
• Eyenovia Inc (NASDAQ:EYEN) (after the market close)
Posted In: ACAD AFMD AGN AKBA ALNA ALPN AMGN ARWR ASLN ATRS BCRX BIO BIOC BMY CELG CLRB CNSP COCP CPRX CRBP
