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Here's a roundup of top developments in the biotech space over the last 24 hours:
(Biotech stocks that hit 52-week highs March 19.)
(Biotech stocks that hit 52-week lows March 19.)
See also: 8 Biotechs With Coronavirus Vaccines In Development
Generic drugmaker Mylan NV (NASDAQ:MYL) said it has restarted production of hydrochloroquine sulfate tablets at a West Virginia manufacturing facility to meet the potential for increased demand due to its potential effectiveness in treating COVID-19.
These tablets are approved by the FDA to treat malaria, lupus erythematosus and rheumatoid arthritis.
The product, though not currently approved for use in treating COVID-19, is listed by the WHO as a drug under investigation for efficacy against the coronavirus.
Mylan said it can begin supplying the product by mid-April, and with the active pharmaceutical ingredient it currently has, it can ramp up manufacturing to provide 50 million tablets to potentially treat more than 1.5 million patients.
The stock was trading 16.14% higher to $17.27 in Friday's premarket session.
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Lexicon Pharmaceuticals, Inc. (NASDAQ:LXRX) said it will close out early two long-term outcome studies of Type 1 diabetes drug Zynquista, dubbed SCORED and SOLOIST, citing the unlikelihood of the materialization of a near-term partnership that was expected to fund the studies and the uncertainties related to the effects of the COVID-19 pandemic on trial results.
These two studies were meant to assess the benefits of the drug and support labeling for heart failure and chronic kidney disease.
Lexicon said it hopes it has has sufficient exposure data and cardiovascular events to satisfy all requirements for Type 2 diabetes. This shift, according to the company, will help conserve financial resources and prioritize its portfolio to advance pipeline drugs such as telotristat ethyl in biliary tract cancer and LX9211 in neuropathic pain.
Masimo Corporation (NASDAQ:MASI) said it has entered into a definitive agreement to acquire German ventilation company TNI medical AG. In August 2019, Masimo disclosed an investment in TNI that included an exclusive option to buy the company.
"Due to COVID-19, there has been increasing demand for TNI's softFlow technology," Masimo CEO Joe Kiani said in a statement.
"We believe this technology will provide clinicians with important additional tools to address the growing number of people affected by pulmonary diseases and respiratory-related illnesses, including those suffering from COVID-19."
Moleculin Biotech Inc (NASDAQ:MBRX) reported a narrower loss of 32 cents per share in the fourth quarter of 2019. The company said its cash reserves at the end of 2019 and additional funding received subsequent to the end of the year will suffice to meet it operating expenses through the third quarter of 2020.
In premarket trading Friday, Moleculin shares were gaining 13.85% to 74 cents.
Vaxart Inc's (NASDAQ:VXRT) fourth-quarter loss narrowed from 69 cents in 2018 to 13 cents in 2019, in line with the consensus estimate. Revenues rose from $1.77 million to $3.92 million.
The stock was trading 15.1% higher at $2.21 in Friday's premarket session.
Related Link:
The Week Ahead In Biotech: COVID-19 Updates, Tapering Earnings Flow, Eton's Seizure Drug Review
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