Today's Daily Dose brings you news about AzurRx BioPharma's clinical trial catalyst to watch out for in September; Celldex's progress in breast cancer trial; CEL-SCI's registered direct offering; EDAP's Q2 financials; ImmunoCellular's plans to achieve cost savings and extend operating runway, and allegations against PetMed.
Read on...
AzurRx BioPharma Inc. (AZRX) has reached the 6th patient enrollment point in the ongoing 12-15 patient open-label Phase IIa trial of MS1819 for the treatment of exocrine pancreatic insufficiency associated with chronic pancreatitis.
Data from the first six patients in the study are expected in September 2017.
The Company reported positive interim data related to the first three patients in the phase IIa study in the second quarter.
AZRX closed Wednesday's trading at $3.60, down 1.91%.
Celldex Therapeutics Inc. (CLDX) has completed patient enrollment in its phase 2b study of Glembatumumab vedotin in patients with metastatic triple negative breast cancers that overexpress gpNMB, dubbed METRIC.
gpNMB is a protein expressed by multiple tumor types, including breast cancer. Overexpression of gpNMB has been shown to promote the migration, invasion and metastasis of the disease. It is highly expressed in triple negative breast cancers, where it is associated with increased risk of recurrence and poor clinical outcome, according to the Company.
The topline data from the study is expected to be reported in the second quarter of 2018.
CLDX closed Wednesday's trading at $2.32, unchanged from the previous day's close.
Shares of CEL-SCI Corp. (CVM) fell more than 15%, following a $3.5 million registered direct offering.
In connection with the offering, the Company will issue approximately 1.75 million registered shares of common stock at a purchase price of $2.00 per share. Concurrently in a private placement, the Company will issue warrants to purchase up to 1.75 million shares of its common stock.
CVM closed Wednesday's trading at $1.93, down 15.72%.
EDAP TMS SA (EDAP) has slipped to a loss of EUR 1.7 million (USD 2.0 million) or EUR 0.06 per share in the recent second quarter of 2017 compared to net income of EUR 2.5 million (USD 2.8 million), or EUR 0.09 per share in the year-ago period.
Total revenue for the second quarter 2017 was EUR 9.3 million (USD 10.4 million), compared to EUR 8.2 million (USD 9.2 million) for the second quarter of 2016, a 13.7% increase and the highest second quarter revenue in EDAP's history.
At June 30, 2017, the Company had cash of EUR 18.6 million (USD 21.2 million).
EDAP closed Wednesday's trading at $2.74, up 6.49%.
Shares of ImmunoCellular Therapeutics Ltd. (IMUC) plunged more than 16% in extended trading on Wednesday after the Company spelled out its plan to achieve cost savings and extend operating runway, among other things.
The Company noted that it is in the process of reducing its operating expenses through personnel and facility reductions. Improving liquidity by obtaining additional financing through the issuance of financial instruments such as equity and warrants or through the receipt of grants and awards is also being considered.
Additionally, the Company continues to evaluate its strategic alternatives, which may include a potential merger, consolidation, reorganization or other business combination, as well as the sale of the Company or the Company's assets.
IMUC closed Wednesday's trading at $0.36, down 3.74%. In after-hours, the stock fell another 16.69% to $0.30.
Lannett Co. Inc. (LCI) has reported financial results for its fiscal 2017 fourth quarter and full year ended June 30, 2017. In the coming year, the Company expects a solid increase in net revenues compared with fiscal 2017.
For the fiscal 2017 fourth quarter, net income rose to $5.72 million or $0.16 per share from $3.59 million or $0.10 per share in the year-ago quarter. Sales for the recent fourth quarter dropped to $139.1 million from $168.9 million in the fourth quarter of fiscal 2016.
Looking ahead to fiscal 2018, Lannett expects sales to be in the range of $655 million to $665 million. The Company's sales in fiscal 2017 were $637.3 million.
LCI closed Wednesday's trading at $16.10, up 3.21%. In after-hours, the stock was up 1.83% to $16.39.
Online pet pharmacy PetMed Express Inc. (PETS) has denied all allegations regarding its marketing practices, published by Aurelius Value.
In its report titled "Exploiting America's Opioid Epidemic", Aurelius Value alleges that PetMed, through the use of Google ads and other marketing practices, is aggressively marketing Tramadol, prescribed by veterinarians for pets with arthritis or other debilitating ailments, to human opiate addicts and drug users.
In a statement issued on Wednesday, PetMed clarified that although it dispenses Tramadol and Gabapentin, which represent less than 1% of annual revenue, it is done exclusively pursuant to valid prescriptions from veterinarians for the treatment of animals only. The Company is mulling legal action against the author(s) of the report.
The Company said that the "report" was intended to severely manipulate its stock price downward in support of short sellers.
PETS closed Wednesday's trading at $36.22, down 8.09%.
Xenetic Biosciences Inc.'s (XBIO) Annual Meeting of stockholders has been rescheduled for October 5, 2017.
The Company said that its 2017 Annual Meeting of Stockholders scheduled for Wednesday, August 16, 2017, was convened and dismissed, without any business being conducted, due to lack of the requisite quorum.
XBIO closed Wednesday's trading at $2.64, up 1.54%.
For comments and feedback contact: editorial@rttnews.com
Business News