BioShares Biotechnology Clinical Trials (BBC): $22.07, +$0.37, +19.9% YTD

BioShares Biotechnology Products (BBP): $37.11, +$0.64, +13.3% YTD

 

 

MARKET COMMENTARY

 

U.S. stock index futures traded higher supported by speculation about U.S. President Donald Trump’s promise to announce on Wednesday "a big tax reform and tax reduction." AT&T, Edwards Lifesciences, Chipotle Mexican Grill and Texas Instruments are some of the major companies scheduled to report quarterly results later in the day. On the economic front, investors will look forward to new home sales and S&P CoreLogic Case-Shiller composite index of 20 metropolitan areas. European shares rose, while gold and the Japanese yen retreated on growing confidence that the market-friendly Emmanuel Macron would beat far-right rival Marine Le Pen to become the next French president. Asian bourses ended higher. Oil prices steadied after six straight days of losses.

 

 

MARKET HIGHLIGHTS

 

SillaJen, Inc. and Transgene have enrolled the first European patient in the ongoing multinational randomized Phase 3 open-label study of Pexa-Vec (formerly JX-594), in patients with advanced liver cancer, also known as hepatocellular carcinoma (HCC). The trial is evaluating the use of Pexa-Vec to treat HCC patients who have failed locoregional therapies and are eligible for treatment with sorafenib (Nexavar®), the only approved systemic treatment for advanced HCC. The European patient was enrolled at Azienda Ospedaliero-Universitaria Hospital in Parma, Italy.  The enrollment of the first European patient triggers a $4 million USD milestone to be paid to SillaJen by Transgene.

 

Bristol-Myers Squibb and Transgene announced a new clinical research collaboration to evaluate the safety, tolerability and efficacy of Transgene’s investigational therapeutic vaccine TG4010 in combination with Bristol-Myers Squibb’s Opdivo (nivolumab) + standard chemotherapy (CT) as a first-line treatment for advanced non-squamous non-small cell lung cancer (NSCLC) in patients whose tumors have low or undetectable levels of PD-L1. The Phase II clinical trial will explore the potential of combining Transgene’s TG4010, an investigational therapeutic vaccine designed to generate an immune response against MUC1 expressing tumors such as NSCLC, in conjunction with Bristol-Myers Squibb’s immune checkpoint inhibitor, Opdivo, designed to alleviate immune suppression. Both therapies will be combined with standard chemotherapy in first line NSCLC patients. The Phase II trial will evaluate objective tumor responses, and disease control in patients provided the regimen of TG4010 + Opdivo + CT, whose tumors express low and undetectable levels of PD-L1. In addition, the study will evaluate safety and tolerability of this regimen together with other efficacy metrics. This multi-center single-arm trial is expected to deliver first results in 2018. Under the terms of the agreement, Transgene will be the sponsor of the trial. Bristol-Myers Squibb will provide Opdivo for use in the study.

 

Clinigen Group plc.’s Idis Managed Access division and Onxeo S.A have agreed to launch a Managed Access Program for belinostat (Beleodaq®) in Europe. Belinostat is for use in patients with relapsed or refractory peripheral T-cell lymphoma.  The programm allows physicians to request belinostat for individual patients for whom alternative treatment options are not currently available. This enables patients on a named patient basis in Europe to benefit from belinostat treatment ahead of a potential European approval.

 

Heron Therapeutics announced today the appointment of Robert E. Hoffman as Chief Financial Officer and Senior Vice President, Finance.  Prior to joining Heron, Mr. Hoffman served as Executive Vice President and Chief Financial Officer of Innovus Pharmaceuticals, Inc.

 

Ignyta announced that Ignyta management will host a conference call and live webcast on April 27, 2017, at 1:30 PM Pacific time to provide a comprehensive program update on entrectinib – an orally available, CNS-active tyrosine kinase inhibitor targeting tumors that harbor TRK, ROS1 or ALK fusions – currently being studied in a registration-enabling Phase 2 clinical trial known as STARTRK-2.

 

DelMar Pharmaceuticals announced that it has entered into a three-year collaboration with Duke University to evaluate VAL-083, the Company’s platform compound, as a front-line treatment for newly diagnosed patients with glioblastoma multiforme ("GBM").  Under the terms of the collaboration, DelMar will fund a series of pre-clinical studies to be conducted by Duke University’s Glioblastoma Drug Discovery Group to evaluate VAL-083, either alone or in combination with other agents, for activity against a range of glioblastoma subtypes (personalized drug development). The goal of the research will be to identify molecular characteristics of GBM tumors that are more likely to respond to VAL-083, and not the standard of care, temozolomide, as a front-line treatment or through combination therapies.

 

Paratek Pharmaceuticals today presented new data from a Phase 1 study confirming that its once-daily oral and IV, broad spectrum investigational antibiotic omadacycline effectively penetrates lung tissue and epithelial lining fluid and has a broad antimicrobial activity against those bacteria most commonly associated with community-acquired bacterial pneumonia (CABP). Data from a second Phase 1 study evaluating the safety of omadacycline compared to tigecycline reported no serious adverse events following IV treatment with either compound and reported that omadacycline was associated with a lower incidence of gastrointestinal adverse events compared to tigecycline. The new findings were presented at the annual meeting of the European Congress of Clinical Microbiology and Infectious Diseases (ECCMID 2017) in Vienna, Austria.

 

VBL Therapeutics announced that new data on VB-111 will be presented at the upcoming American Society of Clinical Oncology (ASCO) 2017 Annual Meeting, to be held June 2-6 in Chicago, Illinois, as well as in the 20th Annual Meeting of the American Society of Gene & Cell Therapy (ASGCT), to be held May 10-13 in Washington, DC.

 

Santhera Pharmaceuticals announced that Jodi Wolff, PhD, will represent Santhera as a founding member of the United Mitochondrial Disease Foundation (UMDF) Industry Advisory Council (IAC) with immediate effect.

 

Moberg Pharma AB expands retail presence for a second Dermoplast® product in 7,500 CVS stores and 3,500 Walmart stores. Opening orders are expected to ship in April.  Dermoplast® was acquired from Prestige Brands, Inc. in December 2016, contributing to sales and profitability as of January 2017. There are two products under the Dermoplast brand and the additional distribution means that both products are now available at all three main retailers, Walmart, Walgreens and CVS. The brand is also listed in additional drugstores, such as RiteAid, mass retailers such as Target, and is also sold directly to hospitals. Retail presence is now expanded to 7,500 CVS locations and 3,500 Walmart locations across the U.S, driving growth for Dermoplast® which is expected to become the second largest brand for Moberg Pharma. 

 

Biogen reported 1Q17 non-GAAP EPS of $5.20, which compares to $4.79 for the same period a year ago. The company beat the non-GAAP EPS mean estimate of $4.98. Total revenues for 1Q17 were $2.81 billion, which compares to $2.73 billion for the same period a year ago. This compares to a mean estimate of $2.73 billion.

 

Reuters reported that Eli Lilly reported a bigger-than-expected quarterly adjusted profit as sales of its newest products, including a diabetes injection, more than doubled. Lilly posted a net loss of $110.8 million, or 10 cents per share, for the first quarter ended March 31, compared with a profit of $440.1 million, or 41 cents per share, a year earlier. The company recognized a charge of $857.6 million in the latest quarter related to the acquisition of CoLucid Pharmaceuticals, which the drugmaker bought in January for about $960 million. Excluding items, the company earned 98 cents per share, above the average analyst estimate of 96 cents, according to Thomson Reuters I/B/E/S. Revenue rose 7.5 percent to $5.23 billion, ahead of the average analyst estimate of $5.22 billion.

 

Reuters reported that Novartis‘ first-quarter core net income fell 4%, as the company’s spending to kick start sales at its eyecare unit Alcon and for its heart failure drug Entresto weighed again on earnings. Core net income fell to $2.69 billion, beating the $2.67 billion average forecast of analysts in a Reuters poll. Sales fell 1% to $11.54 billion, compared to the $11.6 billion average estimate in the poll. The company confirmed its 2017 outlook, with core operating income expected to be broadly in line with last year or to decline at a low-single-digit rate.

 

Fresenius Kabi agreed to acquire Akorn for approximately $4.3 billion, or $34 a share, plus the assumption of approximately $450 million of debt. The transaction is expected to close by early 2018 and to be accretive in 2018 to Fresenius Group net income and EPS, excluding integration costs. The agreement and transaction were approved by the boards of both companies and will be recommended by Akorn’s board to its shareholders. The transaction is subject to approval by Akorn shareholders and other customary closing conditions, including regulatory review under the Hart-Scott-Rodino Antitrust Improvements Act. Akorn also announced that based on a preliminary review of Q1 results, it is reaffirming its previously announced 2017 guidance, excluding any one-time costs related to the transaction with Fresenius Kabi. Fresenius Kabi’s financial advisers for the transaction were Credit Suisse and Moelis, with Allen & Overy acting as its primary legal adviser. J.P. Morgan Securities served as Akorn’s financial adviser, and Cravath, Swaine & Moore and Polsinelli PC served as its legal advisers. Following the news, Piper Jaffray analyst David Amsellem downgraded the stock to “neutral” from “overweight” and increased his price target to $34 from $29; Jefferies analyst David Steinberg downgraded to “hold” from “buy” and increased his price target to $34 from $24; RBC analyst Randall Stanicky increased his price target to $34 from $21; Craig Hallum analyst Matt Hewitt downgraded the stock to “hold” from “buy” and decreased his price target to $34 from $36; William Blair analyst Tim Lugo downgraded the stock to “market perform” from “outperform;” Gabelli analyst Kevin Kedra downgraded the stock a “hold” from “buy.”

 

Catabasis Pharmaceuticals announced additional favorable results across multiple functional assessments in the MoveDMD trial at the American Academy of Neurology 69(th) Annual Meeting. In Part B of the MoveDMD trial, designed to evaluate the potential of edasalonexent in the treatment of Duchenne muscular dystrophy (DMD), numerical improvements were seen in prespecified rate change analyses across five functional assessments. These results are in addition to and consistent with the numerical improvements in the same functional assessments with edasalonexent compared to placebo after 12 weeks of edasalonexent treatment.

 

Servier and CTI BioPharma jointly announced that they agreed to expand their existing license and development collaboration agreement for PIXUVRI (pixantrone). Under this expanded agreement, Servier will have rights to PIXUVRI in all markets except the U.S, where CTI BioPharma will retain the commercialization rights. Servier will pay CTI BioPharma €12 million with the potential for CTI BioPharma to receive €76 million in additional sales and regulatory milestone payments as well as royalties on net product sales. PIXUVRI has been granted conditional marketing authorization from the EC for the treatment of adult patients with multiply relapsed or refractory aggressive non-Hodgkin B-cell lymphoma (NHL). As a specific post-authorization requirement, PIXUVRI is currently being investigated in a Phase III clinical trial, PIX306. If positive, the results from this trial will confirm the treatment’s current indication and could support broader indications.

 

Epizyme announced that the FDA has granted Fast Track designation to tazemetostat, the Company’s first-in-class EZH2 inhibitor, for the treatment of patients with relapsed or refractory follicular lymphoma, either wild type EZH2 or with EZH2 activating mutations. Fast Track designation is intended to provide expedited processes for the development and FDA review of drugs that may reduce development time and costs associated with bringing a drug to market.

 

Capricor Therapeutics announced positive top-line results from a safety and exploratory efficacy analysis of six-month data from the randomized 12-month Phase I/II HOPE Clinical Trial of CAP-1002 (allogeneic cardiosphere-derived cells), an investigational candidate for the treatment of patients with Duchenne muscular dystrophy, or DMD. Duchenne muscular dystrophy is a rare, life-threatening genetic disorder for which treatment options are limited.

 

uniQure announced that AMT-060, its proprietary, investigational gene therapy in patients with severe hemophilia B, has received PRIME designation by the EMA. This designation is based on results from the ongoing, dose-ranging Phase I-II study that show a near cessation of spontaneous bleeding in patients with severe disease at up to 12 months follow-up, clinically significant and sustained increases in Factor IX (FIX) and substantial reductions in FIX replacement usage.

 

Amgen announced an expanded commercial collaboration with Novartis for erenumab, which is being investigated for the prevention of migraine. This expanded commercial collaboration builds on a global neuroscience collaboration in Alzheimer’s disease and migraine established in 2015 between Novartis and Amgen. This expanded collaboration leverages Novartis’ strong and established presence in neuroscience to more effectively reach people with migraine. The companies have agreed to combine capabilities to co-commercialize erenumab in the U.S. Amgen retains exclusive commercialization rights in Japan. Novartis gains exclusive rights to commercialize erenumab in Canada, and retains its existing commercialization rights in rest of the world. The companies will continue global co-development.

 

OncoMed Pharmaceuticals announced a significant reduction in its workforce to focus internal efforts on the advancement of three clinical-stage programs to key milestones and continued immuno-oncology drug discovery and development, while seeking to partner select pipeline assets. OncoMed will reduce its workforce by approximately 50 percent, resulting in 64 remaining full-time employees. Through implementation of the plan, OncoMed expects to realize significant cost savings of approximately $60 million over the next two years associated with personnel and operating expenses. The company anticipates having sufficient cash to fund operations through Q3 2019, excluding any revenue generated from existing partnerships or potential new partnering arrangements.

 

Orexigen Therapeutics announced that Health Canada has completed its screening phase and accepted for review a New Drug Submission for marketing approval of Contrave (naltrexone HCl and bupropion HCl). The regulatory submission was filed by Valeant Canada, an affiliate of Valeant Pharmaceuticals International. If approved, Valeant will market and distribute Contrave in Canada as part of its distributorship agreement with Orexigen, executed in August 2016.

 

Jazz Pharmaceuticals announced positive top-line efficacy results from the global, double-blind, placebo-controlled, randomized-withdrawal, multicenter Phase II/III study evaluating Xyrem (sodium oxybate) oral solution, CIII, in the treatment of cataplexy in pediatric patients with narcolepsy. Xyrem demonstrated statistically significant differences in the primary and key secondary efficacy endpoints that measured the change in the weekly number of cataplexy attacks, the Clinical Global Impression of Change scale (CGIc) for the severity of cataplexy, and the Epworth Sleepiness Scale (ESS) for children and adolescents (CHAD) score compared to placebo. The preliminary safety results were consistent with the results previously observed in Xyrem studies in adults and our Xyrem post-marketing experience.

 

Allergan announced that it has been granted marketing authorization from the FDA for TrueTear Intranasal Tear Neurostimulator, the first and only FDA-cleared device developed to temporarily increase tear production during neurostimulation in adult patients.

 

BioVie announced the signing of a Cooperative Research and Development Agreement (CRADA) to conduct a Phase IIa clinical trial of BIV201 in patients with refractory or intractable ascites due to advanced liver cirrhosis. The study is titled: Safety and pharmacodynamic activity of low-dose terlipressin delivered by continuous intravenous infusion in patients with cirrhosis and refractory ascites requiring recurrent large volume paracentesis."

 

Sanofi and Regeneron Pharmaceuticals announced that the FDA approved the companies’ new sBLA for a once-monthly (every four weeks), 300 mg dose of Praluent (alirocumab) Injection for the treatment of adults with high low-density lipoprotein (LDL) cholesterol.

 

Sanofi Genzyme, the specialty care global business unit of Sanofi, announced positive new six-year investigational data from a post-hoc analysis of the extension study of Lemtrada (alemtuzumab) in patients with relapsing remitting multiple sclerosis (RRMS). These data will be presented at the 69th American Academy of Neurology (AAN) Annual Meeting.

 

Sanofi Genzyme, the specialty care global business unit of Sanofi, announced that new investigational data evaluating the effect of Aubagio (teriflunomide) on cortical gray matter atrophy in patients with a first clinical episode suggestive of MS will be presented at the 69th American Academy of Neurology (AAN) Annual Meeting. Data from the Phase III TOPIC study show Aubagio had a consistent and significant effect on reducing cortical gray matter atrophy across all time points evaluated over two years. Cortical gray matter is a part of the central nervous system that makes up the outer surface of brain tissue of the cerebral hemispheres. Gray matter is believed to be associated with cognitive function.

 

OpGen announced that it has presented preliminary results supporting its Acuitas Rapid Test in development to detect antibiotic resistant genes and the use of predictive algorithms from its Acuitas Lighthouse Knowledgebase to predict antibiotic susceptibility. The results were presented at the 27(th) European Congress of Clinical Microbiology and Infectious Diseases (ECCMID) in Vienna, Austria.

 

Galectin Therapeutics announced that the Company has received a Decision to Grant from the Japanese Patent Office for its patent application for "Composition of Novel Carbohydrate Drug for Treatment of Human Diseases." When issued, the patent will extend coverage of the Company’s lead compound, GR-MD-02, to Japan. The patent coverage period extends through 2032.

 

Aquinnah Pharmaceuticals announced that two additional pharmaceutical companies,Pfizer and AbbVie, have invested in Aquinnah’s work to treat ALS (Amyotrophic Lateral Sclerosis), Alzheimer’s disease and other neurodegenerative diseases.

 

Mast Therapeutics and Savara, a privately-held, clinical-stage specialty pharmaceutical company focused on the development and commercialization of novel therapies for the treatment of serious or life-threatening rare respiratory diseases, announced the anticipated exchange ratio calculated under the January 6, 2017 merger agreement.

 

Abeona Therapeutics announced that updated Phase I/II clinical trial data on the EB-101 gene therapy program and supportive natural history data for patients with Recessive Dystrophic Epidermolysis Bullosa (RDEB) will be highlighted at the upcoming Society for Investigative Dermatology (SID) conference to be held April 26-29, 2017 in Portland, OR. B-101 was administered to non-healing chronic wounds [mean length of time wounds were unhealed (unclosed) was 8.5 years] on each subject and assessed for wound healing at predefined time points over years. The primary endpoint of the clinical trial is to assess safety and evaluate wound closure compared to untreated wounds. Secondary endpoints include expression of full-length C7 and restoration of anchoring fibrils at three and six months post-administration. Significant wound healing, defined as >75% closure from baseline, was observed in 94% (27/36 grafts) at 3 months, 67% (16/24 grafts) at 6 months and 50% (12/24 grafts) at 12 months post-administration. In addition, C7 collagen expression and morphologically normal NC2 reactive anchoring fibrils – the “zipper” that holds skin onto the underlying tissue and the primary deficit in RDEB patients – have been observed in tissue biopsies in the 4 subjects that are through two years of follow-up. By comparison, all untreated control wounds remained unhealed (0% wound closure) over the same time frame. Importantly, all subjects (n=35) in the supportive natural history study failed to close wounds (0% wound healing) using a comparison product of non-gene corrected keratinocyte graft (Apligraf) treatment by 7 weeks post-application.

 

PhaseRx announced that the EMA’s) Committee for Orphan Medicinal Products (COMP) has issued a positive opinion recommending orphan medicinal product (orphan drug) designation for PRX-OTC for the treatment of ornithine transcarbamylase deficiency (OTCD). OTCD is a rare genetic disorder characterized by a complete or partial lack of the enzyme ornithine transcarbamylase, an essential urea cycle enzyme that facilitates the break down and removal of ammonia from the body.

 

Theravance Biopharma announced the presentation of positive new data from several studies of VIBATIV (telavancin),the Company’s proprietary FDA-approved antibiotic.  Study results highlighted greater in vivo and in vitro potency for VIBATIV against difficult-to-treat Staphylococcus aureus (S. aureus) pathogens as compared to other commercialized antibiotics.  Additionally, presented findings included results from a study evaluating the pharmacokinetics of VIBATIV in obese subjects.  These data were presented at the 27th European Congress of Clinical Microbiology and Infectious Diseases (ECCMID), which is being held in Vienna, Austria, April 22-25, 2017.

 

Coherus BioSciences announced that it completed the initial phases of the Biologics Price Competition and Innovation Act (BPCIA) patent exchange procedure with Amgenfor Coherus’ Neulasta (pegfilgrastim) biosimilar candidate, CHS-1701.  Of the two patents originally listed by Amgen in the process, the parties have reached agreement on a single patent for potential litigation, U.S. patent 8,273,707 (the ‘707 patent), directed to a method for purifying the product. Under the provisions of the BPCIA patent dance, Amgen is subject to a 30-day deadline, expiring on May 11, 2017, to file a patent infringement suit against Coherus under the ‘707 patent.  Failure to do so will result in Amgen’s loss of injunctive rights under the patent, limiting any potential recovery to monetary damages. Litigation has not yet been initiated.

 

RepliCel Life Sciences announced the granting of a key patent in the United States (U.S. Patent No. 9,616,182) covering significant components of the Company’s novel, multi-needle dermal injection device.

 

Asterias Biotherapeutics announced that following a regularly scheduled interim review of safety data from its SCiStar Phase I/IIa clinical trial of AST-OPC1 for acute spinal cord injury, the study’s Data Monitoring Committee (DMC) recommended continuation of enrollment for the 10 million cell and 20 million cell dose cohorts in the study, as planned.

 

Can-Fite BioPharma announced that Barzilai Medical Center’s Institutional Review Board (IRB) has approved the Phase III ACRobat trial protocol and patient enrollment for the study at the 627-bed hospital in Ashkelon, Israel. This marks the first of several expected IRB approvals in medical centers in Israel, Europe and Canada.

 

ObsEva announced commencement of its Phase III clinical program evaluating gonadotropin-releasing hormone (GnRH) receptor antagonist OBE2109 for the treatment of uterine fibroids (UF). The first clinical centers are opened and started the recruitment of patients. The program is comprised of PRIMROSE 1 and PRIMROSE 2, two double-blind, placebo-controlled, Phase III international clinical trials in women with heavy menstrual bleeding (HMB) associated with UF.

 

Voyager Therapeutics announced dose-dependent improvements in functional and quality of life measures from the Phase Ib trial of VY-AADC01 for advanced Parkinson’s disease presented as part of an emerging (late-breaking) oral presentation at the AAN Annual Meeting.  In addition, during a separate oral presentation at the AANS Annual Scientific Meeting, investigators presented results for maximizing coverage of the putamen during the surgical procedure for VY-AADC01.

 

Crescita Therapeutics announced it has entered into a development and commercialization license agreement (the Agreement) with Taro Pharmaceuticals Inc., the Canadian subsidiary of Taro Pharmaceutical Industries Ltd.  Under the terms of the Agreement, Crescita has granted Taro an exclusive license (Taro License) to the rights to sell and distribute Pliaglis in the U.S. market and for a second-generation enhanced version with patent pending (the Enhanced Formulation).  In consideration of the rights granted under the Agreement, Taro will make the following payments to Crescita: (i)    an upfront, non-dilutive payment of US$2.0 million; (ii)   up to US$5.75 million in non-dilutive development and sales milestone payments; and (iii) tiered royalties on net sales of products licensed under the Agreement.

 

Karyopharm Therapeutics announced that it is commencing a registered underwritten public offering of $40 million in shares of its common stock. In addition, Karyopharm has granted the underwriter a 30-day option to purchase up to $6 million in shares of its common stock. Cantor Fitzgerald is the sole book-running manager for the offering. Karyopharm intends to use the net proceeds of the offering: to support continued clinical development of selinexor (KPT-330) in multiple myeloma, lymphoma and other oncology indications; for early clinical trials of Karyopharm’s two pipeline drug candidates in oncology, KPT-8602 and KPT-9274; to continue preparing to establish the commercial infrastructure for the potential launch of selinexor in North America and Western Europe; and for working capital and other general corporate purposes.

 

Agios Pharmaceuticals announced the closing of its previously announced underwritten public offering of 5,050,505 shares common stock at the public offering price of $49.50 per share, resulting in gross proceeds of approximately $250 million. The underwriters have until May 18, 2017 to exercise their option to purchase from Agios up to an additional 15% of the shares of common stock offered in the public offering on the same terms and conditions. J.P. Morgan Securities and Goldman Sachs & Co. acted as joint book-running managers for the offering. Cowen and Companyserved as lead manager.

 

ContraVir Pharmaceuticals announced the pricing of an underwritten public offering of common stock and warrants to purchase common stock, with anticipated gross proceeds of $12 million, before deducting underwriting discounts and commissions and estimated offering expenses payable by ContraVir. ContraVir is offering 12,000,000 shares of its common stock and warrants to purchase 6,000,000 shares of its common stock at a combined offering price of $1.00. All of the shares and warrants are being offered by ContraVir. The shares of common stock and warrants will be issued separately.  The warrants will be exercisable beginning on the date of issuance for a period of five years from the issuance date at an exercise price of $1.25 per share. There is no established public trading market for the warrants and ContraVir does not expect a market to develop in the future.  The offering is expected to close on or about April 28, 2017, subject to customary closing conditions.  ContraVir intends to use the net proceeds from the sale of the securities to fund research and development activities, including ongoing clinical trials, and for working capital and other general corporate purposes, and possibly acquisitions of other companies, products or technologies, though no such acquisitions are currently contemplated. Canaccord Genuity is acting as the sole book-running manager for the offering and Maxim Groupis acting as a co-manager for the offering.

 

POXEL announced that Anne Renevot has joined Poxel and will serve in a senior leadership role as Chief Financial Officer (CFO).

 

Cidara Therapeutics announced that Taylor Sandison, M.D., M.P.H., has been named chief medical officer (CMO) of the company. Dr. Sandison has been serving as acting chief medical officer of Cidara since September 2016. 

 

 

ANALYST RECOMMENDATIONS

 

Jefferies analyst Matthew Andrews initiated coverage of TG Therapeutics with a “buy” rating and $23 price target, citing the LT promise of ublituximab, TGR-1202, and TG-1303 (ubli + 1202) in B-cell cancers and multiple sclerosis.

 

Citi analyst Yigal Nochomovitz decreased his price target of Anthera Pharmaceuticals to $0.40 from $0.90, citing additional dilution. 

 

Baird analyst Michael Ulz initiated coverage of Idera Pharmaceuticals with an “outperform” rating and $5 price target, citing Idera is an early clinical stage biotech company focused on nucleic acid based therapeutics.