The Daily Biotech Pulse: Mylan Ramps Up Manufacturing Of Potential COVID-19 Drug, Lexicon Stops Study Early, Masimo To Buy German Ventilation Company

Here's a roundup of top developments in the biotech space over the last 24 hours:

Scaling The Peaks

(Biotech stocks that hit 52-week highs March 19.)

• Biomerica, Inc. BMRA
• Centogene NV CNTG
• Gilead Sciences, Inc. GILD
• Imara Inc IMRA
• Regeneron Pharmaceuticals Inc REGN

Down In The Dumps

(Biotech stocks that hit 52-week lows March 19.)

• Acasti Pharma Inc ACST
• Accelerate Diagnostics Inc AXDX
• Acer Therapeutics Inc ACER
• Aclaris Therapeutics Inc ACRS
• Aerpio Pharmaceuticals Inc ARPO
• Aikido Pharma Inc AIKI
• Alpine Immune Sciences Inc ALPN
• Amphastar Pharmaceuticals Inc AMPH
• Anika Therapeutics Inc ANIK
• Anixa Biosciences Inc ANIX
• AnPac Bio-Medical Science Co Ltd – ADR ANPC
• Antares Pharma Inc ATRS
• Apyx Medical Corp APYX
• Arca Biopharma Inc ABIO
• Aridis Pharmaceuticals Inc ARDS
• aTyr Pharma Inc LIFE
• AVEO Pharmaceuticals, Inc. AVEO
• Axonics Modulation Technologies Inc AXNX
• Bellerophon Therapeutics Inc BLPH
• BioCardia Inc BCDA
• Brickell Biotech Inc BBI
• Cabaletta Bio Inc CABA
• Caladrius Biosciences Inc CLBS
• Cara Therapeutics Inc CARA
• Cancer Genetics Inc CGIX
• Catalyst Biosciences Inc CBIO
• Celldex Therapeutics, Inc. CLDX
• Chiasma Inc CHMA
• Chimerix Inc CMRX
• DarioHealth Corp DRIO
• DelMar Pharmaceuticals Inc DMPI
• Exicure Inc XCUR
• Eyenovia Inc EYEN
• Eyepoint Pharmaceuticals Inc EYPT
• FibroGen Inc FGEN
• Galmed Pharmaceuticals Ltd GLMD
• GlaxoSmithKline plc GSK
• Happiness Biotech Group Ltd HAPP
• Hoth Therapeutics Inc HOTH
• HTG Molecular Diagnostics Inc HTGM
• Kura Oncology Inc KURA
• MEI Pharma Inc MEIP
• Merrimack Pharmaceuticals Inc MACK
• Merus NV MRUS
• Mesoblast limited MESO
• Miragen Therapeutics Inc MGEN
• Morphosys Ag MOR
• Nabriva Therapeutics PLC – ADR NBRV
• Natus Medical Inc NTUS
• Neovasc Inc NVCN
• Novus Therapeutics Inc NVUS
• Opiant Pharmaceuticals Inc OPNT
• OptiNose Inc OPTN
• PLx Pharma Inc PLXP
• PRA Health Sciences Inc PRAH
• Precipio Inc PRPO
• Psychemedics Corp. PMD
• Quest Diagnostics Inc DGX
• Replimune Group Inc REPL
• resTORbio, Inc. TORC
• Rexahn Pharmaceuticals, Inc. REXN
• Rigel Pharmaceuticals, Inc. RIGL
• Salarius Pharmaceuticals Inc SLRX
• Silk Road Medical Inc SILK
• Spectrum Pharmaceuticals, Inc. SPPI
• STRATA Skin Sciences Inc SSKN
• Sutro Biopharma Inc STRO
• TELA Bio Inc TELA
• Titan Medical Inc. TMDI
• Trinity Biotech plc TRIB
• TrovaGene Inc TROV
• Vericel Corp VCEL
• Xenetic Biosciences Inc XBIO
• Xeris Pharmaceuticals Inc XERS
• Y-mAbs Therapeutics, Inc YMAB
• Zafgen Inc ZFGN

See also: 8 Biotechs With Coronavirus Vaccines In Development

Stocks In Focus

Mylan Ramps Up Production Of Malaria Medication To Potentially Treat COVID-19

Generic drugmaker Mylan NV 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 Closes Out 2 Long-Term Zynquista Studies Due To Resource Crunch, COVID-19

Lexicon Pharmaceuticals, Inc. 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 Exercises Option To Buy Ventilation Company TNI Medical

Masimo Corporation 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."

Earnings

Moleculin Biotech Inc 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 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.

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The Week Ahead In Biotech: COVID-19 Updates, Tapering Earnings Flow, Eton's Seizure Drug Review