The Daily Biotech Pulse: Progenics Posts Mixed Trial Results, Antitrust Nod For Galapagos-MorphoSys Colla

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 Sept. 12).

Inogen Inc (NASDAQ:INGN)

Kezar Life Sciences Inc (NASDAQ:KZR)

NuVasive, Inc. (NASDAQ:NUVA)

Pfizer Inc. (NYSE:PFE)

PRA Health Sciences Inc (NASDAQ:PRAH)

STRATA Skin Sciences Inc (NASDAQ:SSKN)

Tandem Diabetes Care Inc (NASDAQ:TNDM)

Xencor Inc (NASDAQ:XNCR)

Down In The Dumps

(Biotech stocks that hit 52-week lows Sept. 12.)

Advaxis, Inc. (NASDAQ:ADXS)

Atossa Genetics Inc (NASDAQ:ATOS)

Aytu Bioscience Inc (NASDAQ:AYTU)

Clovis Oncology Inc (NASDAQ:CLVS)

Dynavax Technologies Corporation (NASDAQ:DVAX)

Genocea Biosciences Inc (NASDAQ:GNCA)

Jaguar Health Inc (NASDAQ:JAGX) (filed a form S-1 registration statement with the SEC for common stock offering)

Molecular Templates Inc (NASDAQ:MTEM)

Neon Therapeutics Inc (NASDAQ:NTGN)

OvaScience Inc (NASDAQ:OVAS)

Vital Therapies Inc (NASDAQ:VTL) (announced halting of development of ELAD system, a cell-based therapy for treating acute forms of liver failure, following failed clinical trials)

Stocks In Focus

Progenics Prostate Cancer Detection Candidate Fails To Meet Co-Primary Endpoint

Progenics Pharmaceuticals, Inc. (NASDAQ:PGNX) released top-line data from its Phase 3 trial of 1404, a prostate-specific membrane antigen-targeted small molecule SPECT/CT imaging agent designed to visualize prostate cancer. The study showed that 1404 detected clinically meaningful prostate cancer with specificity ranging among the three readers from 71-75 percent. Yet the co-primary endpoint of sensitivity was not met and ranged among the three readers from 47-51 percent, while trial protocol mandated that the lower limit of the two-sided 95-percent confidence interval for both specificity and sensitivity exceed 60 percent.

The shares slumped 22.78 percent to $5.73 in after-hours trading Wednesday.

Verrica's Pediatric Skin Disease Candidate Meets Endpoint

Verrica Pharmaceuticals Inc (NASDAQ:VRCA) announced positive results for its Phase 2 Innovate clinical trial that evaluated its VP-102, a drug-device combo containing a novel topical solution of 0.7-percent cantharidin for treating molluscum contagiosum.

The company also said it has completed enrollment for the Phase 3 pivotal trials earlier than expected, with the top-line results expected in the first quarter of 2019.

The stock rallied 2.93 percent to $16.85 after-hours Wednesday.

Biopharmx Announces CEO Appointment

Biopharmx Corp (NYSE:BPMX) said it has appointed pharma industry veteran David Tierney as its CEO.

The stock jumped 5.63 percent to 21 cents after-hours Wednesday.

MORPHOSYS, GALAPAGOS Get Antitrust Nod For Drug Collaboration

MORPHOSYS AG/S ADR (NASDAQ:MOR) and GALAPAGOS NV/S ADR (NASDAQ:GLPG) announced receipt of U.S. antitrust clearance for their collaboration agreement for developing and commercialization of their joint program MOR106, which they have exclusively licensed to Novartis AG (ADR) (NYSE:NVS).

The agreement became effective Sept. 10 following the antitrust clearance, and the 95-million euro upfront payment by Novartis to MorphoSys and Galapagos became payable.

MorphoSys shares rallied 0.95 percent to $27.77 after-hours Wednesday.

Offerings

Foamix Pharmaceuticals Ltd (NASDAQ:FOMX) announced a common stock offering of $70 million in shares, with all shares to be sold by the company. The stock fell 3.27 percent to $5.91 after-hours Wednesday.

Xenon Pharmaceuticals Inc (NASDAQ:XENE) said it commenced an underwritten public offering of its common shares pursuant to its existing shelf-registration statement, which was filed in December 2015 and declared effective by the SEC Jan. 5, 2016. The stock rose 1.4 percent to $14.45 after-hours Wednesday.

Galapagos said it has launched a follow-on offering of $300 million in shares in the form of ADSs in a U.S. public offering. The final price per ADS will be determined by the book-building process. The stock slipped 1.01 percent to $118.50.

On The Radar

Clinical Trials

Atossa Genetics Inc (NASDAQ:ATOS) is scheduled to release preliminary Phase 1 data for its Endoxifen for treating male breast cancer and gynecomastia.

IBBiShares Biotechnology ETF

$163.74-1.85%

Overview

ATOSAtossa Therapeutics Inc

$4.74-2.27%

AYTUAytu BioPharma Inc

$2.07-5.32%

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