The Daily Biotech Pulse: PhaseBio Pumped Up, Eiger Exults On Breakthrough Therapy Designation, Biohaven Slips On Stock Sale

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

Scaling The Peaks

(Biotech stocks hitting 52-week highs on June 17)

• ArQule, Inc. ARQL( reported positive results for a mid-stage study of its investigational candidate for overgrowth syndrome)
• Array Biopharma Inc ARRYPFE)
• Blueprint Medicines Corp BPMC(announced updated data from a registration-enabling study of avapritinib in systemic mastocytosis)
• Celgene Corporation CELGBGNE
• Iovance Biotherapeutics Inc IOVA
• Novocure Ltd NVCR
• SAGE Therapeutics Inc SAGE (confirmed the late-June commercial launch of its recently-approved drug for treating postpartum depression)
• Uniqure NV QURE (announced plans to explore strategic options, including a potential sale)
• Veracyte Inc VCYT
• Voyager Therapeutics Inc VYGRSNY)
• ZIOPHARM Oncology Inc. ZIOP
• Zynex Inc. ZYXI

Down In The Dumps

(Biotech stocks hitting 52-week lows on June 17)

• Advaxis, Inc. ADXS
• aTyr Pharma Inc LIFE
• Axcella Health Inc AXLA
• BENITEC BIOPHAR/S ADR BNTC
• BioNano Genomics Inc BNGO
• Cellectis SA CLLS
• CELYAD SA/ADR CYAD
• Endo International PLC ENDP
• IMMURON LTD/S ADR IMRN
• Jaguar Health Inc JAGX
• Kezar Life Sciences Inc KZ
• MEREO BIOPHARMA/ADR MREO
• Minerva Neurosciences Inc NERV
• Savara Inc SVRA
• Spring Bank Pharmaceuticals Inc SBPH
• Surface Oncology Inc SURF
• Teligent Inc TLGT
• Tetraphase Pharmaceuticals Inc TTPH
• Trinity Biotech plc TRIB
• VBI Vaccines Inc VBIV(announced mixed results for Hepatitis B virus vaccine candidate)

See Also: ContraVir Moves Higher After NASH Drug Shows 100% Efficacy In Fibrosis Prevention

Stock In Focus

PhaseBio Reports Positive Mid-Stage Results For Reversal Agent For AstraZeneca's Anticoagulant Drug

PhaseBio Pharmaceuticals Inc PHAS announced preliminary data from a Phase 2a trial of PB2452 in subjects on dual antiplatelet therapy AstraZeneca plc AZN's ticagrelor and low-dose aspiring, which showed a statistically significant reversal of ticagrelor within five minutes of initiation of PB2452 infusion and sustained for over 20 hours.

The trial was the first to include patients aged 50-80, who were the most likely to be treated with ticagrelor and therefore potentially benefit from PB2452.

The company noted that the results were consistent with the Phase 1 trial conducted in healthy young volunteers treated with ticagrelor alone and not aspirin.

The stock rallied 16.5% to $14.30 in after-hours trading.

Eiger's Drug To Treat Low Blood Sugar Post Bariatric Surgery Gets Breakthrough Therapy Designation

Eiger Biopharmaceuticals Inc EIGR said the FDA has granted Breakthrough Therapy Designation for its avexitide for the treatment of post-bariatric hypoglycemia, or PBH. Avexitide is a targeted first-in-class GLP-1 antagonist being developed for PBH, which has no approved treatment currently.

The stock gained 9.63% to $11.50 in after-hours trading.

Novo Nordisk Gets FDA Nod For Expanded Indication For Type 2 Diabetes Drug

Novo Nordisk A/S NVO said the FDA has approved an expanded indication for Victoza injection to lower blood sugar along with exercise and diet in children and adolescents aged 10-17 years with type 2 diabetes. Victoza, according to the company, provides children and adolescents with a new treatment option beyond metformin and insulin for the first time in 19 years.

Offerings

Rockwell Medical Inc RMTI commenced an underwritten public offering for its common stock, with all the shares earmarked for sale being offered by the company. The company said it intends to use the net proceeds for the commercialization of Dialysate Triferic and I.V. Triferic, R&D and general corporate purposes.

The stock slumped 23.58% to $3.37 in after-hours trading.

Biohaven Pharmaceutical Holding Co Ltd BHVN commenced an underwritten public offering of $300 million worth of its common shares, All shares are to be offered by the company,

The stock plunged 24.34% to $43.40 in after-hours trading.

Calithera Biosciences Inc CALA, which reported positive results for its renal cell carcinoma drug, said after the close it would offer 10 million shares of its common stock in an underwritten public offering,

The stock fell 10.34 percent to $5.20 in after-hours trading.