The Daily Biotech Pulse: DiaMedica Reports Positive Data For Chronic Kidney Disease Drug, Eloxx Offering, IPO Deluge

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 19)

• Abbott Laboratories ABT
• CareDx Inc CDNA
• CONMED Corporation CNMD
• DENTSPLY SIRONA Inc XRAY
• Hologic, Inc. HOLX
• Insulet Corporation PODD
• Merck & Co., Inc. MRK(reports suggested that the company is on the look out to find a replacement for its CEO Ken Frazier)
• Novocure Ltd NVCR
• Repligen Corporation RGEN
• ResMed Inc. RMD
• ZIOPHARM Oncology Inc. ZIOP
• Zynex Inc. ZYXI
• Zoetis Inc ZTS

Down In The Dumps

(Biotech stocks hitting 52-week lows on June 19)

• Abeona Therapeutics Inc ABEO
• CELYAD SA/ADR CYAD
• ContraVir Pharmaceuticals Inc CTRV
• Jaguar Health Inc JAGX
• Spring Bank Pharmaceuticals Inc SBPH
• Surface Oncology Inc SURF

Stocks In Focus

DiaMedica Drug Found Safe And Effective Against Chronic Kidney Disease

DiaMedica Therapeutics Inc DMAC announced interim results from the Phase 1b study of its DM199, which is being evaluated for moderate-to-severe chronic kidney disease, or CKD, which showed that the drug was observed to be safe and well tolerated with no drug-related serious adverse events. The study that evaluated 28 participants also showed a dose range which the company believes will restore normal KLK1 levels in CKD patients.

The favorable interim safety, tolerability and pharmacokinetic data, complemented by pharmacodynamic observations, according to the company, support the advancement of DM199 to a Phase 2 clinical trial in patients with CKD.

The stock rallied 16.49% to $4.45 in after-hours trading.

See Also: Akari's Lead Candidate Found Safe, Effective In Treating Eye Inflammation

Eloxx Announces Secondary Stock Sale

Eloxx Pharmaceuticals Inc ELOX announced its intention to offer its common shares in an underwritten public offering, subject to market and other conditions. All the shares are to be sold by the company.

The company said it will use the net proceeds to fund the continued clinical development of ELX-02 in cystic fibrosis and cystinosis, to accelerate development of early-stage programs and for working capital and other general corporate purposes

The stock fell 3.85% to $8.99 in after-hours trading.

Glaukos To Buy Former Subsidiary DOSE Medical

Ophthalmic medtech company Glaukos Corp GKOS agreed to acquire DOSE Medical Corp for $2.5 million in cash, plus performance-based consideration upon achievement of certain regulatory approvals and commercial milestones.

The company expects the proposed deal to be complete in the current quarter.

DOSE Medical develops multiple micro-invasive, bioerodible sustained-release drug delivery platforms used in the treatment of retinal diseases such as age-related macular degeneration and diabetic macular edema.

On The Radar

Clinical Trial Readouts

Beigene Ltd. BGNE will present Phase 1b data for Zanubrutinib and Obinutuzumab in relapsed/refractory follicular lymphoma at the International Conference On Malignant Lymphoma.

IPO

Akero Therapeutics, which develops therapies for NASH and other metabolic disorders, priced its upsized offering of 5.75 million shares at $16 per share, at the high end of the estimated price range of $14-$16. The shares are to be listed on the Nasdaq under the ticker symbol AKRO.

Atreca priced its IPO of 7.35 million shares at $17 compared to the estimated price range of $16-$18. The shares of the company developing therapies for solid tumor are to be listed on the Nasdaq under the ticker symbol BCEL.

Genomic sequencing company Personalis has upsized its IPO to 7.923 million shares from the initially revealed 6.67 million shares, with the price fixed at $17, above the estimated price range of $14-$16.

Prevail Therapeutics priced its offering of 7.353 million shares at $17, at the midpoint of the previously disclosed price range of $16-$18. The shares would be listed on the Nasdaq under the ticker symbol PRVL.