The Daily Biotech Pulse: Sangamo In Genome-Editing Therapy Deal With Biogen, FDA Nod For Biohaven, Passage Bio IPO

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 Feb. 27)

• Global Cord Blood Corp CO
• Cleveland BioLabs, Inc. CBLI
• Co-Diagnostics Inc CODX
• Gilead Sciences, Inc. GILD( announced initiation of two Phase 2 studies for remdesivir for treating COVID-19)
• Moderna Inc MRNA
• Regeneron Pharmaceuticals Inc REGN
• Repro-Med Systems, Inc. KRMD
• Vir Biotechnology Inc VIR

Down In The Dumps

(Biotech Stocks Hitting 52-week lows on Feb. 27)

• ABIOMED, Inc. ABMD
• Acasti Pharma Inc. ACST
• Accelerate Diagnostics Inc AXDX
• AcelRx Pharmaceuticals Inc ACRX
• Achieve Life Sciences Inc ACHV
• Acorda Therapeutics Inc ACOR
• Adamis Pharmaceuticals Corp (NASDAQ: ADMP
• Adial Pharmaceuticals Inc ADIL
• Aerie Pharmaceuticals Inc AERI
• Akers Biosciences Inc AKER
• Aldeyra Therapeutics Inc ALDX
• Alexion Pharmaceuticals, Inc. ALXN
• AngioDynamics, Inc. ANGO
• ANCHIANO THERAP/S ADR ANCN
• ANI Pharmaceuticals Inc ANIP(reported below-consensus fourth-quarter results and issued downbeat guidance)
• Aptevo Therapeutics Inc APVO
• Arca Biopharma Inc ABIO(announced common stock offering)
• Arena Pharmaceuticals, Inc. ARNA(reacted to its fourth-quarter results)
• Artelo Biosciences Inc ARTL
• Atara Biotherapeutics Inc ATRA(announced fourth-quarter results)
• Auris Medical Holding Ltd EARS
• Autolus Therapeutics Ltd – ADR AUTL
• AVEO Pharmaceuticals, Inc. AVEO
• Aytu Bioscience Inc AYTU
• BENITEC BIOPHAR/S ADR BNTC
• BioSig Technologies Inc BSGM
• Black Diamond Therapeutics Inc BDTX
• bluebird bio Inc BLUE
• Blueprint Medicines Corp BPMC
• Cara Therapeutics Inc CARA
• CASI Pharmaceuticals Inc CASI
• Chembio Diagnostics Inc CEMI
• Chiasma Inc CHMA
• CNS Pharmaceuticals Inc CNSP
• Codexis, Inc. CDXS
• Cumberland Pharmaceuticals, Inc. CPIX
• Edesa Biotech Inc EDSA
• Ekso Bionics Holdings Inc EKSO
• Eloxx Pharmaceuticals Inc ELOX(announced resignation of CEO Bob Ward and organizational realignment to focus on ELX-02 cystic fibrosis program)
• Enanta Pharmaceuticals Inc ENTA
• Eton Pharmaceuticals Inc ETON
• Evolus Inc EOLS
• Galectin Therapeutics Inc. Common Stock GALT
• GenMark Diagnostics, Inc GNMK
• Genocea Biosciences Inc GNCA
• Geron Corporation GERN
• Global Cord Blood Corp CO
• Gossamer Bio Inc GOSS
• Heat Biologics Inc HTBX
• HTG Molecular Diagnostics Inc HTGM
• Illumina, Inc. ILMN
• Ionis Pharmaceuticals Inc IONS
• KemPharm Inc KMPH
• KITOV PHARMA LT/S ADR KTOV
• Kura Oncology Inc KURA
• TapImmune Inc. MRKR
• MediciNova, Inc. MNOV
• Medigus Ltd. ADR MDGS
• Mediwound Ltd MDWD
• Menlo Therapeutics Inc MNLO
• Merrimack Pharmaceuticals Inc MACK
• Midatech Pharma PLC-ADR MTP
• Misonix Inc MSON
• Moleculin Biotech Inc MBRX
• Myriad Genetics, Inc. MYGN
• Neurometrix Inc NURO
• Neuronetics Inc STIM
• Novan Inc NOVN
• NuCana PLC NCNA
• Obalon Therapeutics Inc OBLN
• Omeros Corporation OMER
• OncoSec Medical Inc ONCS
• Orthofix Medical Inc OFIX
• Pacific Biosciences of California PACB
• PDS Biotechnology Corp PDSB
• Plus Therapeutics Inc PSTV
• Portola Pharmaceuticals Inc PTLA
• Precigen Inc PGEN
• Precipio Inc PRPO
• Predictive Oncology Inc POAI
• Pulse Biosciences Inc PLSE
• Radius Health Inc RDUS(announced its fourth-quarter results)
• REDHILL BIOPHAR/S ADR RDHL
• SAGE Therapeutics Inc SAGE(reacted to its fourth-quarter results)
• Sangamo Therapeutics Inc SGMO
• Sesen Bio Inc SESN
• Solid Biosciences Inc SLDB
• Spectrum Pharmaceuticals, Inc. SPPI
• Stealth BioTherapeutics Corp MITO
• Stemline Therapeutics Inc STML
• SurModics, Inc. SRDX
• Taro Pharmaceutical Industries Ltd. TARO
• Tetraphase Pharmaceuticals Inc TTPH
• TherapeuticsMD Inc TXMD
• Theratechnologies Inc THTX
• Viking Therapeutics Inc VKTX(reacted to its fourth-quarter results)
• VIVUS, Inc. VVUS
• Voyager Therapeutics Inc VYGR
• Xeris Pharmaceuticals Inc XERS
• Zogenix, Inc. ZGNX(announced extension in review period for seizure drug by three months)
• Zynerba Pharmaceuticals Inc ZYNE

Stocks In Focus

Sangamo to License to Biogen 2 Pre-Clinical Genome-Editing Therapies For Treating Neurological Disorders

Sangamo and Biogen Inc BIIB announced a global licensing collaboration agreement for developing and commercializing ST-501 for tautopathies including Alzheimer's disease, ST-502 for synucleinopathies, including Parkinson's disease, a third undisclosed neuromuscular disease target, and upto nine additional undisclosed neurological disease targets.

Biogen said it will leverage Sangamo's proprietary zinc finger protein technology delivered AAV to modulate the expression of key genes involves in neurological diseases.

Upon closing of the transaction, Sangamo will receive $350 million, comprising $125 million in license fee and $255 million from the sale of 24 million Sangamo stock at $9.21 per share. Sangamo is also eligible to receive up to $2.37 billion in other development, regulatory and commercial milestone payments, and tiered high single-digit to sub-teen double-digit royalties on potential net commercial sales of products arising from the collaboration.

Sangamo shares soared 39.68% to $9.31 in after-hours trading, while Biogen slid 0.57% to $308.30.

Sonoma Strikes $1M Distribution Deal In Eurasia

Sonoma Pharmaceuticals Inc SNOA said it closed an asset purchase agreement with MicroSafe Group for certain wound care, disinfection and animal healthcare products in the Middle East, Australia and Europe for $1.1 million

The stock jumped 11.54% to $5.80 in after-hours trading.

Biohaven Receives FDA Approval For Migraine Drug

Biohaven Pharmaceutical Holding Co Ltd BHVN said the FDA approved its Nurtec ODT, or rimegepant, for the acute treatment of migraine in adults. The company said its Nurtec ODT is a dissolving tablet, with one tablet having the potential to provide fast relief, helping patients return to normal function within one hour, and deliver sustained efficacy that lasts up to 48 hours.

The stock rallied 10.24% to $45 in after-hours trading.

Illumina Files Patent Lawsuit In US Related to Proprietary Sequencing Chemistry

Illumina said it has filed a patent infringement suit against BGI Genomics, BGI Americas, MGI Tech, MGI Americas and Complete Genomics in the U.S. District Court for the Northern District of California, alleging that plaintiffs infringed three patents covering its proprietary sequencing-by-synthesis chemistry.

Earnings

Coherus Biosciences Inc's CHRS fourth-quarter net product revenues came in at $123.86 million compared to no revenues a year ago. The earnings per share, or EPS, declined from 92 cents to 53 cents. Analysts estimated EPS of 72 cents per share.

The stock slipped 8.81% to $17.50 in after-hours trading.

Zynex Inc. ZYXI fourth-quarter net revenues climbed 52% to $14.2 million. EPS increased a penny to 9 cents. The company issued above-consensus revenue guidance for the full-year 2020 as well as the first quarter.

The stock jumped 11.58% to $13.30 in after-hours trading.

TRACON Pharmaceuticals Inc TCON reported a loss for its fourth quarter that was narrower than estimates.

The stock rallied 20.34% to $3.55 in after-hours trading.

Mylan NV MYL reported 4% revenue growth to $3.19 billion in the fourth quarter, shy of estimates by some analysts. The adjusted EPS rose from $1.30 to $1.40, while analysts estimated EPS of $1.28. The company lowered the low end of its 2020 revenue guidance and widened its adjusted EBITDA guidance.

The stock moved down 3.64% to $18 in after-hours trading.

Offerings

Novan priced its previously announced public offering of 18.33 million shares and warrants to purchase an aggregate of 18.33 million shares at a combined effective price of 30 cents per share and accompanying common warrant. The company expects the offering to close on or about March 3. Gross proceeds from the offering are estimated at $5.5 million.

On The Radar

Clinical Readouts

Galera Therapeutics Inc GRTX is scheduled to release Phase 2b data for GC4419 in oral mucositis. The data is to be presented at the Multidisciplinary Head and Neck Cancers Symposium.

Earnings

Mersana Therapeutics Inc MRSN (before the market open)
GlycoMimetics Inc GLYC (before the market open)

IPO

Passage Bio, a biotech developing gene therapies for central nervous system disorders, has priced its upsized offering of 12 million shares at $18, the upper bound of the previously estimated price range of $16-$18. The shares are to be listed on the Nasdaq under the ticker symbol PASG.