The Daily Biotech Pulse: Jazz Goes Shopping, Portola Offering, Novelion Delays Quarterly Results

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 Aug. 12)

GENMAB A/S/S ADR GMAB (IPOed July 1)

Down In The Dumps

(Biotech stocks hitting 52-week lows on Aug. 13)

Acer Therapeutics Inc ACER
Aclaris Therapeutics Inc ACRS
Adaptimmune Therapeutics PLC – ADR ADAP
Adial Pharmaceuticals Inc ADIL Advaxis, Inc. ADXS
AnaptysBio Inc ANAB
Autolus Therapeutics Ltd – ADR AUTL
BioMarin Pharmaceutical Inc. BMRN
Cyclacel Pharmaceuticals Inc CYCC
Fulcrum Therapeutics Inc FULC
Gamida Cell Ltd GMDA
GENFIT S A/ADR GNFT
Hemispherx BioPharma, Inc HEB
Homology Medicines Inc FIXX
INmune Bio Inc INMB(reacted to second quarter results)
Innovate Biopharmaceuticals Inc INNT
Mallinckrodt PLC MNK(was accused by Humana Inc HUM of manipulating prices of Achtar)
Mersana Therapeutics Inc MRSN
Novavax, Inc. NVAX(reported new data from the Phase 3 trial dubbed PREPARE that evaluated its ResVax )
Obalon Therapeutics Inc OBLN
Pfizer Inc. PFE
Plus Therapeutics Inc PSTV
Proteostasis Therapeutics Inc PTI
Psychemedics Corp. PMD
Sierra Oncology Inc SRRA
Tetraphase Pharmaceuticals Inc TTPH
Wright Medical Group NV WMGI

Stocks In Focus

Jazz Buys Neurologic Drug Maker Cavion For Upto $312.5M

Jazz Pharmaceuticals PLC JAZZ announced the acquisition of Cavion for $52.5 million in upfront payment and a potential $260 million in regulatory and commercial milestones. Cavion is a clinical-stage biotech creating therapies aimed at modulating the T-type calcium channel for the treatment of chronic and rare neurological diseases.

Cavion's lead candidate CX-8998 is being evaluated in a Phase 2 study in patients with essential tremor.

Portola To Offer $30M Worth of Shares

Portola Pharmaceuticals Inc PTLA announced plans to offer $200 million worth of its common stock in an underwritten public offering. All the shares are to be sold by the company.

The stock shed 3.75% to $29.48 in after-hours trading.

Novelion to Delay Quarterly Filing Due to Time Needed to Deconsolidate Financials Of Bankrupt Subsidiary

Novelion Therapeutics Inc NVLN announced a delay in the filing of its quarterly report on Form 10-Q for the quarter ended June 30 by the filing deadline date of Aug. 14. The company also said it will not be able to file the Interim Disclosure within the subsequent five-day extension permitted by the rules of the SEC.

The company attributed the delay to the significant work involved in deconsolidation of the financials of Aegerion – its subsidiary which filed for Chapter 11 bankruptcy in May – from its financial statements.

Novelion said it plans to delay any earnings release for the quarter ended June 30 until preparation of the Interim Disclosure is completed.

The stock declined 10% to 63 cents in pre-market trading.

Earnings

OptiNose Inc OPTN reported second-quarter revenues of $6.68 million – all stemming from Xhance sales - up from $1.27 million in the year-ago period. The company's net loss per share widened from 64 cents to 66 cents. The results were ahead of expectations that called for a loss of 74 cents per share on revenues of $6.56 million.

For 2019, the company expects Xhance net revenues of $29 million to $34 million, in line with the $32.3 million.

The stock gained 6.42% to $5.97 in after-hours trading.