Positive Developments From Clinical Studies and FDA Approvals Pushing Biotech Stocks to New Highs

Wednesday, October 18, 2017 Drug News
Email Print This Page Comment bookmark
Font : A-A+

MarketNewsUpdates.com News Commentary

PALM BEACH, Florida, October 18, 2017 /PRNewswire/ --

Biotech

Briefing: The Biotech Sector continues to impress and even surprise many as the SPDR S&P Biotech ETF (XBI) has surged 49 percent in 2017 to its highest level in more than two years and some industry professionals believe the climb isn't over just
yet. Erin Gibbs, a portfolio manager with S&P Global, stands by the fact the "the average stock in the XBI is trading at 21 percent below its [average] analyst target price. The average stock is rated a buy." The health care sector in general has enjoyed a strong year this year, up 20 percent since January, as many biotechs have the attention of Wall Street ahead of the third-quarter earnings season such as: Moleculin Biotech, Inc. (NASDAQ: MBRX), AmpliPhi Biosciences Corporation (NYSE: APHB), Ionis Pharmaceuticals Inc. (NASDAQ: IONS), Abeona Therapeutics Inc. (NASDAQ: ABEO), Acadia Pharmaceuticals Inc. (NASDAQ: ACAD).

Moleculin Biotech, Inc. (NASDAQ: MBRX), a clinical stage pharmaceutical company focused on the development of anti-cancer drug candidates, some of which are based on license agreements with The University of Texas System on behalf of the M.D. Anderson Cancer Center, today announced that 14 qualified cancer clinics have requested to participate in its clinical trial to study Annamycin for the treatment of relapsed or refractory acute myeloid leukemia ("AML"). Read this and more news for Moleculin Biotech at: http://www.marketnewsupdates.com/news/mbrx.html   "We've had a very positive response from the hematology oncology community," commented Walter Klemp, Chairman and CEO of Moleculin. "With little to no cardiotoxicity and a structure that has been shown to avoid the multidrug resistance mechanisms that often defeat the current first line standard of care for AML, a number of clinicians recognize that Annamycin could provide a second chance to patients who have run out of options." Mr. Klemp continued: "We are pleased to have so many sites express interest in this trial, as it should help improve our chances for timely patient recruitment. In addition, seven of these interested sites are in Poland where we believe we will have access to a higher percentage of patients who are what we call "treatment naive", meaning they have not been subjected any experimental therapies before entering our trial."  In other biotech developments in the markets: 

AmpliPhi Biosciences Corporation (NYSE: APHB) close up over 26% on Tuesday with over 4.7 million shares traded by the market close. AmpliPhi Biosciences Corporation recently announced the publication of preclinical data demonstrating the activity of AB-PA01 in reducing biofilms. The paper, titled "Activity of Bacteriophages in Removing Biofilms of Pseudomonas aeruginosa Isolates from Chronic Rhinosinusitis Patients," was published on September 22, 2017, in the journal Frontiers in Cellular and Infection Microbiology and can be found here. "We're excited to publish these findings, which continue to show the potential of phage therapy to target infection-associated biofilms and multidrug-resistant bacteria," said Paul C. Grint, M.D., CEO of AmpliPhi Biosciences. "Pseudomonas aeruginosa infections are prevalent among chronic rhinosinusitis sufferers and many strains form difficult-to-penetrate biofilms, leading to treatment failure. In this in vitro study, a single dose of AB-PA01 significantly reduced biofilms. Furthermore, AB-PA01 was shown to be active against 89% of the P. aeruginosa isolates tested. These preclinical data further support the promise of AmpliPhi's technology to develop novel, targeted antibacterial therapies in an age of increasing antibiotic resistance."

Ionis Pharmaceuticals Inc. (NASDAQ: IONS) closed up over 4% on Tuesday at $63.85 on over 1.9 million shares traded by the market close. The company recently announced that new data from the Phase 3 NEURO-TTR study with inotersen in patients with hereditary TTR amyloidosis (hATTR) with polyneuropathy were presented at the 142ndannual meeting of the American Neurological Association (ANA) in San Diego, California. In the study, inotersen-treated patients achieved a mean 19.73-point benefit in the mNIS+7 co-primary endpoint after 15 months of treatment, compared to placebo-treated patients (p = 0.00000004), further demonstrating the clinically meaningful benefit of inotersen treatment. A statistically significant benefit in mNIS+7 was also observed at eight months. Key safety findings of thrombocytopenia and renal events identified during the study were shown to be monitorable and manageable with routine blood and urine testing.

Abeona Therapeutics Inc. (NASDAQ: ABEO) closed up over 7% on Tuesday at $17.90 with over 3.9 million shares traded by the market close. The company announced earlier in the week the pricing of an underwritten public offering of five million shares of common stock at a public offering price of $16.00 per share. The gross offering size for this offering is expected to be approximately $80 million, before deducting the underwriting discounts and commissions and estimated offering expenses payable by the Company. The Company has granted to the underwriters participating in the offering a 30-day option to purchase up to an additional 750,000 shares of common stock. The offering is expected to close on or about October 19, 2017, subject to customary closing conditions. Abeona intends to use the net proceeds of the offering for working capital and corporate purposes, including, without limitation, development of its product candidates, manufacturing and general and administrative expenses.  

Acadia Pharmaceuticals Inc. (NASDAQ: ACAD) closed up slightly on Tuesday on over 1.2 million shares traded by the market close. ACADIA Pharmaceuticals announced earlier this month the initiation of HARMONY, a Phase III study to evaluate pimavanserin for the treatment of hallucinations and delusions associated with dementia-related psychosis, a serious medical condition for which there is no therapy approved by the U.S. Food and Drug Administration (FDA). The company also announced that the FDA has granted Breakthrough Therapy Designation to pimavanserin for dementia-related psychosis. Dementia-related psychosis includes psychosis in patients with Alzheimer's disease, dementia with Lewy bodies, Parkinson's disease dementia, vascular dementia, and frontotemporal dementia. If the clinical development program is successful, and pimavanserin is ultimately approved by the FDA for the treatment of dementia-related psychosis, it would represent a significant expansion of the approved use of pimavanserin.

DISCLAIMER: MarketNewsUpdates.com (MNU) is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. MNU is NOT affiliated in any manner with any company mentioned herein. MNU and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. MNU's market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. MNU is not liable for any investment decisions by its readers or subscribers.  Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed MNU has been compensated thirty-nine hundred dollars for news coverage of the current press release issued by Moleculin Biotech, Inc. by the company. MNU HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and MNU undertakes no obligation to update such statements.

Contact Information: Media Contact E-mail:[email protected] +1(561)325-8757

SOURCE MarketNewsUpdates.com



Post your Comments

Comments should be on the topic and should not be abusive. The editorial team reserves the right to review and moderate the comments posted on the site.
* Your comment can be maximum of 2500 characters
I agree to the terms and conditions

News A - Z

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

News Search

Medindia Newsletters

Subscribe to our Free Newsletters!

Terms & Conditions and Privacy Policy.

Find a Doctor

Press Release Category

Press Release Archive

Stay Connected

  • Available on the Android Market
  • Available on the App Store