PALM BEACH, Florida, July 18, 2017 /PRNewswire/ --
Big Pharmaand Biotech companies have recently experienced their best performance since the beginning of 2017. The major factors driving the biotech market appear to be a result of activities such as the increasing growth of government support for pharmaceutical
Moleculin Biotech, Inc. (NASDAQ: MBRX), a preclinical 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 it has signed a new technology license agreement with MD Anderson Cancer Center based on new patent applications it intends to file relating to its drug Annamycin for the treatment of relapsed or refractory acute myeloid leukemia (AML). Read this and more news for Moleculin Biotech athttp://www.marketnewsupdates.com/news/mbrx.html.
"In anticipation of beginning our planned clinical trials for Annamycin," commented Walter Klemp, CEO of Moleculin, "one of our priorities has been to ensure the best possible protection for our intellectual property. Some key patent applications had yet to be filed and signing a new license agreement with MD Anderson clears the way for those patents." Mr. Klemp continued, "We have benefitted greatly from our collaboration with MD Anderson, and this license helps ensure that collaboration continues."
In strong trading activity in the industry this week of note and recent developments:
AcelRx Pharmaceuticals Inc. (NASDAQ: ACRX) closed up over 31% on Monday at $3.15 with over 10.9 Million shares by the market close. ACRX previously closed at $2.40 at the end of the trading day on last Friday. AcelRx Pharmaceuticals, Inc., a specialty pharmaceutical company, focuses on the development and commercialization of therapies for the treatment of acute pain. In a research report issued last week Friday , Jefferies analyst Matthew Andrews assumed coverage on shares of AcelRx Pharmaceuticals Inc (NASDAQ:ACRX), with a buy rating and a $7.00 price target, which implies an upside of 208% from current levels. "ACRX is under-valued due to potent oral opioid Dsuvia's promise in medically supervised acute pain markets (~92M patients) and we see high likelihood of U.S./EU approvals in Q4'17/H1'18. Risk/reward is favorable into H1'18 with floor of ~$1.25 (no approvals) vs. $12/share (upside scenario)."
Cymbay Therapeutics Inc. (NASDAQ: CBAY) came to a close up 5.84% at $5.98 after 10.7 million shares were traded by the close on Monday. CBAY closed at $5.65 last Friday. The company recently announced it intends to offer and sell 10,000,000 shares of its common stock, subject to market and other conditions, in an underwritten public offering. In connection with this offering, CymaBay Therapeutics, Inc. expects to grant the underwriters a 30-day option to purchase up to 1,500,000 additional shares of common stock. There can be no assurance as to whether or when the offering may be completed, or the actual size or terms of the offering. CymaBay anticipates using the net proceeds from the offering to fund ongoing development of seladelpar and for working capital and general corporate purposes.
Aurinia Pharmaceuticals Inc. (NASDAQ: AUPH) closed up over 10 on Monday at $7.45 with over 8.9 million shares traded by the market close. AUPH previous close from last Friday was $6.72. Aurinia Pharmaceuticals Inc., a clinical stage biopharmaceutical company, engages in the development of a therapeutic drug to treat autoimmune diseases in Canada and internationally. The company is developing Voclosporin, a calcineurin inhibitor for the treatment of lupus nephritis. It has partnership agreements with Paladin Labs Inc. and 3SBio, Inc. The company was formerly known as Isotechnika Pharma Inc. and changed its name to Aurinia Pharmaceuticals Inc. in October 2013. Aurinia Pharmaceuticals Inc. was founded in 1993 and is headquartered in Victoria, Canada.
Impax Laboraties Inc. (NASDAQ: IPXL) finished Monday up over 8% at $18.10 with over 3.1 million shares traded by the end of the day. The company recently announced it has received an AB therapeutic equivalent rating and final U.S. Food and Drug Administration ("FDA") approval on its Abbreviated New Drug Application ("ANDA") for a generic version of ConcertaŽ (methylphenidate hydrochloride) Extended-Release tablets USP CII, 18, 27, 36 and 54 mg. "Approval of our AB-rated generic version of Concerta further demonstrates the capabilities of Impax's R&D organization," said Paul Bisaro, President and Chief Executive Officer of Impax.
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