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Benzinga's Daily Biotech Pulse: Galmed Rips Higher On Positive NASH Data, Enzo Biochem Falls On Earnings, Pfenex Licenses Osteoporosis Candidate

Benzinga's Daily Biotech Pulse: Galmed Rips Higher On Positive NASH Data, Enzo Biochem Falls On Earnings, Pfenex Licenses Osteoporosis Candidate

Here's a roundup of top developments in the biotech space over the last 24 hours.

Scaling the Peaks

(Stocks hitting 52-week highs on June 11)

  • AngioDynamics, Inc. (NASDAQ: ANGO)
  • Aptose Biosciences Inc (NASDAQ: APTO)
  • Bio-Rad Laboratories, Inc. (NYSE: BIO)
  • CAS Medical Systems Inc (NASDAQ: CASM)
  • Edwards Lifesciences Corp (NYSE: EW)
  • Eloxx Pharmaceuticals Inc (NASDAQ: ELOX)
  • Enanta Pharmaceuticals Inc (NASDAQ: ENTA)
  • Insulet Corporation (NASDAQ: PODD)
  • Krystal Biotech Inc (NASDAQ: KRYS)
  • Laboratory Corp. of America Holdings (NYSE: LH)
  • NeoGenomics, Inc. (NASDAQ: NEO)
  • PTC Therapeutics, Inc. (NASDAQ: PTCT)
  • Qiagen NV (NYSE: QGEN)
  • SurModics, Inc. (NASDAQ: SRDX)

Down In The Dumps

  • (Stocks hitting 52-week lows on June 11)
  • Achieve Life Sciences Inc (NASDAQ: ACHV
  • Agenus Inc (NASDAQ: AGEN)
  • Atossa Genetics Inc (NASDAQ: ATOS)
  • Evelo Biosciences Inc (NASDAQ: EVLO)
  • Mabvax Therapeutics Holdings Inc (NASDAQ: MBVX)
  • Obalon Therapeutics Inc (NASDAQ: OBLN)
  • Yield10 Bioscience Inc (NASDAQ: YTEN)

Stocks In Focus

Galmed Presents Positive Data for NASH Candidate

Galmed Pharmaceuticals Ltd (NASDAQ: GLMD) released Phase 2b data for Aramchol that is evaluated in a study called ARREST for treating non-alcoholic steatohepatitis, or NASH, which showed statistically significant reduction in liver fat, as demonstrated by Magnetic Resonance Spectroscopy in patients completing 52 weeks of treatment with a 400mg dose compared to placebo.

The company also said significantly more patients treated with Aramchol 600 mg vs. placebo showed NASH resolution, without worsening fibrosis in the 52-week biopsy. This is a regulatory approvable endpoint, the company said.

The stock up over 166 percent to $18.77 in pre-market trading.

Immunomedics To Offer Shares

Immunomedics, Inc. (NASDAQ: IMMU) said it has commenced an underwritten public offering of $275 million worth of shares. The company intends to use the net proceeds for the acceleration of the clinical development program of sacituzumab govitecan, manufacturing process improvement, working capital needs and general corporate purpose.

The stock fell 4.32 percent to $22.80 after hours.

Enzo Biochem Q3 Results Miss Estimates

Enzo Biochem, Inc. (NYSE: ENZ) reported a wider-than-expected loss and below-consensus revenues for its Q3, with revenues declining year-over-year. The top-line drop reflected primarily a loss of a medical practice and storm in the Northeast, which impacted operations for 5 days.

The stock slipped 9.25 percent to $6.05 after hours.

See Also: The Week Ahead In Biotech: Conferences, Clinical Trials And IPOs

Pfenex Licenses Osteoporosis Treatment Candidate

Pfenex Inc (NYSE: PFNX) announced that it has granted Alvogen rights to commercialize its lead candidate PF708, a teriparatide therapeutic, which references Eli Lilly And Co (NYSE: LLY)'s osteoporosis treatment Forteo. Forteo achieved sales of $1.7 billion, globally, in 2017, the company noted.

Pfenex will be responsible for development and registration, and Alvogen will provide additional regulatory and development expertise, while also meeting development and marketing expenses.

The licensing deal provides for Pfenex receiving $2.5 million in upfront payment and an additional $25 million in support and regulatory milestone payments. The company also stands to receive a 50 percent gross profit split on sales, if the product is rated as Therapeutic Equivalent, and up to 40 percent, if rated differently.

Deciphera Announces Closing of Offering

Deciphera Pharmaceuticals Inc (NASDAQ: DCPH) announced it has closed its previously announced public offering of 4.3 million shares at $40 per share, for aggregate gross proceeds of $172 million.

Aimmune Names New CEO

Following the planned retirement of CEO Stephen Dilly, which was announced late last year, Aimmune Therapeutics Inc (NASDAQ: AIMT) said Jayson Dallas will join the company as its President and CEO, effective June 19.

Surface Oncology Set to Join Russell 2000 Index

Surface Oncology Inc (NASDAQ: SURF) said it will join the Russell 3000 and Russell 2000 Indexes, effective the close of market June 22.

AcelRx Up On Bullish Initiation

Shares of AcelRx Pharmaceuticals Inc (NASDAQ: ACRX) were initiated at Overweight rating and $6 price target by Cantor Fitzgerald.

The stock rallied 4.11 percent to $3.80 after hours.

On The Radar

The three-day Goldman Sachs 39th Annual Global Healthcare Conference gets underway in Rancho Palos Verdes, California.


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