The Daily Biotech Pulse: Cancer Genetics Prices Offering, DiaMedica Delists From Canadian Exchange, Medigus CEO Quits

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

Scaling The Peaks

The following biotech stocks struck 52-week highs Jan. 9: 

• China SXT Pharmaceuticals Inc SXTC
• Innoviva Inc INVA
• Organogenesis Holdings Inc ORGO

Down In The Dumps

The following biotech stocks hit 52-week lows Jan. 9:  

• Amneal Pharmaceuticals Inc AMRX

Stocks In Focus

Cancer Genetics Prices Common Stock Offering

Cancer Genetics Inc CGIX said it has priced its offering of 13.33 million shares at 22.5 cents per share. The company expects to receive gross proceeds of $3 million from the offering.

The offering is expected to close on or around Jan. 14. The company said it intends to use the net proceeds to pay lender fees and other costs incurred in connection with a potential forbearance agreement to pay costs associated with its terminated transaction with NovellusDx Ltd.

The penny stock slumped 15.42 percent to 29.6 cents in after-hours trading Wednesday.

DiaMedica To Delist From Canadian Exchange

DiaMedica Therapeutics Inc DMAC said it has decided to voluntarily delist its voting shares from the TSX Venture Exchange effective Jan. 18.

The company attributed the decision to the high financial and administrative costs associated with maintaining a dual listing.

Medigus CEO Resigns

Medical device companyMedigus ADR MDGS said its CEO Chris Rowland will relinquish the role effective Feb. 28, although he will continue in a consulting capacity. 

The company said an executive team appointed by the board will oversee Rowland's responsibilities until a replacement is named.

The stock was slipping 4.84 percent to $2.75 in premarket trading Thursday.

Heat Biologics To Present Midstage Lung Cancer Data 

Heat Biologics Inc HTBX gave an update on its business plans for 2019 and said it's expanding a Phase 2 trial of HS-110 in combination with a different anti-PD-1 checkpoint inhibitor to treat patients earlier in the course of their metastatic disease. It will make a podium presentation of interim Phase 2 lung cancer data at ASCO SITC Clinical Immuno-Oncology Symposium Feb. 28.

Heat Biologics said it remains on track to complete enrollment for a Phase 2 lung cancer trial in Q2, while it also said it has a strong balance sheet to kick off the year with.

The stock was rising 1.63 percent to $1.25 in pre-market trading Thursday.

On The Radar

Earnings

• Advaxis, Inc. ADXS

Related Links:

The Week Ahead In Biotech: Conferences, Clinical Trials

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