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The Daily Biotech Pulse: TransEnterix's Positive Pre-Announcement, Merit Medical Opens Wallet, GW Pharma To Offer ADS Shares

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The Daily Biotech Pulse: TransEnterix's Positive Pre-Announcement, Merit Medical Opens Wallet, GW Pharma To Offer ADS Shares
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26 Stocks Moving In Thursday's Pre-Market Session

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 Oct. 1)

  • Abbott Laboratories (NYSE: ABT)
  • AstraZeneca plc (NYSE: AZN)
  • Becton Dickinson and Co (NYSE: BDX)
  • Haemonetics Corporation (NYSE: HAE)
  • Merck & Co., Inc. (NYSE: MRK)
  • Nuvectra Corp (NASDAQ: NVTR)
  • Orthopediatrics Corp (NASDAQ: KIDS)
  • Pfizer Inc. (NYSE: PFE)
  • ResMed Inc. (NYSE: RMD)

Down In The Dumps

(Biotech stocks hitting 52-week lows on Oct. 1)

  • Aerpio Pharmaceuticals Inc (NASDAQ: ARPO)
  • Arsanis Inc (NASDAQ: ASNS)
  • Avrobio Inc (NASDAQ: AVRO)
  • CELYAD SA/ADR (NASDAQ: CYAD)
  • Genprex Inc (NASDAQ: GNPX)
  • Gritstone Oncology, Inc. (NASDAQ: GRTS)
  • Insmed Incorporated (NASDAQ: INSM)
  • La Jolla Pharmaceutical Company (NASDAQ: LJPC)
  • NewLink Genetics Corp (NASDAQ: NLNK)
  • Novelion Therapeutics Inc (NASDAQ: NVLN)
  • OptiNose Inc (NASDAQ: OPTN)
  • RXi Pharmaceuticals Corp (NASDAQ: RXII)
  • Sonoma Pharmaceuticals Inc (NASDAQ: SNOA)

Stocks In Focus

Acasti To Issue Shares Instead Of Interest Due On Convertible Debentures

Acasti Pharma Inc (NASDAQ: ACST) announced it has opted to issue common shares to the holders of its outstanding convertible debentures in lieu of interest payable. In connection with this, the company has elected to issue an aggregate 23,723 common shares to the debenture holders.

The stock fell 5.73 percent to $1.48 in after-hours trading.

See Also: Attention Biotech Investors: Mark Your Calendar For These October PDUFA Dates

TransEnterix Pre-Announces Positive Q3 Revenues

Transenterix Inc (NYSE: TRXC) issued preliminary fourth-quarter results, which showed revenues of about $5.4 million, slightly ahead of the $5.39 million consensus estimate. The company reported sales of four Senhance systems. As of Sept. 30, the company had unaudited cash and cash equivalents of about $82 million.

The stock rose 2.84 percent to $5.80 in after-hours trading.

GW Pharma To Offer ADSs

GW Pharmaceuticals PLC- ADR (NASDAQ: GWPH) announced plans to sell $300 million worth of ADS shares, representing ordinary shares of the company on the Nasdaq in an underwritten U.S. public offering. The company said the price of the offering hasn't yet been determined.

The stock slipped 1.35 percent to $165 in after-hours trading.

Chiasma Completes Enrollment In Late-stage Trial of Acromegaly Trearment

Chiasma Inc (NASDAQ: CHMA) said it has completed enrollment of its international Phase 3 clinical trial, dubbed as CHIASMA OPTIMAL, which is being conducted under a Special Protocol Assessment agreement with the FDA to support potential regulatory approval for its pipeline candidate octreotide, conditionally trade-named Mycapssa, for the maintenance therapy of adult patients with acromegaly.

The company said it exceeded the target enrollment of 50 patients in the trial. It expects to report topline results from the study in Sept. 2019.

The stock moved down 1.99 percent to $3.45 in after-hours trading.

Merit Medical To Buy Cianna Medical For Up To $200M

Merit Medical Systems, Inc. (NASDAQ: MMSI) announced a deal to buy Cianna Medical by paying $135 million in upfront payment, with potential earn-out payments of an additional $15 million for achievement of supply chain and scalability metrics, and up to an additional $50 million for achievement of sales milestones.

If consummated, the transaction is likely to be accretive to Merit's non-GAAP earnings in the range of 8-13 cents per share and non-GAAP gross margin in the range of 55-130 basis points, while also adding $50 million to $56 million in revenues.

"Cianna Medical is a leader in wire-free breast localization and has been focused on breast conservation for 11 years," Merit Medical said.

Posted-In: News Offerings M&A Top Stories Trading Ideas Best of Benzinga

 

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