|Healthcare Review: Arrowhead Research, Navidea Biopharmaceuticals, Cellectar Biosciences, BrainStorm Cell Therapeutics, OncoMed|
|By Staff and Wire Reports|
|Friday, 13 June 2014 13:30|
Shares of Arrowhead Research ($ARWR -16.1%) are down on heavy volume in response to the patent award to Alnylam Pharmaceuticals ($ALNY -0.2%) expanding its McSwiggen patent estate for RNAi therapeutics. The just-awarded patent (no. 8,618,277) covers the development of RNAi therapeutics for HBV. One of Arrowhead's lead product candidates is ARC-520, an RNAi-based therapeutic for the treatment of chronic HBV infection.
The FDA approves the use of Navidea Biopharmaceuticals' ($NAVB -7.4%) radioactive imaging agent Lymphoseek for use in sentinel lymph node biopsies. Sentinel lymph nodes are those closest to a primary tumor for cancer. This new indication allows for more limited lymph node surgery in patients with sentinel nodes negative for cancer.
Cellectar Biosciences ($CLRB +8.6%) announces a 1:20 reverse split of its common stock effective at today's close of business. Post-split shares will begin trading Monday morning. The move will reduce the number of outstanding shares from ~57M to ~2.8M. The firm also decreases the number of authorized shares from 150M to 20M.
BrainStorm Cell Therapeutics ($BCLI -10.9%) raises gross proceeds of $10.5M in a private placement of common stock and warrants. It sells 42M shares of common at $0.25 (15% discount). Buyers also receive warrants to purchase 42M shares of common at $0.348/share. They are immediately exercisable and have a term of three years.
Shares of OncoMed ($OMED -19%) are down on higher volume in response to the company's announcement that it has voluntarily halted patient enrollment and dosing in two clinical trails due to higher-than-expected adverse events. In a Phase 1a study of vantictumab, 8 of 63 (13%) patients have experienced bone-related adverse events. In a Phase 1a study of Fzd8-Fc, 2 of 41 (5%) have experienced the same adverse events.