|Healthcare Review: Biota Pharaceuticals, Bacterin, Alexion Pharmaceuticals, Isis Pharmaceuticals, Arena Pharmaceuticals|
|By Staff and Wire Reports|
|Friday, 01 August 2014 13:56|
Shares of thinly- traded Biota Pharaceuticals ($BOTA) plunge on a 6x surge in volume after the company reported that its flu drug candidate, laninamivir octanoate, failed to achieve its primary endpoint in a Phase 2 clinical trial.Neither the 40 mg or 80 mg dosage cohort achieved a statistically significant reduction in the median time to alleviation of influenza symptoms versus placebo. The mean time reduction, as measured by the Flu-iiQ patient-recorded outcome questionnaire, for the 40 mg group was 102.3 hours compared to the 80 mg group's 103.2 hours and placebo's 104.1 hours.
Bacterin (NYSEMKT:BONE) closes a Purchase Agreement with Northland Securities related to the sale of 1.143M shares of common stock and warrants to purchase 571.5K shares of common stock at $7.12 per share. The transaction price to Northland for both the stock and warrant (to purchase 1/2 share of stock) is $5.70. Net proceeds to Bacterin will be ~$5.8M.
The European Commission designates Alexion Pharmaceuticals' (NASDAQ:ALXN) Soliris (eculizumab) an Orphan Drug for the treatment of myasthenia gravis (MG). Patient enrollment in a Phase 3 clinical trial is underway. Soliris is currently approved for the treatment of paroxysmal nocturnal hemoglobinuria and atypical hemolytic uremic syndrome.
Isis Pharmaceuticals (NASDAQ:ISIS) plans to dose the first patient in the next few weeks in a Phase 3 clinical trial evaluating the safety and efficacy of ISIS-SMNrx in infants with spinal muscular atrophy (SMA). This event will trigger an $18M milestone payment from development partner Biogen (NASDAQ:BIIB).
Arena Pharmaceuticals ($ARNA) Q2 results: Total Revenues: $12.8M (-81.4%); Belviq: $3.5M (+165.4%); Eisai Collaboration: $8.6M (-87.1%); R&D Expense: $27.0M (+43.5%); SG&A Expense: $9.1M (+6.1%); Operating Expenses: $38.2M (+31.5%); Operating Loss: ($25.4M) (-163.6%); Net Income: $7.5M (-81.3%); EPS: $0.03 (-83.3%); Quick Assets: $219.1M (+22.5%).