|Healthcare Review: Agios Pharmaceuticals, Tonix Pharmaceuticals, GlycoMimetics, Horizon Pharma, AcelRx Pharmaceuticals|
|By Marilyn Mullen|
|Friday, 26 September 2014 17:19|
Data showing the U.S. economy grew at its fastest pace in more than two years in the second quarter boosted the dollar and U.S. stocks on Friday while news that high-profile investor Bill Gross is leaving Pimco for a rival firm rattled the bond market. U.S. stocks bounced back from losses Thursday, when major indexes posted their biggest declines since July 31. The dollar was heading toward an 11th straightweek of gains against a basket of currencies. That would extend the longest winning streak since its 1971free float under President Nixon.
Moderately-traded biotech Agios Pharmaceuticals Inc. (NASDAQ:AGIO) jumps on a 10x surge in volume. Shares have quadrupled since the low of $15.77 on November 18, 2013.In November, the company will present clinical data from a Phase 1 trial of AG-120, an orally available inhibitor of the mutated IDH1 protein, being developed to treat hematologic malignancies and solid tumors.
Tonix Pharmaceuticals Holding Corp.(NASDAQ:TNXP) jumps 13% on higher volume in response to the company's disclosure in an investor presentation that it plans to report top-line results from its BESTFIT Phase 2b/3 clinical trial evaluating the safety and efficacy of TNX-102 SL for the treatment of adult patients with fibromyalgia by October 15, 2014.
GlycoMimetics Inc. (NASDAQ:GLYC) are under pressure in response to Pfizer's (PFE -1.2%) notification that it will significantly delay the start of its Phase 3 clinical trial of GMI-1070 (rivipansel) due to a manufacturing development issue impacting formulated drug supply. Pfizer says that it will advise GLYC on a more specific timeframe regarding the commencement of the trial after it identifies the cause of the problem and a remedy.
Horizon Pharma Inc. (NASDAQ:HZNP) restructures its U.S. commercial organization into three divisions, each run by a general manager who will report to Chairman and CEO Timothy P. Walbert.It also forms an executive committee responsible for the day-to-day management of the company. The committee includes Chief Business Officer Robert F. Carey.
AcelRx Pharmaceuticals Inc. (NASDAQ:ACRX) says it is targeting its resubmission of the NDA for Zalviso (sufentanil sublingual tablet system) for Q1 2015. The timing could be delayed, however, depending on the timing of the FDA's review of its response to the CRL and feedback on the proposed bench testing and human factors study.