CORAL GABLES, FL / ACCESSWIRE / February 6, 2019 / In order for the biotech stock market to be successful, companies in the industry are tasked with not only maintaining a constant stream of innovative drug treatments as medical experts discover new diseases, but they must also meet the demands of consumers who have their own set of needs and expectations. According to a recent report from Deloitte regarding research and development for drug development, it costs nearly $2 billion to bring a new drug to market. In order to have this type of capital, companies in the biotech sector are constantly working to stay ahead of the ball by strategically investing in the development of products and services meant to improve the quality of life for consumers. Premier Health Group (OTC:PHGRF) (CSE:PHGI), Pulmatrix Inc (PULM), MacroGenics Inc (MGNX), and Proteostasis Therapeutics Inc (PTI) represent four biotech companies creating nuanced approaches to further the advancement of modern medicine.
Premier Health Group (OTC:PHGRF) (CSE:PHGI) is a company focused on developing innovative approaches that combine human skill-based expertise with state-of-the-art technologies used throughout the healthcare industry to create the best-possible care solutions for their growing patient network. The Company has seen impressive gains over the last few months as a result of momentum gained from several key strategic investments which demonstrate Premier's dedication to the betterment of the biotech industry, and more importantly, to consumers looking to enhance their quality of life.
Premier Health Group (OTC:PHGRF) (CSE:PHGI) announced at the tail-end of last month that, further to its news release dated January 10, 2019, the Company has acquired all outstanding securities of Cloud Practice Inc. As a result of the acquisition, Cloud Practice's Founders, including CEO Jordan Visco, and entire support team, consisting of several software developers and sales staff, will join and work alongside the Premier Health team to offer tools and resources providing for better efficiency on a day-to-day basis for both physicians and customers.
Per the official details of the agreement, Premier will pay to the Cloud Practice shareholders total consideration of up to $5 million, $2 million dollars in cash to be paid out as follows: (i) $500,000 paid in cash on signing of the binding LOI as a refundable deposit, (ii) $500,000 in cash payable on closing, (iii) $500,000 in cash payable 90 days after closing, (iv) $500,000 in cash payable within six months of the LOI subject to the satisfaction of certain milestones related to the integration of the Juno EMR, and $3 million payable in common shares of Premier at a deemed price of $0.76 per share.
Dr. Essam Hamza, CEO of Premier Health Group (OTC:PHGRF) (CSE:PHGI), commented, "we are very excited to have completed this acquisition and to have the experienced team at Cloud Practice join the team at Premier Health. With this acquisition, we now have a medical software company with national reach. Thus, enabling us to build on our patient-centric technology platform that will integrate telemedicine, online booking and other premium services with our electronic medical records (EMR) system."
Pulmatrix Inc (PULM) earlier this week announced a 1-for-10 reverse split of its common stock, effective as of 5:00 pm Eastern Time, February 5, 2019. Beginning on February 6, 2019, the Company's common stock will trade on the NASDAQ Capital Market on a split-adjusted basis.
Per the details of the announcement, the reverse stock split will cause a reduction in the number of shares of common stock outstanding and issuable upon the conversion of the Company's outstanding shares of preferred stock and the the exercise of its outstanding stock options and warrants in proportion to the ratio of the reverse stock split and will cause a proportionate increase in the conversion and exercise prices of such preferred stock, stock options and warrants.
MacroGenics Inc (MGNX) saw impressive gains in the market on Wednesday, with shares soaring 133.45% just before noon, trading at $25.77 per share. The sudden increase may be connected to the Company's announcement today of positive results from SOPHIA, the Company's Phase 3 clinical study of margetuximab in HER2-positive metastatic breast cancer patients.
Per the official details of the Phase 3 results, Patients in the margetuximab arm experienced a 24% risk reduction in PFS compared to patients in the trastuzumab arm (HR=0.76, p=0.033). Notably, approximately 85% of patients in the study were carriers of the CD16A (FcγRIIIa) 158F allele, which has been previously associated with diminished clinical response to HERCEPTIN and other antibodies.
Scott Koenig, CEO, and President of MacroGenics, commented, "we are pleased with the SOPHIA clinical results and are especially grateful to the patients, their caregivers, trial investigators, and site personnel who participated in the study."
Proteostasis Therapeutics Inc (PTI), a clinical-stage biopharmaceutical company dedicated to treating cystic fibrosis, today announced that Emmanuel Dulac, PharmD, Ph.D., and Kim Cobleigh Drapkin, CPA, have been appointed to the Company's Board of Directors. Both the new appointees will hopefully bring their years of leadership experience to the Proteostasis team.
Following the announcement, Meenu Chhabra, President and CEO of Proteostasis, said, "collectively, Emmanuel's clinical development and commercial expertise, particularly in cystic fibrosis, and Kim's experience working for a broad range of growing biotech companies, will provide PTI valuable insight as we approach multiple key data readouts of our proprietary combinations and add-on CF therapies."
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