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The Daily Biotech Pulse: Adverum Snags Fast Track Designation, Crispr To Offer Shares, Elanco Animal Health To Debut

Shanthi Rexaline

The following is a roundup of top developments in the biotech space over the last 24 hours.

Scaling The Peaks

(Biotech stocks that struck 52-week highs on Sept. 19.)

  • Acceleron Pharma Inc (NASDAQ: XLRN)
  • Abbott Laboratories (NYSE: ABT)
  • AtriCure Inc. (NASDAQ: ATRC)
  • Avrobio Inc (NASDAQ: AVRO)
  • Champions Oncology Inc (NASDAQ: CSBR)
  • Emergent Biosolutions Inc (NYSE: EBS)
  • Genomic Health, Inc. (NASDAQ: GHDX)
  • Myovant Sciences Ltd (NYSE: MYOV)
  • Novocure Ltd (NASDAQ: NVCR)
  • OptimizeRx Corporation (NASDAQ: OPRX)
  • Pacira Pharmaceuticals Inc (NASDAQ: PCRX)
  • Pfizer Inc. (NYSE: PFE)
  • Shire PLC (NASDAQ: SHPG)

Down In The Dumps

(Biotech stocks that hit 52-week lows on Sept. 19.)

  • Bio-Path Holdings Inc (NASDAQ: BPTH)
  • Eidos Therapeutics Inc (NASDAQ: EIDX)
  • Neon Therapeutics Inc (NASDAQ: NTGN?)
  • Reshape Lifesciences Inc (NASDAQ: RSLS)

See also: New Class of Migraine Drug Creates Four-Way Pharma Development Race

Stocks In Focus Adverum's Eye Drug Snags Fast Track Designation

Adverum Biotechnologies Inc (NASDAQ: ADVM) announced the FDA has granted Fast Track designation for ADVM-022, its novel gene therapy to treat wet age-related macular degeneration.

The designation enables more frequent communication with the FDA throughout the development and review process, and also provides eligibility for Priority Review and Accelerated Approval.

The stock rallied 8.09 percent to $6.35 after-hours Wednesday.

Erytech Begins Patient Enrollment For Pancreatic Cancer Late-Stage Trial

Erytech Pharma SA (NASDAQ: ERYP) said the first three patients have been enrolled in the pivotal Phase 3 trial dubbed TRYbeCA1 that is evaluating its lead product candidate eryapase for the treatment of second-line metastatic pancreatic cancer.

Forward Pharma Posts A Loss In H1

Dutch pharma company Forward Pharma A/S (NASDAQ: FWP) reported a loss of 6 cents per share for the six-month period ended June 30 compared to a profit of $1.67 per share for the year-ago period. The company did not recognize any revenues in the 2018 period, while a year ago it earned revenue of $1.25 billion from a non-recurring, non-refundable fee received in February in connection with the settlement and license agreement with the two wholly owned subsidiaries of Biogen Inc (NASDAQ: BIIB).

Stock Offerings

Crispr Therapeutics AG (NASDAQ: CRSP) said it is commencing an underwritten public offering of $200 million worth of shares. The company noted that an automatic shelf-registration statement on Form 3-3ASR related to these securities has been filed with the SEC and has become effective.

The stock fell 4.66 percent to $49.53 in after-hours trading Wednesday.

Viking Therapeutics Inc (NASDAQ: VKTX) said it intends to offer and sell, subject to market and other conditions, shares of its common stock in an underwritten public offering. The company said it intends to use the net proceeds to develop its VK2809, VK5211 and VK0214 programs and for general R&A, working capital and general corporate purposes.

The stock slid 0.92 percent to $19.46 after-hours Wednesday.

Molecular Templates Inc (NASDAQ: MTEM) announced its intention to offer $30 million worth of its common stock in an underwritten public offering. All the shares are to be sold by the company.

The company said it intends to the use the proceeds to fund its clinical programs among other uses.

The stock slumped 10.24 percent to $5.61 after-hours Wednesday.

On The Radar

IPO

Elanco Animal Health, a spin-off unit of Eli Lilly And Co (NYSE: LLY)'s global animal health medicines and vaccines business, priced its 62.9-million-share IPO at $24 per share, above an estimated range of $20-$23. The shares will be listed on the NYSE under the ticker symbol ELAN.

Related Link: The Week Ahead In Biotech (Sept. 16-22): Conferences, PDUFA Dates, Clinical Trial Results And IPOs

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