The Daily Biotech Pulse: Aveo Slips On Stock Offering, FDA Greenlights Generic EpiPen, Pfenex Exec Resigns

Shanthi Rexaline
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Here's a roundup of top developments in the biotech space over the last 24 hours.

Scaling the Peaks

(Stocks hitting 52-week highs on Aug. 16)

  • Autolus Therapeutics Ltd – ADR (NASDAQ: AUTL)

  • Eli Lilly And Co (NYSE: LLY)

  • Inspire Medical Systems Inc (NYSE: INSP)

  • Masimo Corporation (NASDAQ: MASI)

  • Merck & Co., Inc. (NYSE: MRK)

Down In The Dumps

(Stocks hitting 52-week lows on Aug. 16)

  • Aileron Therapeutics Inc (NASDAQ: ALRN)

  • aTyr Pharma Inc (NASDAQ: LIFE)

  • Dynavax Technologies Corporation (NASDAQ: DVAX)

  • Melinta Therapeutics, Inc. (NASDAQ: MLNT)

  • Novelion Therapeutics Inc (USA) (NASDAQ: NVLN)

  • Pain Therapeutics, Inc. (NASDAQ: PTIE)

  • Trinity Biotech plc (ADR) (NASDAQ: TRIB)

See Also: The Week Ahead In Biotech: Conferences, PDUFA Dates, Earnings And IPOs

Stocks In Focus Aveo to Offer Shares In a Public Offering

AVEO Pharmaceuticals, Inc. (NASDAQ: AVEO) said it intends to sell shares of its common stock in an underwritten public offering. All the shares intended to be sold will be sold by the company. The company said it will use the proceeds for working capital and pre-commercial expenses incurred in connection with its clinical development of tivozanib.

The stock shed 6.19 percent to $2.12 in after-hours trading.

Teva-Antares' Drug-Device Combo Clears FDA Hurdle

The FDA has approved Teva Pharmaceutical Industries Ltd (ADR) ADR (NYSE: TEVA)'s epinephrine auto injector drug-device combination for treating severe allergic reaction, including those that are life threatening in adults and certain pediatric patients. The drug candidate is meant to be a generic substitute to Mylan NV (NASDAQ: MYL)'s EpiPen and uses Antares Pharma's VIBEX device.

Antares shares rallied 3.61 percent to $3.41 in after-hours trading. Teva gained 7 percent Thursday afternoon.

Pfenex's Chief Medical & Scientific Office to Quit

Pfenex Inc (NYSE: PFNX) said its chief medical and scientific officer Dr. Hubert Chen will resign from the role, effective Sep. 2, 2018, although he will continue in an advisory role.

The company said it remains on track to submit the NDA for PF708, its lead asset candidate and therapeutic equivalent to osteoporosis injection Forteo, in Q418, with a potential commercial launch likely in Q319.

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