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The Daily Biotech Pulse: Opko Settles With SEC, Obalon Inks Financing Deals, Harpoon Files For IPO

Shanthi Rexaline

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

No biotech stocks hit a 52-week peak Thursday.

Down In The Dumps

(Biotech stocks hitting 52-week lows on Dec. 27)

Aevi Genomic Medicine Inc (NASDAQ: GNMX)
Alpine Immune Sciences Inc (NASDAQ: ALPN)
Applied DNA Sciences Inc (NASDAQ: APDN)
Arca Biopharma Inc (NASDAQ: ABIO)
Arcadia Biosciences Inc (NASDAQ: RKDA)
Capricor Therapeutics Inc (NASDAQ: CAPR)
Genocea Biosciences Inc (NASDAQ: GNCA)
Histogenics Corp (NASDAQ: HSGX)
KemPharm Inc (NASDAQ: KMPH)
Leap Therapeutics Inc (NASDAQ: LPTX)
Medigus Ltd. (NASDAQ: MDGS)
Menlo Therapeutics Inc ((NASDAQ: MNLO)
Novan Inc (NASDAQ: NOVN)
NewLink Genetics Corp (NASDAQ: NLNK)
OncoSec Medical Inc (NASDAQ: ONCS)
Ophthotech Corp (NASDAQ: OPHT)
Otonomy Inc (NASDAQ: OTIC)
Ovid Therapeutics Inc (NASDAQ: OVID)
Selecta Biosciences Inc (NASDAQ: SELB)
Sienna Biopharmaceuticals Inc (NASDAQ: SNNA)
Syros Pharmaceuticals Inc (NASDAQ: SYRS)
Unum Therapeutics Inc (NASDAQ: UMRX)
Vaccinex Inc (NASDAQ: VCNX)
Zosano Pharma Corp (NASDAQ: ZSAN)

Stocks In Focus Opko Health, CEO Settle With SEC

Opko Health Inc. (NASDAQ: OPK) and its Chairman and CEO Philip Frost announced an agreement with the SEC to resolve the action brought against the former two. The company, though not admitting or denying SEC's allegations, agreed to an injunction from certain violations of the SEC Act of 1934, a $100,000 penalty and performing certain undertakings related to the Act.

Frost, on his part, has agreed to pay $5.5 million in penalty, disgorgement, and prejudgment interest, and a prohibition, with certain exceptions, from trading in penny stocks

The stock rallied 10.67 percent to $2.80 in after-hours trading.

Obalon Clinches Two Financing Agreements to Raise Up to $30M

Obalon Therapeutics Inc (NASDAQ: OBLN) announced two financing agreements that would provide access to $30 million in capital. The company said it has entered into a common stock purchase agreement and registration rights agreement with Chicago-based Lincoln Park Capital Fund for up to $20 million.

View more earnings on XBI

Separately, the company entered into an at-the-market equity sales agreement with Canaccord Genuity to issue common shares from treasury, at prevailing market prices, to raise gross proceeds of up to $10 million.

The stock slipped 1.14 percent to $2.61 in after-hours trading.

Merus Q3 Loss Narrows

Merus NV (NASDAQ: MRUS) reported a narrower loss for its Q3 and a year-over-year increase in revenues. The company ended the quarter with cash, cash equivalents of 209.9 million euros, more than the 190.8 million euros at Dec. 31, 2017.

The company expects its existing cash, cash equivalents and investments to be sufficient to fund its operations into the second quarter of 2021, thanks to the $15 million it received from Regeneron Pharmaceuticals Inc (NASDAQ: REGN) as part of a litigation settlement, the reprioritization of MCLA-128 spending and efficiencies in CMC-related expenses.

The stock declined 4.18 percent to $12.84 in after-hours trading.

Harpoon Therapeutics Files For IPO

Harpoon Therapeutics, an immunotherapy company developing T-cell engagers, announced filing of Form S-1 with the SEC regarding an initial public offering of its common stock. All the shares involved will be sold by the company.

Harpoon said it has filed for listing of its shares on the Nasdaq under the ticker symbol HARP.

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