NEW YORK, NY / ACCESSWIRE / November 28, 2018 / Biotech stocks Arsanis and Aethlon Medical were both seeing big gains on Tuesday on positive developments. Arsanis and privately held X4 Pharmaceuticals have agreed to merge and Aethlon announced it had received Breakthrough Device designation from FDA for their Hemopurifier in the treatment of cancer.
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Aethlon Medical, Inc.
Arsanis, Inc. shares were on fire in Tuesday's trading session, closing the day with 255.17% in gains. Trading volume was tremendous compared to usual at around 43.6 million shares traded. Wall Street was reacting to the company and privately-held X4 Pharmaceuticals, Inc., announcing that they have entered into a definitive merger agreement under which X4 Pharmaceuticals is expected to merge with a wholly-owned subsidiary of Arsanis in an all-stock transaction. X4 Pharmaceuticals is a clinical-stage oncology company developing best-in-class oral small molecule CXCR4 antagonists for the treatment. Michael Gray, the newly appointed president and chief executive officer of Arsanis, remarked, “Following an extensive review of strategic alternatives, we believe the proposed merger with X4 Pharmaceuticals would provide Arsanis stockholders the opportunity to potentially realize value as X4 continues to execute on its promising new approach to rare disease and cancer therapy via the CXCR4 immune pathway. We are confident that X4’s experienced senior management team will lead the combined company to future success. We are also pleased that X4 has expressed interest in retaining certain members of our clinical development and regulatory staff as well as our scientific team in Vienna, Austria, a team which has deep expertise in the research of virally-mediated infections, as demonstrated by Arsanis’ on-going ASN500 collaboration with the Bill & Melinda Gates Foundation.”
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Aethlon Medical, Inc. shares closed up nearly 25.64% on about 11 million shares on Tuesday. Average trading volume for the stock is just under 75,000 shares. The stock saw big gains after the company announced in the morning that it had received Breakthrough Device designation from FDA for their Hemopurifier in the treatment of cancer. This makes it the second such designation for their flagship device. "We are honored to receive this breakthrough designation in oncology as it establishes an opportunity to expand the market for our Hemopurifier and advance our vision for addressing a significant unmet need in cancer care," stated CEO Jim Joyce. He added, "By reducing the presence of tumor-derived exosomes from the circulatory system of cancer patients, we believe our Hemopurifier can improve the benefit of existing cancer treatment regimens and emerging immuno-oncology drugs. Thus providing a rationale for potential partnering opportunities."
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