NEW YORK, NY / ACCESSWIRE / October 15, 2018 / Immune Design Corp. plummeted on the news that it is discontinuing a cancer vaccine program. Shares of Histogenics saw gains of over 12% as the company closed on a previously announced underwritten public offering.
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Immune Design Corp.
Immune Design Corp. shares closed down nearly 33.7% on Friday with about 3.3 million shares traded. The stock hit a new low of $1.47 on Friday after Wall Street learned that the company discontinued its CMB305 cancer vaccine program. Immune Design announced late Thursday it made the design after an early analysis of a phase 2 study showed CMB305 combined with Tecentriq is not likely to show a survival benefit in relapsed synovial sarcoma patients. Following the announcement, Leerink analyst Jonathan Chang slashed his rating on Immune Design to market perform from outperform and reduced his price target on the stock from $7 to $3. Chang wrote
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Histogenics Corporation shares saw a gain of a little over 12% on Friday on about 7.6 million shares traded. The company announced last week the closing of its previously announced underwritten public offering of 26,155,000 shares of its common stock and warrants to purchase up to 19,616,250 shares of common stock, at a combined purchase price of $0.65 per share of common stock and accompanying warrant. The net proceeds to Histogenics from this offering are approximately $15.4 million. The company is a leader in the development of restorative cell therapies that may offer rapid-onset pain relief and restored function. Its lead investigational product, NeoCart, is designed to rebuild a patient’s own knee cartilage to treat pain at the source and potentially prevent a patient’s progression to osteoarthritis. NeoCart is one of the most rigorously studied restorative cell therapies for orthopedic use.
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