NEW YORK, NY / ACCESSWIRE / May 17, 2018 / Eleven Biotherapeutics and VIVUS, Inc. were two biotech stocks to see big gains in Wednesday's trading session. VIVUS reported first quarter earnings earlier this month and recently announced an agreement to acquire all rights to Janssen's exocrine pancreatic insufficiency drug, pancreaze, in the United States and Canada. Janssen is a subsidiary of Johnson & Johnson. Shares of Eleven Biotherapeutics were on the rise after posting first quarter results on Tuesday.
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Eleven Biotherapeutics, Inc.
Eleven Biotherapeutics, Inc. shares closed up a little over 24% yesterday on about 15.5 million shares traded. It was on Tuesday that the late-stage clinical company developing next-generation antibody-drug conjugate (ADC) therapies for the treatment of cancer, reported its first quarter results. The company reported a net loss of $0.11 a share compared to a net loss of $0.25 a share in the year ago quarter. There was no revenue reported. In the year ago quarter revenue was $0.4 million. CEO Stephen Hurly stated, "2018 is set to be a transformational year for the company and, already in the first quarter, we have made important progress in advancing our lead program, Vicinium™, for high-grade non-muscle invasive bladder cancer, or NMIBC. Our Phase 3 registration trial, the VISTA Trial, investigating Vicinium for patients with high-grade NMIBC, is progressing well and recently completed enrollment. We look forward to presenting three-month data from the trial in an oral presentation at the American Urological Association Annual Meeting on May 21st, a significant catalyst for the company and our Vicinium program. High-grade NMIBC is a disease for which there is a desperate need for new treatment options, and we look forward to further exploring Vicinium as a potential treatment for these patients." The company has changed its name to Sesen Bio, Inc. and will trade under the new Nasdaq ticker symbol "SESN."
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VIVUS, Inc. shares were trading high in the green on Wednesday, closing the day up 26.68% on high volume compared to usual. It was earlier in the month that the company reported first quarter earnings. For the quarter, the California-based pharmaceutical company reported a loss of 10 cents a share, worse compared to the loss of 1 cent reported in the year ago quarter. Analysts had been expecting a loss of 11 cents. Revenue was $11.9 million which was a drop of 55.9% from the year ago period. This month the company announced an agreement with a Johnson & Johnson subsidiary, Janssen, to acquire all rights to its exocrine pancreatic insufficiency drug, pancreaze, in the United States and Canada. VIVUS will have to pay Janssen $135 million upon closing of the deal. The transaction is expected to close in the second quarter. It was last month that John Amos was named the company's new CEO. He was also placed onto the company's board.
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