NEW YORK, NY / ACCESSWIRE / May 1, 2018 / Pharma stocks Atossa Genetics and SteadyMed were seeing big gains in Monday trading after each company announced big news. Atossa has received approval from the Swedish Medical Products Agency (MPA) to conduct a Phase 2 Study of its Endoxifen, an investigational drug for breast cancer. SteadyMed announced that it will be acquired by United Therapeutics Corp.
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Atossa Genetics Inc.
Atossa Genetics Inc. shares closed up almost 30% yesterday on about 4.1 million shares traded compared to an average of just under 450,000 shares for the stock. The clinical-stage pharmaceutical company announced on Monday that it has received approval from the Swedish Medical Products Agency (MPA) to conduct a Phase 2 Study of its Endoxifen. Endoxifen is a proprietary topical treatment for women with mammographic breast density. The principal investigator on the Phase 2 study will be Dr. Per Hall, MD, Ph.D, who is the head of the Department of Medical Epidemiology and Biostatistics at Karolinska Institutet. Dr. Steven C. Quay, CEO and President of Atossa remarked, "Dr. Hall is widely regarded as a leading researcher in the field of breast cancer and prevention. He is heading the unique KARMA (Karolinska Mammography Project for Risk Prediction of Breast Cancer) Cohort, including over 70,000 women, which is regarded as the best characterized breast cancer cohort in the world and serves as a resource for studies about breast cancer risk assessment and prevention, and the Karisma Intervention Study, which is studying the change in MBD in women taking various doses of oral tamoxifen. We are honored to be working with Dr. Hall and his colleagues on our Phase 2 study of MBD as their unique experience and qualifications are simply unmatched anywhere in the world."
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SteadyMed Ltd. shares exploded in Monday trading to close up 77.36% on significant trading volume compared to usual. The stock traded nearly 1.3 million shares next to an average of just around 16,000 shares. The big gains came after it was announced that United Therapeutics Corp. will be buying the special pharmaceutical company. As part of the deal, shareholders of SteadyMed will receive $4.46 a share in cash for each share that they own. This is 68% above where SteadyMed shares closed this past Friday at $2.65. The company at $4.46 a share is valued at $118.5 million. Shareholders of SteadyMed could also look forward to up to $2.63 a share if the company achieves commercialization milestones in relation to a development stage drug device called Treyvent that is used to treat pulmonary arterial hypertension (PAH.) The company's CEO Jonathan Rigby remarked, "We believe that this proposed acquisition will help us realize our commitment to bring Trevyent to market to improve the lives of patients with PAH." Before Monday's gains, shares of the stock had seen almost 30% in losses year to date.
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