NEW YORK, NY / ACCESSWIRE / June 12, 2018 / CRISPR technology stocks saw losses in Monday trading, which included CRISPT Therapeutics, after a STAT report revealed that using CRISPR/Cas9 technology with a cell's genome may cause cancer. Shares of Cardiome Pharma saw gains on the other hand after revealing encouraging news about the FDA responding regarding its regulatory path forward in the US for its BRINAVESS drug.
RDI Initiates Coverage on:
CRISPR Therapeutics AG
Cardiome Pharma Corp.
CRISPR Therapeutics AG shares closed down 12.59% on about 8.2 million shares traded on Monday. The company was among other gene-therapy companies to see its shares tumble after a STAT report revealed that editing a cell's genome with CRISPR/Cas9 technology could cause cancer. While CRISPR had no comment on the report, another gene-therapy company, Intellia commented to MarketWatch and said, "We've observed no signs of this type of toxicity or cells transforming into cancer or tumors in Intellia's 'in vivo' and 'ex vivo' programs." The company added, "Despite extended observation in animals and ‘in vitro’ cultures, we have not seen this effect. Intellia's current approaches are directed at different cell types." Intellia dropped almost 10%. Then Editas Medicine Inc. which also focuses on CRISPR/Cas9 technology for genome editing also said to MarketWatch, "For making medicines, we believe inhibiting p53 to increase HDR [homologous damage repair] is not appropriate or needed as it could allow the accumulation of unwanted mutations from non-CRISPR mechanisms, and we can now achieve much higher targeted integration rates and gene correction without suppressing p53 than the authors of this paper saw in their experiment." Editas fell almost 8%.
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Cardiome Pharma Corp. shares closed up a little over 48% yesterday on about 5.7 million shares traded. The company soared to a new high of $3.40 after the specialty pharmaceutical company focused announced that it has received a response from the U.S. Food and Drug Administration about the regulatory path forward in the US for BRINAVESS®, its antiarrhythmic drug for the rapid conversion of recent onset atrial fibrillation. The FDA replied that it would be permissible to resubmit the BRINAVESS New Drug Application and agreed that the Company may schedule a Pre-NDA meeting. Correvio is expecting the meeting to take place in the fourth quarter. CEO William Hunter, MD, commented, "In our most recent communication with the FDA, we asked the Agency if the Division of Cardiovascular and Renal Products would be willing to meet to discuss a regulatory path forward for Brinavess. We are pleased that the Agency has agreed to discuss Brinavess in a pre-NDA meeting, which we will seek to have in the fourth quarter."
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