NEW YORK, NY / ACCESSWIRE / October 20, 2017 / Shares of Corbus soared on Thursday after reporting top-line data results from a phase 2 study evaluating Anabasum, the company's lead compound to treat dermatomyositis. Shares of Immune Pharmaceuticals crumbled after the company revealed pricing of an underwritten public offering, but on a positive note, the biopharma company is expected to reveal results of a study this week at the 68th Annual Meeting of the American Association for the Study of Liver Diseases (AASLD), which takes place on October 20th to October 24th.
RDI Initiates Coverage on:
Corbus Pharmaceuticals Holdings, Inc.
Immune Pharmaceuticals, Inc.
Corbus Pharmaceuticals Holdings, Inc.'s shares closed up 10% on Thursday with about 5.5 million shares traded. It was an encouraging day for the pharmaceutical company after it released positive results from a phase 2 clinical trial. The 16-week phase 2 study evaluating the company's lead compound anabasum, had topline results. Anabasum is a hopeful compound to treat dermatomyositis, an uncommon inflammatory disease marked by muscle weakness and a distinctive skin rash that affects around 70,000 Americans annually. Patients in the study who had used anabasum had shown an improvement on the Cutaneous Dermatomyositis Disease Area and Severity Index (CDASI) activity score of 9.3 points as compared to 3.7 for Placebo at the end of the study. There were also no side effects observed. Dr. Victoria Werth, a principal investigator on the study commented, "We have little to offer patients with moderate to severe disease activity except immunosuppressive therapies with often limited efficacy and significant side effects."
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Immune Pharmaceuticals, Inc. was one of the biggest decliners on the NASDAQ yesterday, closing the day down 37.42%. Traders weren't happy to learn that the biopharma company had announced the pricing of an underwritten public offering of units for gross proceeds of $18,000,000, which excludes underwriting discounts and commissions and offering expenses payable by Immune. In other news, it was a little earlier this month that the company, which is developing novel therapeutic agents for the treatment of immunologic and inflammatory diseases, announced that results of a study that investigates the therapeutic effect of oral and parenteral administration of anti-eotaxin-1 antibodies in an animal model of immune-mediated hepatitis will be presented at The Liver Meeting 2017 – the 68th Annual Meeting of the American Association for the Study of Liver Diseases (AASLD). The meeting takes place on October 20-24, 2017 in Washington, DC. Dr. Yaron Illan, an Immune Pharmaceuticals collaborator, will present the data in a poster. He stated, "These experiments showed that blocking eotaxin-1 can have a profound impact on the development of hepatic inflammation. Anti-eotaxin-1 antibodies lowered eotaxin-1 levels and were effective at blocking liver injury whether administered parenterally or orally. These results have obvious implications for the potential use of bertilimumab in liver diseases in which chronic inflammation plays a role, including NASH."
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