Today's Research Reports on Trending Tickers: Zafgen and Edge Therapeutics
NEW YORK, NY / ACCESSWIRE / November 27, 2018 / Zafgen was one of the big decliners in the biotech arena after the FDA put a clinical hold on its Investigational New Drug Application. Shares of Edge Therapeutics were also in the red after announcing a definitive merger agreement with PDS Biotechnology Corporation.
The Market Edge Initiates Coverage on:
Zafgen, Inc.
https://marketedgereport.com/report/ZFGN/
Edge Therapeutics, Inc.
https://marketedgereport.com/report/EDGE/
Zafgen, Inc. shares sank on Monday nearly 40.5% at the close. Trading volume at around 4 million shares was tremendous compared to the stock's average trading volume of just around 236,000 shares. The stock plummeted after Wall Street learned that the U.S. Food and Drug Administration placed a clinical hold on the Investigational New Drug Application (IND) for experimental type 2 diabetes drug ZGN-1061. The FDA’s letter cited the “possibility of cardiovascular safety risk” based on the company’s earlier obesity drug, which acts in a similar way as ZGN-1061. Two years ago, the deaths of two patients in a late-stage study of the obesity drug led Boston-based Zafgen to abandon further development of the compound. Per the press release, the FDA has "cited the possibility of cardiovascular (CV) safety risk based on the Company’s prior compound and outlined multiple potential paths for moving forward, including nonclinical or clinical options, to address these concerns in the ongoing development of ZGN-1061." Investors are probablyunsure that the Company will be able to come up with a plan that will address the concerns raised by FDA.
Access The Market Edge's Zafgen, Inc. Research Report:
https://marketedgereport.com/report/ZFGN/
Edge Therapeutics, Inc. shares were down 3.64% yesterday on nearly 5 million shares traded. Average trading volume for the stock is just under 250,000 shares. The company and PDS Biotechnology Corporation announced on Monday that their respective boards of directors have approved a definitive merger agreement. The merger is expected to create a combined company with a growing pipeline ofnext generation cancer immunotherapies based on the proprietary, multi-functional Versamune® technology platform, and sufficient cash to fund operations into 2020. The latter is a privately-held, clinical-stage cancer immunotherapy company. “Since announcing our plans to seek strategic alternatives for Edge Therapeutics, our priority has been to identify a merger candidate that we believe has the potential to continue our mission to help patients and to provide meaningful value to our stockholders," said Brian A. Leuthner, Chief Executive Officer of Edge Therapeutics. “Following a rigorous evaluation and diligence process, the Edge Board of Directors has concluded that a merger with PDS Biotechnology, with a clinical-stage product candidate that has demonstrated the potential in patients to address important limitations of current immuno-oncology approaches, a growing development pipeline, and a novelnext generation technology, offers an excellent opportunity to create such value. We believe that PDS represents an attractive merger partner for Edge as PDS prepares to advance multiple late-stage clinical programs through key milestones in 2019 and beyond.”
Access The Market Edge's Edge Therapeutics, Inc. Research Report:
https://marketedgereport.com/report/EDGE/
Our Actionable Research on Zafgen, Inc. (NASDAQ: ZFGN) and Edge Therapeutics, Inc. (NASDAQ: EDGE) can be downloaded free of charge at The Market Edge.
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SOURCE: The Market Edge
