NEW YORK, NY / ACCESSWIRE / November 21, 2018 / It was a day of gains for biotech stocks Auris Medical Holding and Bioblast Pharma after the companies announced positive developments. Bioblast announced it has executed a definitive agreement to acquire Enlivex Therapeutics while Auris Medical announced the results of a Pre-IND meeting with the FDA.
The Market Edge Initiates Coverage on:
Auris Medical Holding AG
Bioblast Pharma Ltd.
Auris Medical Holding AG shares were up nearly 36% on Tuesday on roughly 13.7 million shares traded. The company saw its shares pop after announcing the results of its pre-Investigational New Drug (pre-IND) meeting with the Food & Drug Administration. In the meeting, the FDA addressed the Company’s questions and provided guidance on its AM-201 program with intranasal betahistine for the prevention of olanzapine-induced weight gain. CEO and founder, Thomas Meyer, commented, "We are very pleased with the outcomes of the pre-IND meeting with the FDA as it provided important confirmation and guidance for our AM-201 development plans. Following this milestone, we look forward to moving ahead with our development program and to continuing our work towards the development of an effective and safe treatment for the prevention of antipsychotic-induced weight gain." The company is focused on the development of intranasal betahistine for the treatment of vertigo (AM-125) and for the treatment of antipsychotic-induced weight gain and somnolence (AM-201).
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Bioblast Pharma Ltd. shares were up nearly 34% at the close on Tuesday with nearly 2.8 million shares traded. It was on Monday that the Israel-based company announced that it had executed a definitive agreement to acquire immunotherapy company Enlivex Therapeutics Ltd. The combined company will change its name to Enlivex Therapeutics Ltd., and its trading ticker will be modified appropriately when the transaction closes. CEO of Bioblast, Dalia Megiddo MD, remarked, "Following a comprehensive review of strategic alternatives, the Bioblast board of directors concluded that the proposed transaction with Enlivex is in the best interest of our shareholders, as it will provide an opportunity to create value from a diversified pipeline of clinical and preclinical assets in areas of high unmet medical need. Moreover, we believe that Enlivex’s novel immunotherapeutic solution for immune system rebalancing has the potential to offer patients, for the first time, real life-saving solutions in dire and acute clinical conditions for which there are currently no effective solutions due to the complexity of the diseases."
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