Proteon shares tumble 75% as another biotech reports disappointing data
Price and Volume Movers
Achaogen, Inc. (NASDAQ:AKAO), which on Monday saw its shares soar over 148%, continued with its surge on Tuesday, with shares closing up 14% on 18x average volume. The company announced yesterday positive data from both its CARE and EPIC Phase 3 trials of plazomicin. Achaogen plans to submit a New Drug Application (NDA) in 2H 2017.
Proteon Therapeutics, Inc. (Nasdaq:PRTO) shares tumbled 75% on 93x average volume following its release that its first Phase 3 trial of vonapanitase (PATENCY-1) did not meet its primary endpoint of improved primary unassisted patency compared to placebo (p=0.254). Enrollment in its second Phase 3 trial, PATENCY-2, is due to be completed in 1Q 2017, with top-line data due 2Q 2018.
BioDelivery Sciences International, Inc. (NASDAQ: BDSI) announced that its Phase 2b trial of Clonidine Topical Gel for the management of painful diabetic neuropathy did not meet the primary endpoint. As a result, BDSI is discontinuing further development of the product. Shares closed down 2.5% of being down 15% at the opening of today’s session.
Soligenix, Inc. (Nasdaq: SNGX) announced today the pricing of its public offering of 1,670,000 shares and warrants to purchase up to 2,087,500 shares at a combined offering price of $3.16 for gross proceeds of approximately $5,277,200. The company began trading on The Nasdaq Capital Market under the ticker "SNGX" on December 13, 2016. Shares closed down 34%.
Recro Pharma, Inc. (Nasdaq:REPH) also announced the pricing of its offering of 6.5m shares of at a price of $6 per share for net proceeds of $35.9m. After opening lower, shares closed up 9%.
CytRx Corporation (NASDAQ: CYTR) another company to raise cash, announced that it will offer shares at a price of $0.42 per share with gross proceeds of $8.1m. Shares of the company dropped 17% on 3.5x average volume.
Other price movers (+10%):
Sunshine Heart Inc (NASDAQ:SSH): +53%; 6x average volume.
Northwest Biotherapeutics, Inc (NASDAQ:NWBO): +11%; 3x average volume.
Abeona Therapeutics Inc (NASDAQ:ABEO): +10%; 2x average volume.
Cerecor Inc (NASDAQ:CERC): +10%; 13x average volume.
aTyr Pharma Inc (NASDAQ:LIFE): -23%; 6x average volume.
Apricus Biosciences Inc (NASDAQ:APRI): -20%; 9x average volume.
Atossa Genetics Inc (NASDAQ:ATOS): -11%.
Fibrocell Science Inc (NASDAQ:FCSC): - 13%; 4x average volume.
Peregrine Pharmaceuticals (NASDAQ:PPHM): -12%; 2x average volume.
Full pipeline updates below:
Pipeline Database Updates
PRTO Vonapanitase (PRT-201) PATENCY-2 Chronic kidney disease (CKD) patients undergoing surgical placement of an arteriovenous fistula (AVF)