BPC December 22 update

Tokai (TKAI) reverse merger – shares up 20%; OvaScience (OVAS) to restructure - shares collapse 55%

Price and Volume Movers

Tokai Pharmaceuticals Inc. (NASDAQ:TKAI) shares surged to close up 20% to $1.21 on 40x average volume after trading up as much as 65% in early trading. The company announced a reverse merger will be formed with Otic Pharma Ltd, where the shareholders of Otic Pharma will become the majority owners (60%) of Tokai.

OvaScience (NASDAQ: OVAS) shares slumped to close down 55% to $1.34 on 16x average volume following its restructuring announcement in Wednesday’s after-hours session. The company will reduce its workforce by approximately 30% and will seek a new President and Chief Executive Officer while it will also slow its commercial expansion and reassess its ongoing clinical trials.

Aurinia Pharmaceuticals Inc. (NASDAQ:AUPH) shares slumped 21% to $2.15 on 5x average volume following its announcement that it will issue 11,111,111 units at a price of $2.25 per unit for gross proceeds of $25m. Each unit consists of one share and one-half of a warrant to buy one share.


Other major price/volume movers:

ADVANCERS:                                                                     

Opexa Therapeutics Inc (NASDAQ:OPXA): $1.10; +24%; 1.5x

OncoGenex Pharmaceuticals Inc (NASDAQ:OGXI): $0.50; +9%; 4x

DECLINERS:

Lpath Inc (NASDAQ:LPTN): $3.08; -16%; 6x average volume.

Conatus Pharmaceuticals Inc (NASDAQ:CNAT): $3.77; -13%.

Sangamo Biosciences, Inc. (NASDAQ:SGMO): $2.90; -11%.

Intellia Therapeutics Inc (NASDAQ:NTLA): $14.46; -10%.


Full pipeline updates below:

Pipeline Database Updates

Drug Stage Catalyst

PLX
AIR DNase (PRX-110)
Cystic Fibrosis

Phase 2 Phase 2 interim data released January 3, 2017. Full data due 1Q 2017.

NDRM
ND0612H (Trial 006)
Severe Parkinson's Disease

Phase 2 Phase 2 completion of enrollment announced December 22, 2016. Top-line data due 1Q 2017.

IRWD
Linaclotide Colonic Release
Irritable Bowel Syndrome with Constipation (IBS-C)

Phase 2b Phase 2b data released December 22, 2016.

PGNX
1404
Help visualize prostate cancer by targeting prostate specific membrane antigen (PSMA)

Phase 3 Phase 3 interim analysis completed December 22, 2016 by Data Monitoring Committee (DMC). Trial to continue.