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 released April 12, 2017. Company noted data were positive but results showed efficacy down on January data.

NDRM
ND0612H (Trial 006)
Severe Parkinson's Disease

Phase 2 Phase 2 trial met key primary and secondary endpoints - March 1, 2017.

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

Phase 2b Phase 2b data released December 22, 2016. Phase 3 trials to be initiated in 2H 2017.

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.