BPC April 12 update

Novan (NOVN) shares + 21% following SB208 data; ​Sorrento (SRNE) slumps on offering; Immune (IMNP) reverse split

Price and Volume Movers

Protalix BioTherapeutics, Inc. (NYSE MKT:PLX) announced Wednesday data from its Phase 2 trial of alidornase alfa for the treatment of Cystic Fibrosis (CF). The primary efficacy data showed a lung function improvement of 3.4 points from baseline. The company noted that the data were positive. However, investors sent shares south to close down 15% to $1.11 due to data being below interim data released in early January where in improvement of 4.1 points from baseline was noted.

Immune Pharmaceuticals Inc. (Nasdaq: IMNP) noted Wednesday a reverse stock split of its shares of common stock at a ratio of 1-for-20. The split will be effected prior to the beginning of trading on April 13, 2017,

Novan, Inc.  (NASDAQ:NOVN) shares closed up 21% to $6.29 following the release of top-line data from its Phase 2 trial of SB208 for the treatment of fungal infections. In the primary efficacy analysis, 80.6% (p=0.002) of patients treated with SB208 4% and 74.2% (p=0.016) of patients treated with SB208 16% achieved negative fungal culture at day 14 versus 45.5% of patients treated with vehicle.

Ocera Therapeutics, Inc. (NASDAQ:OCRX) released data from a preclinical study of ornithine phenylacetate (OCR-002) that will be presented at The International Liver Congress of the European Association for the Study of the Liver (EASL 2017) in Amsterdam, April 20, 2017. Despite the data taken from the rat study being at the lower end of importance, the news sent shares surging in the after-hours session, currently trading up 34% to $1.60.

Sorrento Therapeutics, Inc. (NASDAQ: SRNE) shares have slumped in the after-hours session following its announcement that it intends to offer shares of its common stock in an underwritten public offering. Shares are currently trading down 22% to $2.30.

DelMar Pharmaceuticals, Inc. (NASDAQ: DMPI) also announced that it intends to issue shares and warrants. Shares of the company are currently trading down 19% to $3.30 after-hours.

Aerie Pharmaceuticals, Inc. (NASDAQ:AERI) reported after hours data from its Rocket 4 Phase 3 trial of Rhopressa eye drops in patients with glaucoma or ocular hypertension. The objective of the trial was to provide six-month safety data adequate for regulatory filing in Europe. Of concern to investors was the high number of adverse events, most notably hyperemia, or eye redness, which was reported in 48% of patients. The company has already resubmitted its New Drug Application with the FDA for the US market, noting the filing on March 1. The original filing was made in September, 2016 before being withdrawn due to third party manufacturing issues.


Other major price movers:

ADVANCERS:

Neurocrine Biosciences, Inc. (NASDAQ:NBIX): $51.80; +25%.

Apricus Biosciences Inc (NASDAQ:APRI): $2.17; +20%.

Opexa Therapeutics Inc (NASDAQ:OPXA): $0.765; +16%.

CorMedix Inc. (NYSEMKT:CRMD): $1.19; +14%.

ZIOPHARM Oncology Inc. (NASDAQ:ZIOP): $7.44; +10%.

 

DECLINERS:

Bio-Path Holdings Inc (NASDAQ:BPTH): $0.562; -11%.

Albireo Pharma, Inc. (NASDAQ:ALBO): $21.00; -9%.

Aralez Pharmaceuticals Inc (NASDAQ:ARLZ): $1.56; -9%.

Flex Pharma Inc (NASDAQ:FLKS): $3.50; -9%.

MediciNova, Inc (NASDAQ:MNOV): $4.91; -9%.

 

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.

NOVN
SB208
Fungal infections

Phase 2 Phase 2 data released April 12, 2017. Primary endpoint met.