Weekly Movers: Lpath, Paratek, Inovio…
pharmafile | June 27, 2016 | Feature | Research and Development, Sales and Marketing |
Shares in Lpath (Nasdaq: LPTN) jumped 55% after the company said it has secured a two-year $1.45 million grant by the Defense Medical Research and Development Program. The grant will support the study of Lpathomab, for the treatment of neuropathic pain associated with traumatic brain injury.
The grant will fund preclinical studies to evaluate the efficacy of Lpathoma.
The surge comes a week after the company was forced to initiate a one-for-14 reverse stock split to keep its stock price high enough to maintain its listing on the Nasdaq exchange.
The company recently completed an early stage trial that showed Lpathomab was tolerated at all doses, with no serious adverse safety events.
Paratek Pharmaceuticals (Nasdaq: PRTK) shares gained after the company said late-stage study comparing omadacycline to linezolid, in the treatment of acute bacterial skin and skin structure infections, met its primary and secondary endpoints.
Inovio Pharmaceuticals (Nasdaq: INO) shares rose after the company received approval to test its Zika vaccine in a Phase I human trial.
Interim results from the trial are expected later this year, the company said. There are currently no vaccines for Zika virus, though several tests have been developed. Several companies have raced to develop a vaccine as the virus poses a severe public health risk, particularly in Latin America.
Earlier this year, the World Health Organization said large-scale trials on a Zika vaccine were at least a year and a half away.
Shares in Circassia Pharmaceuticals (LSE: CIR) dropped after the company reported late-stage trials for its cat allergy immunotherapy did not meet its primary endpoint.
The company said the Phase III showed the trial drug reduced combined allergy symptom and rescue medication use score from baseline. As a result of the very marked placebo effect the treatment did not meet the study’s primary endpoint.
Circassia said it will now review the study’s full dataset to understand the detailed results. The company will stop the recently initiated registration study of grass allergy treatment and the preparatory work for a dose-ranging study of ragweed allergy therapy.
Impax Laboratories (Nasdaq: IPXL) shares dropped after the company said it has agreed to acquire a broad portfolio of generic products from Teva Pharmaceutical Industries (TEVA) and affiliates of Allergan (AGN).
Shares in Immunomedics (Nasdaq: IMMU) fell as much as 11% after the company said its chief financial officer Peter Pfreundschuh has stepped down to pursue other career opportunities.
He will be replaced by Michael Garone, the company said in a statement.
Anjali Shukla
