FDA OKs new use for Melinta’s Baxdela; shares down on potential capital raise

The FDA approves Melinta Therapeutics’ (NASDAQ:MLNT) BAXDELA (delafloxacin) for the treatment of adult patients with community-acquired bacterial pneumonia (CABP).

It was first approved in the U.S. in June 2017 for acute skin and skin structure infections.

Shares are down 26% premarket on average volume in apparent reaction to its statement that it will delay the commercial launch of the CABP indication until it has “further visibility” into its liquidity position.

At the end of June, it had $90.3M in cash and equivalents while operations consumed $63.0M in H1.

https://seekingalpha.com/news/3509682-fda-oks-new-use-melintas-baxdela-shares-26-percent-premarket-potential-capital-raise