Wedbush analyst Robert Driscoll downgraded Arbutus Biopharma
Tuesday, October 9, 2018
Celgene terminates study of CC-90002 in Acute Myeloid Leukemia
A ClinicalTrials.gov post updated yesterday, October 8, shows that terminated a study of CC-90002 in subjects with Acute Myeloid Leukemia, or AML, and high-risk Myelodysplastic Syndrome, or MDS, because “preliminary monotherapy data in relapsed/refractory AML and high-risk MDS did not offer a sufficiently encouraging profile for further dose escalation/expansion.”
Retrophin to Present Phase 2 Sparsentan Data at ASN Kidney Week 2018
Retrophin, Inc. (NASDAQ: RTRX) today announced that it will present new data examining the long-term effects of sparsentan in focal segmental glomerulosclerosis (FSGS), at the American Society of Nephrology (ASN) Kidney Week 2018. The Company will present an 84-week analysis of the open-label extension portion of the Phase 2 DUET Study, as well as preclinical findings demonstrating that treatment with sparsentan provides nephroprotection in an autosomal mouse model of Alport syndrome. FSGS and Alport Syndrome are rare, progressive kidney disorders that often lead to end-stage renal disease (ESRD). ASN Kidney Week 2018 is being held October 23–28, 2018, in San Diego, CA.
Mylan downgraded to Equal Weight from Overweight at Morgan Stanley
https://thefly.com/landingPageNews.php?id=2801318
Intersect ENT shares not pricing in ‘number of tailwinds,’ says Piper Jaffray
After attending the American Academy of Otolaryngology-Head and Neck Surgery conference in Atlanta, Piper Jaffray analyst Matt O’Brien continues to recommend purchase of Intersect ENT. The analyst says his meetings at the conference, including one with CFO Jeri Hilleman, were upbeat and gave him further conviction that there are a “number of tailwinds ahead of the company not yet to be baked into the stock.” The clinician panel provided for bullish commentary on Contour, and only 50% of Propel accounts use it, so there is a “long runway,” O’Brien tells investors in a research note. He keeps an Overweight rating on Intersect ENT with a $40 price target.
https://thefly.com/landingPageNews.php?id=2801301
Pacira price target raised to $51 from $48 at Piper Jaffray
Piper Jaffray analyst David Amsellem raised his price target for Pacira Pharmaceuticals to $51 after increasing his estimates for Exparel. Recent monthly sales data make it clear that the nerve block label expansion is having a real impact, Amsellem tells investors in a research note. The analyst believes Pacira is well positioned to deliver Exparel sales growth that is “solidly in the double digits for the foreseeable future.” He reiterates an Overweight rating on the shares.
Tilray Strengthens Presence in Latam with Acquisition of Alef Biotechnology
Tilray, Inc. TLRY, -1.25% a global leader in cannabis research and production, today announced that it has completed an acquisition of its existing import and distribution partner Alef Biotechnology SpA (“Alef”). The acquisition will allow Tilray to import, produce and distribute Tilray branded medical cannabis products in Chile and to create a hub to distribute Tilray products throughout Latin America.
Tilray purchased all the outstanding equity of Alef for approximately C$5,000,000 (Canadian dollars). The purchase was comprised of approximately C$250,000 in cash paid at closing, and C$4,750,000 in Tilray Class 2 common stock, subject to a standard working capital adjustment and Alef achieving certain business milestones within a twelve-month period after closing.
“Today’s announcement marks another milestone for Tilray as we expand our global footprint and solidify our presence in Latin America by officially welcoming Alef to the Tilray team,” said Brendan Kennedy, President and Chief Executive Officer of Tilray. “The Chilean government has been a pioneer legitimizing and regulating medical cannabis in Latin America, and we are thrilled to be investing in one of the region’s most exciting markets for biopharmaceutical development.”
Tilray previously announced a partnership with Alef in February 2017 to import and distribute Tilray products in Chile and Brazil. Alef is currently licensed by the Chilean government to commercially produce medical cannabis and is developing a state-of-the-art facility to domestically produce and process medical cannabis products. Chilean law permits patients to access medical cannabis products under the supervision of a recommending physician.
As a part of the acquisition, Tilray will retain current Alef employees Alan Nudman as Chief Executive Officer, and Ariel Nudman, as Chief Sales Officer. Alan and Ariel will oversee the strategic growth of Alef Biotechnology under the global leadership of Tilray.
“The agreement with Tilray is an incredibly exciting moment for Alef and the entire medical cannabis community in Latin America,” says Alan Nudman, Chief Executive Officer of Alef. “In partnership with Tilray, Alef was the first company to offer medical cannabis products through pharmacies anywhere in the Americas and we are looking forward to increasing access for patients throughout Latin America through this acquisition.”
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