Corroded pipe led to Philadelphia refinery fire

An old, thinning piece of metal pipe that had not been tested for corrosion led to a June fire and explosions at the Philadelphia Energy Solutions oil refinery, the U.S. Chemical Safety and Hazard Investigation Board said in a report on Wednesday.
The pipe fitting gave way early on the morning of June 21, releasing more than 3,200 pounds of the highly toxic chemical hydrofluoric acid (HF) into the atmosphere, the CSB said. The metal composition of the pipe, including copper and nickel, also did not meet industry standards, the agency said.

The fire destroyed a key fuel processing unit at the 335,000 barrel-per day refinery, prompted PES to file for bankruptcy a month later and shut down the plant.
Five workers at the refinery required first aid, but no other injuries were reported, the board said.

While the broader pipe system in the destroyed unit had been periodically measured for thickness to detect corrosion, the individual ruptured piece had not been inspected, the CSB said.
After the blast, the thinnest portion of the pipe fitting was found to be half the thickness of a credit card.
The U.S. Chemical Safety Board, which has no regulatory or enforcement power, is authorized under the U.S. Clean Air Act to determine the cause of chemical plant explosions and fires and make recommendations to prevent them in the future.
https://www.reuters.com/article/us-pes-bankruptcy-investigation/corroded-pipe-led-to-philadelphia-refinery-fire-u-s-chemical-safety-board-idUSKBN1WV1TW

Boehringer Ingelheim launches mid-stage study of new cystic fibrosis treatment

Privately held Boehringer Ingelheim announces the start of enrollment in a Phase 2 clinical trial evaluating different doses of BI 1265162, an epithelial sodium channel inhibitor delivered via the Respimat inhaler, in cystic fibrosis (CF) patients regardless of their mutation status.

The primary endpoint of the 98-subject study is the change from baseline in forced expiratory volume in one second (FEV1), a measure of lung function, up to four weeks. The estimated completion date is September 2020.

BI 12651621 is designed to keep the airways hydrated and less clogged with mucus via blocking the absorption of sodium. The company says the slow-moving mist delivered by Respimat helps patients inhale the medicine.

CF-related tickers: Vertex Pharmaceuticals (VRTX -0.8%), AbbVie (ABBV +0.1%), Proteostasis Therapeutics (PTI +1.2%)

https://seekingalpha.com/news/3506141-boehringer-ingelheim-launches-mid-stage-study-new-cf-treatment

Nektar launches early-stage study of NKTR-255 in blood cancer

Nektar Therapeutics (NKTR +0.3%) initiates a Phase 1 clinical trial evaluating NKTR-255 in patients with relapsed/refractory non-Hodgkin lymphoma (NHL) or multiple myeloma (MM).

The study will also assess the combination of NKTR-255 with multiple targeted antibodies.

NKTR-255 is designed to activate the interleukin-15 (IL-15) pathway which boosts the immune response to cancer by inducing the proliferation of natural killer cells and memory CD8+ T cells.

https://seekingalpha.com/news/3506152-nektar-launches-early-stage-study-nktrminus-255-blood-cancer

Aurinia advances late-stage voclosporin study

Aurinia Pharmaceuticals (NASDAQ:AUPH) announces the last patient visit in its Phase 3 clinical trial, AURORA, evaluating voclosporin in patients with lupus nephritis. Topline data should be available later this quarter.

On another note, it has completed the sale of ~2.4M common shares under its at-the-market sales agreement with Jefferies at a weighted average price of $6.40. Gross proceeds were ~$15M.

https://seekingalpha.com/news/3506066-aurinia-advances-late-stage-voclosporin-study

Molina expands footprint in NY with asset purchase

Molina Healthcare (NYSE:MOH) has agreed to acquire certain assets of Monroe Plan for Medical Care subsidiary YourCare Health Plan, Inc. for ~$40M in cash. The company will pick up 46K Medicaid members in seven counties in the Western New York and Finger Lakes regions as a result.

The transaction should close in Q1 2020.

https://seekingalpha.com/news/3506077-molina-expands-footprint-ny-asset-purchase

CorMedix up on advancement of Neutrolin NDA

Thinly traded micro cap CorMedix (NYSEMKT:CRMD) is up 5% premarket on light volume in response to its announcement that it has completed its interactions with the FDA regarding the Chemistry, Manufacturing and Controls (CMC) data package that will support its New Drug Application (NDA) for Neutrolin as a catheter lock solution for the prevention of catheter-related bloodstream infections in hemodialysis patients.

The company says the agency supports its proposed manufacturing program and plans to conduct a thorough review of the data package and commercial readiness of its manufacturing facilities at the time of filing.

A pre-NDA meeting has been scheduled.

https://seekingalpha.com/news/3506102-cormedix-5-percent-premarket-advancement-neutrolin-nda

Roche: Outlook Is Improving as Revenue Grows

Roche Holding AG (ROG.EB) raised its guidance on Wednesday after reporting that sales rose 9.5% in the period from January to September.
Sales in the nine months totaled 46.07 billion Swiss francs ($46.16 billion), up from CHF42.08 billion a year earlier. U.S. sales were particularly strong, rising 17% to CHF20.04 billion.
The Swiss drugmaker said it now expects high-single-digit sales growth at constant exchange rates in 2019, with core earnings per share increasing in line with sales.
Previously, the company had guided for mid-to-high-single-digit growth at constant exchange rates.
Roche said a strong performance from multiple sclerosis drug Ocrevus, as well as hemophilia medicine Hemlibra and cancer medicines Tecentriq, Perjeta and Avastin helped to offset declining sales of Herceptin and MabThera/Rituxan, which were hit by competition from closely-resembling drugs.

https://www.marketscreener.com/ROCHE-HOLDING-AG-9364975/news/Roche-Says-Outlook-Is-Improving-as-Revenue-Grows-29381877/