Elite Pharmaceuticals, Inc. (OTCQB: ELTP) saw its share volume dip on June 9th with 1,730,487 shares exchanging hands, significantly lower then its three month daily average volume of 3,158,801 shares.
Elite Pharmaceuticals announced dosing of the first subject in the treatment phase for a human abuse liability clinical study for ELI-200. ELI-200 is an abuse deterrent product for an undisclosed opioid. The study is a randomized, double-blind, double-dummy, active and placebo-controlled five-way crossover study comparing crushed ELI-200 capsules to a comparator product. The primary objective of the study is to assess the abuse potential when administered intranasally of ground ELI-200 relative to a crushed comparator product and the secondary objectives include determining relative bioavailability and safety of the product. Completion of the dosing is expected in approximately 2 months. Final study results are expected later this year.
"We are pleased to have this key study underway for ELI-200. The study is a key part of the development program for ELI-200 and we expect to file this product by year-end," said Nasrat Hakim, Elite's President and CEO. "Elite has a range of abuse deterrent products that use Elite's proprietary pharmacological abuse deterrent technology and this is one of several abuse deterrent products currently under development by Elite. Elite has completed a successful bioequivalence trial for ELI-200 earlier this year and initiated in May a bioequivalence study for a second abuse deterrent product. Our plans in 2014 include completing In Vitro Lab Abuse Studies for ELI-200 and bioequivalence studies for a third abuse deterrent product. Elite is excited to be developing these new approaches to help address the prevalent issue of prescription drug abuse."
ELTP closed the day at $.3595 on June 9th.
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NVLX Signs Banking Agreement For Access To $50 Million
Nuvilex, Inc. (OTCQB: NVLX) saw its share volume slide on June 9th with 1,490,408 shares exchanging hands, nearly three times lower than its three month daily average volume of 5,137,706 shares.
According to Stock Market Media Group, Nuvilex signed a new at-the-market banking agreement with Chardan Capital; the company now has access up to $50,000,000 which is $23 million more than it had access to just one week ago.
Nuvilex said the funds will be used for: late-phase clinical trials in pancreatic cancer with Clinical Network Services (CNS) in Australia; preclinical studies and clinical trials with Translational Drug Development (TD2) to address the symptoms of pancreatic cancer to be conducted in the U.S.; and further testing and research for diabetes in Europe.
NVLX closed the day at $.26 on June 9th.
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OncoSec Medical Closes Registered Direct Offering
OncoSec Medical Inc. (OTCQB: ONCS) saw its share volume remain strong on June 9th with 2,494,144 shares exchanging hands, right on par with its three month daily average volume of 2,369,924 shares.
OncoSec Medical, a company developing its ImmunoPulse DNA-based intratumoral cancer immunotherapy, announced that it has closed a registered direct offering of 22,535,212 shares of its common stock at a price of $0.71 per share and warrants to purchase up to an aggregate of 7,887,325 shares of common stock at an exercise price of $0.90 per share for a term of five years. The offering closed on June 6, 2014.
The gross proceeds of the offering were approximately $16 million. Net proceeds, after deducting the placement agent’s fee and other estimated offering expenses payable by OncoSec, were approximately $14.9 million.
OncoSec intends to use proceeds from the offering for general corporate purposes, including clinical trial expenses and research and development expenses.
Punit Dhillon, President and CEO, said, "We are thrilled to have the support of institutional investors as we work to advance and expand our immuno-oncology pipeline. This funding further strengthens OncoSec’s cash position and bolsters our efforts to position the company as a leader in intratumoral immunotherapy."
ONCS closed the day at $.685 on June 9th.
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