Prana Biotechnology (NASDAQ:PRAN) share value has been tumbling over the last month, closing at $1.74 Apr. 15, down 15 cents from the previous day’s close of $1.89.
This is light years away from its share price of $9.86 less than a month ago and even further away from its 52-week high of $13.29. Prior to Apr. 15, PRAN’s 52-week low was 1.81.
The downward spiral is being fueled in part by the disappointing results the Australian biotech company released a couple of weeks ago on a clinical trial of a drug it’s developing to treat Alzheimer's Disease.
Prana said based on draft results, Prana’s PBT2 did not meet its primary endpoint of a statistically significant reduction in the levels of beta-amyloid plaques in the brains of prodromal/mild Alzheimer's disease patients, as measured using PiB-PET Standardized Uptake Value Ratio (SUVR).
Plaques Not Reduced
While there was a reduction in the overall levels of the PiB PET signal in patients treated with PBT2, the results were confounded by an atypical reduction of levels of the PiB PET signal in the placebo group as well.
Commenting on the result, Geoffrey Kempler, chief executive of Prana Biotechnology said:
"This is the first time that Prana has looked at PiB-PET in a study with PBT2 to measure its effect on insoluble amyloid plaques. In our previous Alzheimer's study (EURO)1, we looked at levels of unaggregated soluble Abeta peptides in spinal fluid, and they were significantly reduced with PBT2 treatment. So in the IMAGINE trial we looked for an impact on the insoluble plaques as well, but did not see it differ significantly from the placebo."
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Catalyst Pharmaceutical Partners Successfully Closes Its Public Offering
In other news, Catalyst Pharmaceutical Partners Inc. (NASDAQ:CPRX) share volume also soared Apr. 15, with 1,708,356 shares changing hands, nearly double its three-month average volume of 1,000,522 shares.
The sudden uptick in volume is being fueled in part by the Coral Gables, Fla.-based biopharmaceutical company’s recent success in selling a public offering of shares of its common stock.
The company sold 13,023,750 shares of its common stock in the offering, including 1,698,750 shares that were issued upon the exercise by the underwriters of their overallotment option.
The offering price was $2.21 per share, and the net proceeds from the sale of the shares is expected to be $26.8 million. Piper Jaffray & Co. acted as the sole book-running manager for the offering, Roth Capital Partners acted as co-lead manager, and H.C. Wainwright & Co., LLC acted as co-manager with respect to the offering.
Patrick J. McEnany, Catalyst's Chairman and CEO, stated: "We are pleased to have completed this financing, which allows us to continue our development activities of both Firdapse(TM) and CPP-115, and to begin our pre-commercialization activities for Firdapse(TM). We are also excited that a significant number of high quality fundamental life science investors participated in our offering."
Of the 3 analysts that cover NSPH, 3 recommend a "strong buy."
On Apr. 15, CPRX’s share price closed at $1.92, down 4 cents from the previous day’s close of $1.96 a share.
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Geron Corp. Stock Value Falls amid Flurry of Lawsuits
Meanwhile, Geron Corp. (NASDAQ:GERN) faces a slew of class action lawsuits as its stock volume and it share value tumble.
Geron’s shares have lost 55.63% of their value in the last one-month period and 57.59% year to date. On Apr. 15, ELTP’s share price closed at $1.86, down 3 cents from the previous day’s close of 1.83 cents a share, on volume of 3,286,111 shares, less than half of its three-month average volume of 6,791,175 shares. Geron’s shares 52-week high is $7.79.
The Menlo Park, Calif.-based biopharmaceutical company is being sued by various law firm representing shareholders.
On Apr. 11, Pomerantz LLP became the latest law firm to file a lawsuit against Geron.
Here are some of the details:
"The class action, filed in United States District Court, Northern District of California and docketed under 14-cv-01424, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired securities of Geron between June 16, 2013 and March 11, 2014, both dates inclusive (the "Class Period").
This class action seeks to recover damages against the company and certain of its officers and directors as a result of alleged violations of the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, "the release said.
It must be noted that despite the number of lawsuits filed against Geron, they are unproven allegations until they are tried.
Of the 5 analysts that cover GERN, 1 recommends a "buy," while 4 recommend a "hold."
Nanosphere Enters Into $30 Million Common Stock Purchase Agreement with Aspire Capital
Finally, Nanosphere Inc.’s (NASDAQ:NSPH) share volume soared Apr. 15, with 1,265,644 changing hands, nearly double its three-month average volume of 731,026 shares.
The stock volume surge comes on the heels of a recent announcement the company that makes an advanced molecular diagnostics platform made. In a press release, Nanosphere said that it has entered into a Common Stock Purchase Agreement with Aspire Capital Fund, LLC ("Aspire Capital").
Under the agreement, Nanosphere has the right to sell up to $30 million of shares of its common stock to Aspire Capital under certain conditions from time to time. Aspire Capital is an existing Nanosphere shareholder, having invested in the company's most recent underwritten public offering in September 2013.
Key aspects of the Purchase Agreement include:
- Nanosphere will control the timing and amount of any sale of common stock to Aspire Capital, and will know the sale price before instructing Aspire Capital to purchase shares.
- Aspire Capital has no right to require sales by the Company, but is obligated to make purchases as the Company directs, in accordance with the terms of the Purchase Agreement.
- Aspire Capital shall not impose limitations on use of proceeds, financial covenants, restrictions on future financings, rights of first refusal, participation rights, penalties or liquidated damages.
- The Purchase Agreement may be terminated by Nanosphere at any time, at its discretion, without additional cost or penalty.
Of the 5 analysts that cover NSPH, 4 recommend a "strong buy," while 1 recommends a "hold."
On Apr. 15, NSPH’s share price closed at $1.87, down 2 cents from the previous day’s close of $1.89 a share.
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