MITI promising Blinatumomab data. PARD to hold another reverse split vote

Jun 10, 2011 No Comments by

Micromet (Nasdaq: MITI) released promising interim results from its Phase 2 single-arm trial of Blinatumomab for acute lymphoblastic leukemia (ALL) who had relapsed following treatment with standard therapy. Data showed that 75% of patients (9 of 12) achieved a complete remission (CR) or CR with partial recovery of blood counts (CRh) following treatment with blinatumomab. All nine responding patients achieved a complete molecular response, or had no evidence of leukemic cells in their bone marrow, a key prognostic factor for patient survival. Notably, four patients with genetic abnormalities typically associated with poorer outcomes all achieved a CR or CRh. The most common clinical adverse events were fever, peripheral edema and fatigue. Treatment of two of the twelve patients was interrupted due to fully reversible and manageable CNS events. In one patient, cytokine release syndrome was observed, which was mitigated in subsequent patients through dose modification and pre-treatment with concomitant medication. No additional cytokine release syndrome was observed.

Poniard Pharmaceuticals, Inc. (NASDAQ: PARD) announced yesterday that it will hold ANOTHER vote on July 8, 2011 to effect a reverse split following insufficient votes made at its meeting yesterday. The reverse stock split proposal must be approved by a majority of its common shares outstanding. To date, approximately 41.7 percent of its common shares outstanding and entitled to vote have voted in favor of the reverse stock split proposal, approximately 3.4 percent of shares have voted against the proposal, and approximately 54.9 percent have abstained or not yet returned proxies. This is cutting it fine for PARD as NASDAQ said that the bid price needs to be above $1 for at least 10 consecutive days. It needs to regain compliance by July 18, 2011.

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Currently residing in New Zealand and employed in the education industry, Mr. A. Burden holds a M.Com in International Business from the University of Sydney and used these skills together with his passion for investing to establish BioPharmCatalyst in June 2010 as a tool for investing decisions in the US pharmaceutical market. He spends much of his free time mountain biking, playing squash and hiking.
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