BPC December 15 update

Low float nano caps to the fore as shares of CBIO surge 99%

Price and Volume Movers

Thursday's session saw the return of speculative trading of low float biotechs with shares of both Catalyst Biosciences Inc (NASDAQ:CBIO) and Kalvista Pharmaceuticals Inc (NASDAQ:KALV) garnering noticeable speculative interest. 

Catalyst Biosciences Inc (NASDAQ:CBIO), a low float nano-cap company which prior to today had a market cap of less than $10m, saw its shares rocket up to close up 99% on 118x volume. The speculative surge follows a SEC filing released on Wednesday that the company,

“entered into a definitive agreement with Wyeth LLC, a wholly-owned subsidiary of Pfizer Inc. following the June 1, 2015 termination of the research and license agreement that was entered into on June 29, 2009 between the Company and Wyeth to collaborate on the development of novel human Factor VIIa products. Pursuant to the Agreement, Wyeth has granted the Company an exclusive license to Wyeth’s proprietary rights that apply to Factor VIIa variants, CB 813a and CB 813d, to research, develop, manufacture and commercialize the Products. Wyeth has also transferred and will transfer to the Company documentation related to the development, manufacturing and testing of the Products, including the Investigational New Drug application.”  

Vericel Corporation (NASDAQ:VCEL) shares pulled back some of Wednesday’s gains of over 57% following the announcement of its FDA approval of MACI. Shares of the company closed down 15% on 3x average volume.

Pacific Biosciences of California (NASDAQ:PACB) shares tumbled to close down over 43% on 10x average volume following news that F. Hoffman-La Roche Ltd (Roche) has terminated its license agreement with Pacific Biosciences for the development and supply of diagnostic products based on the company's Single Molecule, Real-Time (SMRT) technology.

Agios Pharmaceuticals, Inc. (Nasdaq:AGIO) shares are currently down 19% in the after-hours session following its announcement that it is no longer developing its second pyruvate kinase-R (PKR) activator, AG-519, as a result of notification of a clinical hold from FDA.

Medgenics, Inc. (NASDAQ: MDGN) announced that the company has changed its name to Aevi Genomic Medicine, Inc.  Aevi will trade on the NASDAQ Global Market under the new ticker symbol "GNMX" effective of December 16, 2016. 

Shares of Amicus Therapeutics, Inc. (NASDAQ:FOLD) dropped by 18% on 4x average volume. The company announced after hours on Wednesday that it intends to offer $225m aggregate principal amount of convertible senior notes.

Other major price movers (10%+):


Kalvista Pharmaceuticals Inc (NASDAQ:KALV): +22%; 2x average volume.

Aquinox Pharmaceuticals Inc (NASDAQ:AQXP): +15%; 2.5x average volume.

Orexigen Therapeutics, Inc. (NASDAQ:OREX): +12%; 1.5x average volume.

BioDelivery Sciences International, Inc. (NASDAQ:BDSI): +11%.


Northwest Biotherapeutics, Inc (NASDAQ:NWBO): -15%; 5x average volume.

Protalix Biotherapeutics Inc (NYSEMKT:PLX): -13%.

Fortress Biotech Inc (NASDAQ:FBIO): -11%; 3x average volume.

Sunshine Heart Inc (NASDAQ:SSH): -11%


Full pipeline updates below:

Pipeline Database Updates

Drug Stage Catalyst

Lambert-Easton Myasthenic Syndrome (LEMS)

Phase 3 Refusal to file letter reported on February 17, 2016. Announced that enrollment had commenced in second Phase 3 trial on December 15, 2016. Noted August 30, 2017 that data are due 4Q 2017 with NDA resubmission delayed until early 2018.

Duchenne muscular dystrophy

Phase 2 Phase 2 completion of enrollment announced May 15, 2017. 24-week data due 1Q 2018.

Diabetic macular edema (DME)

Phase 2 Phase 2 to be initiated in 2017.

Amyotrophic lateral sclerosis (ALS)

Phase 2 Phase 2 initiated September 2016. Readout due 2017/18.

Multiple Sclerosis

Phase 2 Phase 2 data due by the end of 2017.

Nocturnal Leg Cramp

Phase 2 Phase 2 endpoints not met - October 2016. Announced January 24, 2017 that other indications will take priority over nocturnal leg cramps.