BPC March 20 update

Axsome AXSM brings forward data release due to COVID19 - shares rise 17%

Price and Volume Movers

Axsome Therapeutics, Inc. (NASDAQ: AXSM) shares closed up 17% to $54.40 following news that it will be bring forward its release of top-line data from its Phase 2/3 trial of AXS-05 in Alzheimer’s Disease Agitation with data now due early in the second quarter, compared with previous guidance of a third quarter release. The company noted it was accelerating the completion of the trial “to ensure the safety of this vulnerable patient population during the COVID-19 pandemic.”

Eli Lilly and Company (NYSE: LLY) announced the FDA issued a complete response letter for the supplemental New Drug Application (sNDA) of empagliflozin as an adjunct to insulin for adults with type 1 diabetes.

Biofrontera AG (NASDAQ:BFRA) announced that it has implemented measures to reduce costs during the global COVID-19 pandemic following declining demand for its product Ameluz due to current measures and regulations implemented by governments worldwide in an attempt to control the COVID-19 pandemic. As a result, the company will implement short-time work for all employees in Germany. Similar measures are currently being assessed for its subsidiaries in Spain, UK and the US, where all employees will be required to take temporary periods of unpaid time off.

Tonix Pharmaceuticals Holding Corp (NASDAQ: TNXP) announced in a SEC filing that it will present certain information regarding its product candidate, TNX-1800, being developed as a potential COVID-19 vaccine, to the World Health Organization on March 20, 2020. Shares closed up 72% to $0.97.

Bellerophon Therapeutics, Inc. (NASDAQ:BLPH) jumped on the COVID-19 bandwagon when the nano-cap company announced the FDA granted emergency expanded access allowing its inhaled nitric oxide (iNO) delivery system, INOpulse, to immediately be used for the treatment of COVID-19. With less than 5m shares in the stock float, shares were traded multiple times, closing up 431% to $18.00 on volume of $9.3m shares.


Major price movers (stocks priced > $1.00, volume > 50k):

Refer to the BioPharmCatalyst Biotech Stocks page for Top 10 Gainers/Losers/Unusual Volume:


Satsuma Pharmaceuticals, Inc. (STSA): $35.00; +113%.

Viela Bio, Inc. (VIE): $44.19; +39%.

Arcutis Biotherapeutics, Inc. (ARQT): $33.32; +32%.

Menlo Therapeutics Inc. (MNLO): $3.49; +31%.

BridgeBio Pharma, Inc. (BBIO): $26.62; +30%.


Evelo Biosciences, Inc. (EVLO): $3.42; -25%.

BioNTech SE (BNTX): $46.50; -22%.

PLx Pharma Inc. (PLXP): $2.16; -21%.

Odonate Therapeutics, Inc. (ODT): $20.86; -20%.

Arbutus Biopharma Corporation (ABUS): $1.44; -18%.

Pipeline updates below:

Pipeline Database Updates

Drug Stage Catalyst Market Cap

AXSM – Axsome Therapeutics Inc.
Agitation in patients with Alzheimer’s disease (AD)

Phase 2/3 Phase 2/3 top-line data due early 2Q 2020
$2.3 billion

LLY – Eli Lilly and Company
Type 1 Diabetes

CRL CRL announced March 20, 2020.
$128.3 billion

MNLO – Menlo Therapeutics Inc.
Pruritus associated with prurigo nodularis

Phase 3 Phase 3 data due late-March/ early-April 2020.
$176 million

MNLO – Menlo Therapeutics Inc.

Phase 2 Phase 2 data due 2Q 2020.
$176 million

MRSN – Mersana Therapeutics Inc.
Ovarian Cancer, Non Small Cell Lung Cancer

Phase 1 Phase 1 dose escalation data update due March 30, 2020. Phase 1 interim dose expansion data to be presented in 2Q 2020 with more mature data expected in 2H 2020.
$286.7 million

SRNE – Sorrento Therapeutics Inc.
Coronavirus COVID-19

Phase 1 Phase 1 IND filing due to be filed in the coming months - noted March 20, 2020.
$328.2 million