BPC February 18 update

Rigel RIGL deal with Eli LLY +5%; Vistagen VTGN rallies on analyst coverage +20%

Price and Volume Movers

Eli Lilly and Company (NYSE: LLY) and Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL) announced a license agreement to co-develop Rigel's R552, a receptor-interacting serine/threonine-protein kinase 1 (RIPK1) inhibitor, for all indications including autoimmune and inflammatory diseases. Lilly will pay an upfront cash payment to Rigel of $125m. Lilly and Rigel will co-develop R552, while Lilly will be responsible for all costs of global commercialization for R552, and Rigel will have the right to co-commercialize R552 in the U.S. Rigel may also be eligible to receive up to $835m in potential development, regulatory, and commercial milestone payments, as well as tiered royalties ranging from the mid-single digit to high-teens. Shares of Rigel closed up 5% to $4.76 after trading up as high as $5.49 early in the session.

Immunome, Inc. (NASDAQ:IMNM) shares closed up 76% to $39.01 following a press release issued where it noted it has isolated antibodies capable of neutralizing several SARS-CoV-2 variants, including the South African Variant (B.1.351), in pseudovirus testing. It should be noted that its antibody cocktail (IMM-BCP-001) is yet to commence clinical trials, with the company guiding late last year that it intends to file an Investigational New Drug (IND) Application during the first half of 2021, seeking approval from the FDA to initiate such trials.

Vistagen Therapeutics (NASDAQ:VTGN) shares closed up 20% to $2.48. Analysts from Jefferies initiated coverage of the stock with a Buy rating and a price target of $6.

Titan Pharmaceuticals, Inc. (NASDAQ:TTNP) shares closed up 14% to $4.06. Analysts at Maxim upgraded their rating from Hold to Buy with a price target of $11.

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Major price movers (stocks priced > $1.00, volume > 50k listed on NASDAQ/NYSE):

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

ADVANCERS:

Onconova Therapeutics, Inc. (ONTX): $1.76; +17%.

Pharvaris B.V. (PHVS): $30.74; +16%.

Jaguar Health, Inc. (JAGX): $3.16; +14%.

Histogen Inc. (HSTO): $1.69; +13%.

CorMedix Inc. (CRMD): $16.25; +13%.

DECLINERS:

Immunic, Inc. (IMUX): $16.58; -18%.

Alector, Inc. (ALEC): $17.48; -16%.

GeoVax Labs, Inc. (GOVX): $7.16; -15%.

Advaxis, Inc. (ADXS): $1.20; -15%.

Metacrine, Inc. (MTCR): $9.19; -15%.

Pipeline updates below:

Pipeline Database Updates

Drug Stage Catalyst Market Cap

FLXN – Flexion Therapeutics Inc.
FX201
Osteoarthritis (OA)

Phase 1 Phase 1 interim data from the single ascending dose to be presented 1H 2021. Week 52 data due by end of 2021.
$547.4 million

NLSP – NLS Pharmaceutics Ltd.
Quilience
Excessive daytime sleepiness (EDS) and cataplexy associated with narcolepsy

Phase 2 Phase 2 trial to commence 2Q 2021 with top-line data due 3Q 2021.
$33.4 million

OYST – Oyster Point Pharma Inc.
OC-01
Dry eye disease

PDUFA PDUFA date October 17, 2021.
$540 million

OYST – Oyster Point Pharma Inc.
OC-01 (varenicline) - OLYMPIA
Neurotrophic Keratitis (NK)

Phase 2 Phase 2 trial to be initiated 1H 2021.
$540 million

SGEN – Seagen Inc.
Enfortumab vedotin - EV-301
Urothelial cancer

BLA Filing BLA filing announced February 18, 2021.
$27.8 billion

SGEN – Seagen Inc.
Enfortumab Vedotin - EV-201
Urothelial Cancer

BLA Filing BLA filing announced February 28, 2021.
$27.8 billion