Thinly traded nano cap Predictive Oncology (NASDAQ:POAI) jumps 50% premarket on robust volume in reaction to its launch of a new artificial intelligence (AI) platform for the development of vaccines and drugs for COVID-19 and other acute respiratory syndromes like SARS and MERS via an operating agreement with Soluble Therapeutics.
The company has signed a letter-of-intent with InventaBioTech to acquire Soluble and its HSC technology (automated chromatographic system used in formulating proteins) for an undisclosed sum.
Neogen (NASDAQ:NEOG) reports that it is building its inventory of hand sanitizers, disinfectant wipes, nitrile gloves and disinfectants to help in the global effort to corral the coronavirus outbreak.
On a similar front, thinly traded nano cap Ovation Science (OTCPK:OVATF) reports worldwide interest in its DermSafe hand sanitizer lotion after shipping 25K bottles to China. It has shipped “thousands” of bottles to the UK and has received “multiple orders” from Canada.
NEOG is down 3% premarket on light volume.
Vir Biotechnology (NASDAQ:VIR) has signed a letter of intent with Biogen (NASDAQ:BIIB) for the development and clinical manufacturing of human monoclonal antibodies for the potential treatment of COVID-19.
Due to the present level of urgency, work has begun while a formal agreement is being negotiated. Contingent on the consummation of the deal, Biogen will continue cell line development, process development and clinical manufacturing aimed at advancing Vir’s proprietary antibodies.
Vir says it has identified “a number” of monoclonals that bind to SARS-CoV-2 that have been isolated from people who survived a SARS infection.
VIR is up 27% premarket while BIIB is down 5%, both on light volume.
Mallinckrodt (NYSE:MNK) bucks the broad market’s bearishness, up 11% premarket, albeit on modest volume.
This morning, it announced that it’s evaluating “limited published evidence” that inhaled nitric oxide (iNO), marketed as INOmax, may be useful as a supportive measure in COVID-19 patients with pulmonary complications.
It has engaged the FDA, NIH and BARDA on the matter, but cautions that the safety and efficacy of iNO for this use has not been established.
On the opioid settlement front, it reports that it has inked agreements with certain lenders and debt holders for a new $690M term loan, the proceeds of which will be used to redeem $615M of unsecured notes due 2020. It has also agreed to modify its existing credit agreement, increasing the interest rate by 1.0%, a step-up in amortization and the payment of a one-time 0.5% fee to lenders.
The $1.6B settlement will be paid as follows: $300M at closing, $200M on the first and second anniversary of closing and $150M on the third through the eighth anniversary of closing (reported yesterday). The previously announced issuance of warrants also remains unchanged.
Akebia Therapeutics (NASDAQ:AKBA) has registered $65M in common stock for sale.
Those shares will be sold from time to time under its sales agreement with Cantor Fitzgerald.
Net proceeds, if any, will go toward clinical development of its lead product candidate, and discovery, research and preclinical studies for other candidates, as well as to support commercialization of Auryxia and general purposes.
