Healthcare Business Recap: Peregrine Evaporates, BioLineRx’s New Patent
Shares of Peregrine Pharmaceuticals Inc. (NASDAQ:PPHM) lost almost 80 percent of their value Monday, on the news that previously reported data for Phase II testing of its bavituximab drug is no longer reliable, as the firm has discovered major discrepancies between some patient sample test results and the patient treatment code assignments. Shares were halted part of the day. In reaction, Roth Capital downgraded the stock to Neutral and removed it from its Focus List, while at the same time slashing its target price from $9 to 70 cents.
Don’t Miss: Murky Future for Peregrine.
It has been reported that Cell Therapeutics, Inc.’s (NASDAQ:CTIC) pacritinib drug exhibited encouraging anti-tumor activity and good tolerability in 34 patients suffering from relapsed or refractory lymphoma in a Phase I trial. Previously, Pacritinib had performed well in Phase II studies for patients with myelofibrosis, and the firm intends to conduct Phase III trials for this bone-marrow illness.
Novartis AG‘s (NYSE:NVS) RLX030 drug reduced the number of deaths in patients suffering from acute heart failure in a Phase III trial. Shares were up modestly on the day.
Shares of BioLineRx Ltd. (BLRX) were up about 10 percent following the issuance of a United States patent for its BL-1020 treatment for schizophrenia, which is in Phase II/III trials. This new patent will be valid until the year 2031, which adds nine years to the medication’s protection. The firm says that BL-1020’s market potential has gained strength over the past several months, subsequent to the failure of competitor drugs in late-stage trials.
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