Pfizer’s Co-Developed Sickle Cell Drug Gets Orphan Status in Europe and 2 Other Hot Stocks to Watch
Pfizer Inc. (NYSE:PFE): Current price $28.55
GlycoMimetics has reported that the European Medicines Agency has awarded orphan drug status in the European Union for GMI-1070, which is being developed in partnership with Pfizer in Sickle Cell Disease. The drug designation for GMI-1070 (rivipansel sodium) is for the treatment of vaso-occlusive crisisin patients who are suffering from sickle cell disease. Orphan drug designation in the European Union is given to products that are created for the diagnosis, prevention, or treatment of rare diseases which are life-threatening or very serious.
Alcatel-Lucent SA (NYSE:ALU): Current price $3.45
On Monday, shares of Alcatel-Lucent were downgraded from Outperform to Market Perform at BMO Capital due to of valuation. However, the stock’s price target was raised to $4. Shares were up 0.29 percent in mid-morning trading in New York on heavy volume.
Galena Biopharma, Inc. (NASDAQ:GALE): Current price $1.90
Galena announced Friday the pricing of an underwritten public offering of 17.5 million units at a public offering price of $2 per unit, which should result in gross proceeds of $35 million. Each unit is comprised of one share of common stock and a warrant to buy 0.35 of a share of common stock at an exercise price of $2.50. The warrants are immediately exercisable and expire on the fifth anniversary of the date of issuance, while shares of common stock and warrants are immediately separable and will be issued separately.
Galena is a biopharmaceutical firm centered on developing and commercializing innovative, targeted oncology treatments through which to address important unmet medical needs to advance cancer care.