(RTTNews.com) - The following are some of the stocks that lost the largest percentage in price today in the pharma/biotech sector.
1. ReShape Lifesciences Inc. (RSLS)
Lost 55.86% to close Monday's (Apr.2) trading at $0.64.
News: The Company announced a $6 million registered direct offering, and reported financial results for the three months and full year ended December 31, 2017.
The net loss in the recent fourth quarter was $9.62 million or $0.45 per share compared to a net loss of $4.43 million or $2.65 per share in the year-ago quarter. Total revenue in the fourth quarter of 2017 surged to $794 thousand from $141 thousand in the comparable year-ago quarter.
As for the registered direct offering, the Company is offering shares of series D convertible preferred stock and a warrant to purchase shares of common stock for a purchase price of $6.0 million.
The shares of series D convertible preferred stock will be convertible into an aggregate of 8.0 million shares of common stock at a conversion price of $0.75 per share and the warrants will have a one-year term and be exercisable for 35 million shares of common stock at an exercise price of $0.75 per share. ReShape Lifesciences expects to receive net proceeds of approximately $5.25 million.
2. Alkermes plc ( ALKS )
Lost 21.96% to close Monday's trading at $45.23.
News: The FDA has refused to accept for review the Company's New Drug Application for ALKS 5461, proposed for the adjunctive treatment of major depressive disorder (MDD) in patients with an inadequate response to standard antidepressant therapies.
The regulatory agency said that there is insufficient evidence of overall effectiveness for the proposed indication, and that additional well-controlled clinical trials are needed prior to the resubmission of the NDA for ALKS 5461.
In addition, the Company has been asked to conduct a bioavailability study to generate additional bridging data between ALKS 5461 and the reference listed drug, buprenorphine.
3. Heat Biologics Inc. (HTBX)
Lost 20.73% to close Monday's trading at $1.30.
News: No news
-- On February 28, 2018, the Company reported positive interim results from its phase II study investigating HS-110 in combination with Bristol-Myers Squibb's Opdivo in patients with advanced non-small cell lung cancer whose cancers have progressed after treatment with one or more lines of therapy. Tumor shrinkage and disease control were observed in a majority of evaluable patients in the study, according to the Company.
The Company had cash and cash equivalents of approximately $9.8 million at December 31, 2017.
4. Alnylam Pharmaceuticals Inc. (ALNY)
Lost 15.05% to close Monday's trading at $101.18.
News: The positive results from Pfizer's phase III study evaluating Tafamidis for the treatment of transthyretin cardiomyopathy, dubbed ATTR-ACT, seems to be taking a toll on Alnylam, which is also developing a drug for this rare disease.
Alnylam's Patisiran, an investigational RNAi therapeutic targeting transthyretin (TTR) for the treatment of hereditary ATTR (hATTR) amyloidosis, is under FDA review, with a decision expected on August 11, 2018.
Transthyretin cardiomyopathy is a phenotypical expression of transthyretin-related amyloidosis (ATTR).
5. RXi Pharmaceuticals Corp. (RXII)
Lost 14.60% to close Monday's trading at $2.75.
News: No news
Clinical Trials & Near-term Catalysts:
-- The lead compound is RXI-109, which successfully completed a phase II trial for dermal scarring last December.
-- RXI-109 is also being tested in a phase 1/2 study in an ophthalmology indication namely in patients with advanced, wet age-related macular degeneration and associated retinal scarring, dubbed Study 1501. Data from this study is expected later in Q2.
-- Also in the pipeline is Samcyprone, which is being evaluated in a phase IIa clinical trial in subjects with at least one cutaneous, plantar or periungual wart, dubbed Study 1502. Data from this study is also expected later in Q2.
6. Rhythm Pharmaceuticals Inc. (RYTM)
Lost 14.47% to close Monday's trading at $17.02.
News: The Company has acquired exclusive, worldwide rights from Takeda Pharmaceutical Company Limited to develop and commercialize T-3525770 (now RM-853).
RM-853 is a potent, orally available ghrelin o-acyltransferase (GOAT) inhibitor currently in preclinical development for Prader-Willi Syndrome (PWS).
PWS is a rare genetic disorder that results in hyperphagia and early-onset, life-threatening obesity, for which there are no approved therapeutic options.
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