Market Recap: Key Stock Movements in Biotechnology Sector – Thu, July 06, 2023

?? Today's key financial highlights from the biotech and pharmaceutical sector are as follows:

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?? Allarity Therapeutics, Inc. (NASDAQ: ALLR) has set a price for its public offering of 2,444,445 shares of stock and warrants at $4.50 per unit, with anticipated gross proceeds of roughly $11 million. Shares ended the day 54% lower at $3.81.

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?? ASLAN Pharmaceuticals (NASDAQ: ASLN) shared preliminary data from its Phase 2b TREK-AD study of eblasakimab in adult patients with moderate-to-severe atopic dermatitis (AD). Eblasakimab is a therapeutic asset that has a unique mechanism of action that can help treat allergic disease by blocking the signaling of interleukin 4 (IL-4) and interleukin 13 (IL-13) through the Type 2 receptor, which are the key drivers of inflammation in AD, while sparing the Type 1 receptor. Three dosing arms reached statistical significance in terms of change from baseline Eczema Area and Severity Index (EASI) score at week 16 versus placebo. However, the 400mg Q4W arm failed to achieve the primary or secondary endpoints with statistical significance. Shares fell 25% to close at $2.84.

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?? Caribou Biosciences, Inc. (NASDAQ: CRBU) saw its shares ascend following a $25 million equity investment by Pfizer Inc. (NYSE: PFE). Caribou Biosciences is a clinical-stage genome-editing biopharmaceutical company that is developing genome-edited, off-the-shelf CAR-T and CAR-NK cell therapies for a range of tumor types. The shares ended the day 45% higher at $5.91.

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?? Incannex Healthcare Limited (NASDAQ: IXHL) reported approval from the Bellberry Human Research Ethics Committee to initiate a bioavailability/bioequivalence clinical trial on IHL-42X, targeted at treating obstructive sleep apnoea. IHL-42X is a proprietary synergistic composition drug comprising low-dose dronabinol (2.5mg), a synthetic form of tetrahydrocannabinol (THC), and acetazolamide (125mg), a carbonic anhydrase inhibitor. It was designed to combine the two drugs with therapeutic effects on OSA that act via different mechanisms. This led to a 16% increase in share price, closing at $2.15.

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?? Nymox Pharmaceutical Corporation (NASDAQ: NYMX) shares will be suspended from trading on NASDAQ from July 7, 2023, due to failure to maintain the requisite $1.00 share price within the granted 6-month extension period. Nymox Pharmaceutical Corporation is developing Fexapotide Triflutate (NX-1207), a new molecular entity which stimulates caspase pathways (activation of caspases 7, 8, and 10, caspase recruitment domains 6, 11, and 14, and DIABLO), tumor necrosis factor pathways (activation of TNF1, TNFSF6, TNFSF8, TNFSF9, CD70 ligands, and TNFRSF19L, TNFRSF25, TRAF2, TRAF3, TRAF4, TRAF6 receptors), and B-cell lymphoma (BCL) pathways (activation of BIK, HRK, BCL2L10 and BCL3) in prostate glandular epithelial cells, for the treatment of benign prostatic hyperplasia (BPH) and the treatment of low-grade localized prostate cancer. Shares ended the day 19% lower at $0.20.

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?? T2 Biosystems, Inc. (NASDAQ: TTOO) announced the conversion of around 20% ($10 million) of its term loan with entities associated with CRG Servicing LLC into shares of T2 Biosystems common stock and Series B Convertible Preferred Stock. T2 Biosystems is focused on addressing critical unmet needs in healthcare starting with sepsis, one of the deadliest and most expensive conditions in hospitals today. The T2Dx Instrument, the T2Bacteria and T2Candida Panels have received marketing authorization from the U.S. Food and Drug Administration. Shares ended the day 12% higher at $0.09.

? This update is provided for informational purposes only and should not be construed as investment advice. It is recommended to seek professional advice before making any investment decisions.

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?? Data courtesy: Finviz