Biotech Digest – KTOV Buys Stake, JNJ Reports Positive Results, NVS Receives CE Mark -

Biotech Digest – KTOV Buys Stake, JNJ Reports Positive Results, NVS Receives CE Mark

Oct 09, 2017Jeremy ParkinsonFinance0

Top Pick of the Day: KTOV

Kitov Pharmaceuticals (KTOV) announced that it has acquired an additional 27% stake in privately held TyrNovo, a developer of small molecule oncology drugs. The company now controls nearly 92 percent stake in TyrNovo. In this latest transaction with a group of minority shareholders, Kitov issued 13.169 million new ordinary shares, which are equivalent to 658,484 American Depositary Shares. The transaction is carried out at $2.50 per ADS based on a mutually agreed $7 million valuation of TyrNovo.
The company stock reacted positively to the news, trimming its 12 months losses to 48 percent. Kitov said that TyrNovo’s lead candidate NT219 has shown encouraging preclinical efficacy in treatment-resistant tumors when combined with Merck’s Keytruda.

Focus Ticker: XXII

22nd Century Group Inc. (XXII) stock shot up as the company announced positive results from a 1,250-subject, 20-week study investigating the cessation behavior of smokers who used very low nicotine cigarettes compared to normal nicotine cigarettes. In a panel presentation, lead investigator Dr. Dorothy Hatsukami said an immediate reduction in nicotine is “most likely to lead to less harm”. 22nd Century says it is the only company in the world capable of growing tobacco with nicotine levels of 0.4 mg/gm, 95% lower than conventional cigarettes.
The company stock is up 145 percent in the past 12 months while its Year to Date gains stands at over 212 percent.

Sector News

Johnson & Johnson (JNJ) reported that its Phase 3 clinical trial, EMERALD, evaluating J&J’s single tablet combination of darunavir 800 mg, cobicistat 150 mg, emtricitabine 200 mg and tenofovir alafenamide 10 mg (D/C/F/TAF) in virologically suppressed adults with HIV-1 infection yielded positive results. The study demonstrated the non-inferiority of D/C/F/TAF to a boosted protease inhibitor plus emtricitabine and tenofovir disoproxil fumarate.

Abeona Therapeutics (ABEO) reported that its one year data from Cohort 1 of Phase 1/2 clinical trial assessing a single IV injection of gene therapy ABO-102 in patients with Sanfilippo syndrome Type A (MPS IIIA) showed a significant and durable treatment effect. ABO-102 has Fast Track, Orphan Drug and Rare Pediatric Disease status in the U.S.