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CRNX, RUBY To Debut On Nasdaq, CLRB On Watch, PULM To Advance Pulmazole In Q4

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Today's Daily Dose brings you news about IPOs of Crinetics Pharma and Rubius; secondary offerings of Cara, Oragenics and CytomX, and promising efficacy of Cellectar Biosciences' drug candidate CLR 131 observed in a single patient in a phase II trial.

Read on...

Crinetics Pharmaceuticals Inc. (CRNX) has priced its initial public offering of 6 million shares of common stock at a price of $17.00 each. The shares are expected to begin trading on the Nasdaq Global Select Market on July 18, 2018.

The underwriters have a 30-day option to purchase up to an additional 900,000 shares of common stock.

The offering is expected to close on July 20, 2018, subject to the satisfaction of customary closing conditions.

Cara Therapeutics Inc. (CARA) announced that it has commenced an underwritten public offering of 4.5 million shares of its common stock. The underwriters are expected to be provided a 30-day option to purchase up to 675,000 additional shares of its common stock.

On June 27, the Company reported positive results from its adaptive Phase 2/3 trial of I.V. CR845 in patients undergoing abdominal surgeries, sending the stock up 36% to a 52-week high of $22.29.

CARA closed Tuesday's trading at $21.60, up 2.08%. In after-hours, the stock was down 5.32% to $20.45.

Cellectar Biosciences' (CLRB) drug candidate CLR 131 has demonstrated a 94% reduction in tumor burden and complete resolution in four of five targeted tumor masses in a patient with Waldenström macroglobulinemia enrolled in the Company's ongoing phase II trial.

Waldenström macroglobulinemia is a lymphoplasmacytic lymphoma in which the bone marrow is infiltrated by immunoglobulin (Ig)M-producing clonal lymphoplasmacytic cells. (Source: NCBI).

The phase II study is evaluating CLR 131 in patients with select B-cell malignancies (multiple myeloma(MM), indolent chronic lymphocytic leukemia (CLL)/small lymphocytic lymphoma (SLL), lymphoplasmacytic lymphoma (LPL), marginal zone lymphoma (MZL), mantle cell lymphoma (MCL), and diffuse large B-cell lymphoma (DLBCL) who have been previously treated with standard therapy for their underlying malignancy. The study is designed to enroll 80 patients, and is expected to be completed in March 2019.

CLRB touched a 52-week high of $12.76 in intraday trading before closing at $7.38, down 1.47%.

CytomX Therapeutics Inc. (CTMX) has completed its previously announced underwritten public offering of 5.1 million shares of its common stock at a price to the public of $24.50 each.

The net proceeds from the offering were approximately $116.9 million. The underwriters have a 30-day option to purchase up to an additional 765,306 shares of the Company's common stock.

The Company's lead drug candidate is CX-072, which is under a phase I/II clinical trial, dubbed PROCLAIM.

PROCLAIM is evaluating CX-072 as monotherapy and in combination with Yervoy or Zelboraf in patients with advanced or recurrent solid tumors or lymphomas.

Also in the pipeline are:

-- CX-2009, which is being evaluated as monotherapy in a Phase 1/2 clinical trial in patients with select advanced solid tumors and
-- BMS-986249, a CTLA-4-targeting Probody therapeutic partnered with Bristol-Myers Squibb, under a phase 1/2 clinical trial as monotherapy and in combination with Opdivo in solid cancers that are advanced or have spread.

CTMX closed Tuesday's trading at $24.01, up 3.27%.

Oragenics Inc. (OGEN) has closed an underwritten public offering of units for gross proceeds of approximately $13.8 million, including the full exercise of the underwriter's over-allotment option.

A phase II clinical trial of AG013 for the treatment of oral mucositis is underway.

The Company reported positive interim safety analysis results from this study in May of this year. As on May 30, 24 patients were randomized and 19 patients included in the safety evaluation. In this trial, 200 patients will be randomized in a 1:1 ratio to receive either placebo or AG013.

The Company expects to report top-line results of the completed phase 2 trial of AG013 for the treatment of oral mucositis in late 2019.

OGEN closed Tuesday's trading at $0.68, down 9.24%. In after-hours, the stock was up 5.77% to $0.72.

Pulmatrix Inc. (PULM) announced positive preliminary data from Part 3 of the phase 1/1b study of Pulmazole.

Pulmazole (PUR1900) is an inhaled iSPERSE formulation of the anti-fungal drug Itraconazole, for the treatment of allergic bronchopulmonary aspergillosis (ABPA) in patients with asthma.

In the phase 1/1b study, Pulmazole was safe and well tolerated administered as a single-dose of 20 mg inhaled itraconazole in asthmatic subjects.

The Company announced positive top-line results from Parts 1 and 2 of the 3-Part phase 1/1b study of Pulmazole last month. Pulmatrix plans to initiate a Phase 2 trial in ABPA patients in Q4 2018.

PULM closed Tuesday's trading at $0.52, down 1.33%.

Rubius Therapeutics Inc. (RUBY) has priced its initial public offering of 10.48 million shares of common stock at $23.00 each. The Company's common stock is expected to begin trading on The Nasdaq Global Select Market on July 18, 2018.

The gross proceeds of the offering are expected to be $241.1 million.

The offering is expected to close on July 20, 2018, subject to the satisfaction of customary closing conditions.

The underwriters have a 30-day option to purchase up to an additional 1.57 million shares of the Company's common stock.

Related reading

This Week's Biotech IPOs

by RTTNews Staff Writer

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