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No Respite For AKER, ReShape Losing Shape, CRMD On Watch

pharmadown nov15 lt

The following are some of the pharma/biotech stocks that posted the biggest percentage decline today.

1. Akers Biosciences Inc. (AKER)

Lost 29.52% to close Thursday's (Nov.15) trading at $1.60.

News: The Company reported a wider loss and lower revenue for the third quarter ended September 30, 2018.

The net loss attributable to shareholders widened to $3.08 million in the third quarter of 2018 from $1.17 million in the year-earlier quarter. Revenue in the recent third quarter dropped to $557,089 from $675,831 in the comparable year-ago period.

A 1:8 reverse stock split was implemented on November 8, 2018. The Company is also evaluating strategic alternatives to maximize shareholder value.

2. ReShape Lifesciences Inc. (RSLS)

ReShape is a medical device company focused on technologies to treat obesity and metabolic diseases. It has two FDA-approved products, ReShape Intragastric Balloon and ReShape vBloc therapy.

Lost 21.86% to close Thursday's trading at $1.43.

News: The Company reported a narrower loss and higher product sales, but lower total revenue for the third quarter of 2018.

Net loss attributable to common shareholders for the recent third quarter was $7.14 million or $27.46 per share on total revenue of $350,236. Product sales in the recent third quarter were $335,949.

Net loss attributable to common shareholders for the third quarter of 2017 was $9.99 million or $2,215.89 per share on total revenue of $360,020. Product sales in the recent third quarter were $110,020.

A 1-for-140 reverse stock split of the Company's common stock was implemented on November 8, 2018.

3. Neovasc Inc. (NVCN)

Lost 18.44% to close Thursday's trading at $1.46.

News: The Company's revenues decreased 65% to $480,540 for the three months ended September 30, 2018, from $1.37 million for the same period in 2017.

Last December, the Company closed its contract manufacturing and consulting services business and is now focused on the commercialization of its own product, the Reducer.
Sales of the Reducer in the recent third quarter were $480,540 compared to $334,208 for the same period in 2017, representing an increase of 44%.

4. CorMedix Inc. (CRMD)

CorMedix is a biopharmaceutical company focused on developing and commercializing therapeutic products for the prevention and treatment of infectious and inflammatory disease.

Lost 17.69% to close Thursday's trading at $0.93.

News: The Company announced financial results for the third quarter ended September 30, 2018.

Net loss in the third quarter of 2018 was $10.2 million or $0.11 per share compared with a net loss of $10.0 million or $0.17 per share in the third quarter 2017. Net sales rose to $372,514 from $61,075 in the year-ago quarter.

Clinical Trial & Near-term Catalyst:

The lead product candidate Neutrolin, a novel, non-antibiotic antimicrobial solution designed to prevent costly and dangerous bloodstream infections associated with the use of central venous catheters, is under phase III development for patients undergoing chronic hemodialysis.

The phase III trial of Neutrolin, dubbed LOCK-IT-100, demonstrated efficacy in July of this year.

The Company plans to meet with the FDA regarding the next steps in the Neutrolin development plan this quarter.

Simultaneously, preparation for filing NDA is underway in anticipation of receiving a favorable response from the FDA at the upcoming meeting to discuss the Neutrolin's development path.

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