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SAVA Gets Funding For AD Drug, JNJ Hits All-time High, ENZ On Watch

pharma 050517 24apr20 lt

Today's Daily Dose brings you news about Cassava Sciences' research grant from the National Institutes of Health for developing Alzheimer's disease drug; Edwards Lifesciences' Q1 financial results; Enzo Biochem's launch of the next-generation COVID-19 test kits and Johnson & Johnson's deal with Emergent BioSolutions related to COVID-19 Vaccine candidate.

Read on…

Cassava Sciences Inc. (SAVA) has been awarded a new $2.5 million research grant award from the National Institutes of Health to support the on-going clinical evaluation of PTI-125, the Company's lead investigational drug in an open-label study in Alzheimer's disease.

The open-label, multi-center, extension study was initiated in March of this year and is designed to monitor the long-term safety and tolerability of PTI-125 at 100 mg twice daily for 12 months. The study's target enrollment is approximately 100 patients with mild-to-moderate Alzheimer's disease, including patients from prior studies of PTI-125.

A phase IIb study of PTI-125 in patients with Alzheimer's disease is underway, with top-line results expected approximately mid-year 2020.

SAVA closed Thursday's trading at $7.31, up 31.95%.

Edwards Lifesciences Corp.'s (EW) net income for the first quarter ended March 31, 2020, is $310.6 million or $1.47 per share on net sales of $1.1 billion. This compares with net income of $249.7 million or $1.18 per share and net sales of $993 million in the year-ago quarter.

The Company noted that Q2 sales will be most hit by the impact of COVID-19, while the third quarter will show a gradual recovery, with the fourth quarter resembling its original expectations for sales.

For the second quarter of 2020, the Company projects total sales to be between $700 and $900 million.

Full-year 2020 sales are now expected to be $4.0 to $4.5 billion versus the Company's previous range of $4.6 to $5.0 billion. The annual adjusted earnings per share for the year are expected to range between $4.75 and $5.25, down from the previous guidance of $6.15 to $6.40.

EW closed Thursday's trading at $221.04, up 2.09%.

Enzo Biochem Inc. (ENZ) has launched the next-generation COVID-19 test kits under the FDA's Emergency Use Authorization authority. The test uses the Company's proprietary GENFLEX open diagnostic platform, which includes a collection system, sample processing, and molecular analytic products.

The Company is also developing IgG/IgM Antibody Test for detecting and quantifying antibodies to identify the individuals who were infected with, or without, symptoms, which aids in immunity detection.

Also in the Company's COVID-19 Program are Cytokine Storm Immunoassay (for Inflammation Monitoring) and drug candidate SK1-I for the prevention and/or treatment of Cytokine Release Syndrome and respiratory failure in COVID-19 patients.

ENZ closed Thursday's trading at $2.65, up 22.12%.

Johnson & Johnson's (JNJ) subsidiary Janssen Pharmaceutical Companies has entered into a deal with Emergent BioSolutions Inc. (EBS) to expand manufacturing capabilities for its COVID-19 Vaccine candidate.

This is the first in a series of prospective global collaboration agreements designed to accelerate manufacturing of Johnson & Johnson's COVID-19 vaccine candidate, and further the Company's goal to supply more than one billion doses of the vaccine globally.

Under the terms of the manufacturing agreement, Johnson & Johnson is investing to expand drug substance capacity related to the vaccine candidate. Emergent will provide drug substance manufacturing services with its molecule-to-market contract development and manufacturing organization (CDMO) offering, beginning this year.

Johnson & Johnson is planning to initiate phase I human clinical studies of its vaccine candidate in September 2020.

JNJ touched an all-time high of $157 in intraday trading on Thursday, before closing at $155.51, up 1.65%.

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