CORAL GABLES, FL / ACCESSWIRE / August 9, 2018 / Healthcare and biotechnology indexes are in the green this morning along with major markets pushing higher. The iShares Biotechnology Index (IBB) has risen an impressive 8.9% this year and has begun turning toward its 52-week high.
Lately many of the companies within this sector have weathered the global trade tariff storm well and have been looking at for safe havens during a more turbulent time in the market. This week the mix of earnings and corporate updates have acted as catalysts for a number of these biotech stocks.
GT Biopharma (GTBP) is a small cap biotech company with a vast pipeline of treatments. In the more recent news, the company has focused its attention on the company's immuno-oncology platforms. The company announced on July 19 a Material Transfer Agreement between a Major Pharmaceutical Company and Dr. Daniel Vallera, Director, Section of Molecular Cancer Therapeutics at the Masonic Cancer Center, University of Minnesota.
The company also announced the addition of Dr. John N. Bonfiglio to GT Biopharma's Board of Directors on July 5, 2018. Dr. Bonfiglio started his career with Allergan pharmaceuticals as a scientist and moved into project management, strategic marketing, and business development. After working for Baxter HealthCare, he began a career in small biotech companies. Dr. Bonfiglio most recently served as Board member and President and COO for Tapimmune (TPIV). In this capacity he has helped raise over $10M, up list TapImmune to NASDAQ, formulate a clinical strategy and bring new awareness to investors interested in the company.
More information On GT Biopharma, Click Here
Citius Pharmaceuticals, Inc. (NASDAQ: CTXR)
This morning Citius announced the pricing of an underwritten offering of 7,843,138 shares of its common stock and common warrants to purchase up to an aggregate of 7,843,138 shares of Common Stock, priced at-the-market.
Each share of Common Stock is being sold together with a common warrant to purchase one share of Common Stock at a combined effective price of $1.275per share and accompanying common warrant. The gross proceeds of the Offering are expected to be approximately $10.0 million
Shares of Citius were over 170% this morning compared to Wednesday's late afternoon trading price.
For More Information on Citius Pharmaceuticals, Click Here
Verastem, Inc. (NASDAQ: VSTM)
Shares of Verastem have been in an uptrend for the better part of the morning. announced the grant of stock options to fifty-seven new employees to purchase an aggregate of 1,031,500 shares of Verastem Oncology's common stock.
The options were granted as an inducement material to the employees' acceptance of employment with Verastem Oncology in accordance with Nasdaq Listing Rule 5635(c)(4). The options have an exercise price equal to $7.74 per share, the closing price of Verastem Oncology's common stock as reported by Nasdaq on August 1, 2018.
In its recent earnings guidance, the company stated, "Based on the Company's current operating plans, assuming a favorable regulatory decision and estimated revenue, it expects to have sufficient cash and cash equivalents to fund operations into 2020."
For More Information On Verastem, Click Here
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