Two Triangle life science companies made major news Tuesday, BioCryst is planning a big stock sale. And an update from Heat Bio sends its shares up more than 20 percent.
The details, as reported by North Carolina Business News Wire:
- BioCryst Pharmaceuticals offers $80 million in second stock sale of 2017
DURHAM — BioCryst Pharmaceuticals Inc., a Durham-based biotechnology company focused on creating treatments for rare diseases, announced on Tuesday it would be offering $80 million in common stock, reports Lindsey Welch.
This is the company’s second offering this year.
The underwriters, J.P. Morgan and Barclays, do have the option to purchase an additional $12 million. After the sale, 94.12 million of common stock shares will remain.
The pharmaceutical company focuses on the design and development of small-molecule drugs that block enzymes in order to treat rare diseases. According to the prospectus, the proceeds will be used for general corporate purposes, which could include funding the global launch of BCX7353 and the advancement of clinical trials for several other key drugs.
As of this writing the stock price is currently $5.47, down 4.7 percent since the announcement was made, but that is up 4.2 percent from the stock’s lowest price for the day of $5.25.
All of the shares offered are being sold by BioCryst.
The last offering was made in March 2017 and raised $45 million with the sale of just under 5.3 million shares at $8.50 per share.
- Heat Biologics stock rises as much as 27 percent after gaining FDA meeting
DURHAM – Heat Biologics Inc. stock soared as much as 27 percent Tuesday morning after it was announced the company had been granted a Type C meeting with the U.S. Food and Drug Administration to discuss one of its drugs, reports Taylor Street.
The meeting concerns a non-small cell lung cancer trial based upon positive Phase 2 data.
The NSCLC trial uses HS-110 which stimulates a patient’s immune system to activate a T-cell response. The drug works in combination with Bristol Myers-Squibb’s Opdivo.
- VIDEO: Watch an overview of Heat Bio’s technology at https://www.youtube.com/watch?v=60r6qUThfUY
The biopharmaceutical company develops drugs designed to activate a patient’s immune system against cancer. Heat developed off-the-shelf ImPACT therapeutic vaccines that combat various cancers and infectious diseases.
Heat shares were up 9 cents, or 16 percent, to 62 cents in midday Tuesday trading after being as high as 71 cents.
“We are adapting to the changing landscape of cancer immunotherapy by incorporating novel combinations and very much look forward to progressing our study,” stated Chief Executive Officer Jeff Wolf in a statement.
Wolf has specialized in life-science start-ups including Avigen, a gene therapy company, TyRx Pharma, EluSys Therapeutics, focused on developing antibodies for infectious diseases, and GenerationOne, a mobile-based healthcare solutions company.
Heat is currently conducting a separate clinical trial working to treat Non-Muscle Invasive Bladder Cancer.