Here's a roundup of top developments in the biotech space over the last 24 hours:
Stocks In Focus
Pfizer Announces Positive Results From Second Late-Stage Study Of Ulcerative Colitis Drug
Pfizer, Inc. (NYSE: PFE) announced positive top-line results from a second Phase 3 study of etrasimod, which is being developed for the treatment of moderately to severely active ulcerative colitis. The positive 12- and 52-week results from ELEVATE UC 52 follow the recent announcement of positive 12-week findings from the ELEVATE UC 12 trial on March 23.
Neurocrine's Japanese Partner Gets Approval For Former's Drug To Treat Side Effects Of Antipyschotic Medications
Neurocrine Biosciences, Inc. (NASDAQ: NBIX) announced that its collaboration partner Mitsubishi Tanabe Pharma Corporation obtained regulatory approval of Dysval capsules 40 mg (valbenazine) for the treatment of tardive dyskinesia from the Japanese Ministry of Health, Labour and Welfare on Tuesday.
NeoGenomics CEO Mark Mallon Departs, Company Warns Of Q1 Shortfall, Withdraws FY22 Guidance
NeoGenomics, Inc. (NASDAQ: NEO) announced that its board and chief executive officer Mark Mallon have agreed Mallon will step down from the position and as a member of the board effective immediately. This mutual agreement was not the result of any disagreements about strategy with management or the board, inappropriate action by the CEO, or any violation of company policy or any accounting irregularity, the company said.
The company also said it currently expects its first-quarter revenues to come in below the low-end of its prior guidance of $118 million-$120 million and EBITDA will be below the low end of its prior guidance a negative $12 million to a negative $15 million. The larger than anticipated EBITDA loss was primarily driven by higher than anticipated clinical services cost of goods sold.
NeoGenomics also withdrew its 2022 annual financial guidance issued February 23.
The stock was slumping 26.7% to $13.04 in premarket trading.
Cullinan Oncology Announces Positive Phase 1/2a Data For Lung Cancer Drug
Cullinan Oncology, Inc. (NASDAQ: CGEM) announced clinical and regulatory updates on its lead program, CLN-081, which is being evaluated in a Phase 1/2a ...
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