Shares of Noranda Aluminum Holding Corp. (NOR) plunged nearly 24% to $2.29 in pre-market trading on Tuesday after the company announced the commencement of a 22.84 million share, secondary common stock offering, by selling stockholders affiliated with Apollo Global Management.
Prior to this offering, the selling stockholders owned or controlled approximately 33.1% of the company’s outstanding shares of common stock. Following the completion of this offering, the selling stockholders will no longer own any shares of the company’s common stock.
NewLink Genetics Corporation (NLNK) shares dipped more than 23% to $40.09 in early trading after the company announced the continuation without any modification or sample size adjustment for its pivotal, Phase 3 IMmunotherapy for Pancreatic RESectable cancer Study, called “IMPRESS,” of algenpantucel-L for patients with surgically resected pancreatic cancer following the second planned interim data analysis.
“We look forward to bringing this study to its planned end point, as algenpantucel-L has the potential to be the first and only FDA approved drug for resected pancreatic cancer, providing additional treatment options to patients, their families and physicians,” said in a statement Nicholas N. Vahanian, M.D., President and Chief Medical Officer of NewLink Genetics.
Shares of Spectrum Pharmaceuticals, Inc. (SPPI) are up $0.25, or over 4%, at $6.31. In a 13D filing on Spectrum Pharmaceuticals, Armistice Capital disclosed a 5.4% stake in the company. Further, Armistice Capital said it has send a letter to the company requesting it initiate a complete or partial sale suggesting structures based on past transactions for doing so.
AOL Inc. (AOL) share price edged closer to record levels in early trading Tuesday, after telecommunications giant Verizon Communications Inc. (VZ) announced a deal to buy early online trailblazer AOL Inc. (AOL) for $4.4 billion dollars, or $50 per share, a 17% premium to AOL’s pps close yesterday. The merger will be funded by cash on hand and commercial paper.
AOL stock up 7.58 points or 17.80% to $50.17 as of 9:43 AM ET.
Pain Therapeutics Inc. (PTIE) shares climbed 82% to $3.53 in morning trading after the company today announced positive top-line results from human abuse potential study with REMOXY Extended-Release Capsules CII, its lead drug candidate that is specifically designed to discourage certain common methods of drug tampering and misuse.
Pain Therapeutics said the study demonstrated with statistical significance (p<0.0001) that both intact and chewed REMOXY were less “liked” than immediate-release oxycodone on the two primary endpoints, Drug Liking and Drug High. The Abuse Potential study was conducted in non-dependent, recreational opioid users, as recommended by FDA guidelines.