Shares of Paycom Software, Inc. (PAYC) are lower by nearly 8% to $36.12 in morning trading on Friday after the company announced plans for a secondary offering of 8 million shares of its common stock. Paycom said the price to the public in the offering is $36.25 per share and that Barclays is acting as the underwriter. The offering is expected to close on or about May 20, 2015, subject to customary closing conditions.
Shares of thinly traded Bsquare Corp. (BSQR) surged 35.70% to $5.55 in early trading following the company’s 1Q/15 earnings results. There were no formal estimates, but revenue for the period rose 3% to $26.3 million, and the company, which provides software and engineering for the development of smart, connected systems, guided for revenue to grow to $25 – $28 million in the coming quarter.
Shares of Sorrento Therapeutics, Inc. (SRNE) rocketed over 22% Friday following news that NantPharma, founded by Dr. Patrick Soon-Shiong and a member of the NantWorks ecosystem of companies, agreed to acquire the rights to Cynviloq through the acquisition of Igdrasol, Inc., a wholly-owned subsidiary of Sorrento, which has been developing Cynviloq (paclitaxel nanoparticle polymeric micelle) in a bio-equivalence trial.
Under the terms of the agreement, Sorrento will receive more than $90 million in an up-front cash payment plus the potential for more than $600 million in regulatory and $600 million in sales milestone payments.
OvaScience, Inc. (OVAS) shares climbed 11.39% to $30.80 in early trading after the company today announced additional clinical experience with the company’s Augmentsm fertility treatment, showing improved clinical pregnancy rates in women with poor prognoses, including poor egg health and embryo quality, who previously failed multiple cycles of in vitro fertilization.
“The increased pregnancy rates with the AUGMENT treatment, which showed at least a three-fold increase over these women’s prior histories, are promising, particularly because they have historically had poor prognoses with multiple failed IVF cycles and other fertility risk factors. It was unlikely that another IVF cycle would have produced a different outcome, which is why we recommended the AUGMENT treatment,” stated Robert F. Casper, M.D., F.R.C.S.(C), Medical Director of TCART Fertility Partners of Toronto, Ontario, who summarized his clinical experience with the AUGMENT treatment during an oral presentation at the 21st Controversies in Obstetrics, Gynecology & Infertility Congress: Innovation in Reproductive Medicine in Frankfurt, Germany. The AUGMENT treatment is not available in the United States.
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