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Bristol-Myers Squibb ($BMY) announced negative results for its leukemia drug study. The company is collaborating with Innate Pharmaceuticals for this project. Lirilumab failed to beat a placebo in improving patients' leukemia-free survival. This mid-stage trial showed there was no statistically significant difference identified between lirilumab and a placebo for any of the trial endpoints. This is the second failed attempt for the AML drug study.
The company stock is trading marginally low in the pre-market hours. However, lirilumab remains a key drug candidate for Bristol-Myers and Innate Pharmaceuticals and is being investigated in six different trials sponsored by Bristol-Myers Squibb. The company paid $35 million to Innate Pharma to secure the rights to lirilumab for various combination studies.

IsoRay Inc. ($ISR) stock price took a beating in 2016 as it lost over 20% of its value in the past 12 months. However, in the new year, the stock price is showing some signs of stability. The company recently announced the launch of its pilot study investigating the role of Cesium-131 in the management of recurrent head and neck cancer. The study is conducted at the Case Comprehensive Cancer Center, Case Western Reserve University, Cleveland, Ohio. It has been approved by University Hospitals of Cleveland Institutional Review Board (IRB).
The study is expected to enrol 42 patients with recurrent cancers of the head and neck in early 2017. It is likely that the tests will span through 24 months. The company also announced its results for the third quarter of the year. For the quarter ended September 30, 2016, it earned $1.08 million in revenue while its net loss stood at $1.50 million. Its operating margin also showed contraction, affecting its earnings.

 

• Viveve Medical ($VIVE) announced that the company will relocate its headquarters to Englewood, CO at the end of this quarter, pending the build-out of the offices and warehouse facilities.
• Palatin Technologies ($PTN) completed its license deal with AMAG Pharmaceutical ($AMAG) for exclusive North American rights to develop and commercialize Rekynda (bremelanotide) for the on-demand treatment of premenopausal women with hypoactive sexual desire disorder (HSDD). The company received an initial payment of $60 million under the agreement.

• AstraZeneca ($AZN) has terminated late-stage development of PD-L1 inhibitor durvalumab and CTLA-4 inhibitor tremelimumab for the treatment of metastatic pancreatic ductal carcinoma (Alps study). Development in other cancers is ongoing. The company will not seek accelerated approval of durvalumab monotherapy for the treatment of squamous cell head and neck cancers based on the results from Phase 2 studies, but will wait for the results from the Phase 3 Condor trial.
• Daiichi Sankyo ($DSNKY) and collaboration partner Charleston Laboratories announced that the FDA has issued a Complete Response Letter (CRL) regarding their New Drug Application seeking approval of CL-108 (hydrocodone, acetaminophen, promethazine) for the management of severe pain.

 
• Bluebird Bio ($BLUE) announced that it has treated its first patient in Phase 1 clinical trial, HGB-206, under the amended protocol. The study is assessing its LentiGlobin Drug Product in patients with severe sickle-cell disease (SCD). The protocol was changed to allow for increased production of therapeutic anti-sickling hemoglobin (HbAT87Q).
• Portola Pharmaceuticals ($PTLA) inked an agreement with HealthCare Royalty Partners (HCRP) for the royalty interest in future global sales of AndexXa (amdexanet alfa). Under the terms of the deal, the company will receive $50 million upon the execution of the agreement. Further, it will receive up to $100 million if the product is approved in the U.S. prior to October 1, 2018. However, the companies did not give any specific reasons for the decline.

• Resmed Inc. ($RMD) receives Hold rating from Canaccord Genuity. The price target for the stock has been set at $59.
• LivaNova ($LIVN) receives Hold rating from Canaccord Genuity. The price target for the stock has been set at $54.

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