Shares of Arrowhead Pharmaceuticals Inc (NASDAQ:ARWR) ended Tuesday session in red amid volatile trading. The shares closed down -0.29 points or -4.01% at $6.95 with 664,569 shares getting traded. Post opening the session at $7.16, the shares hit an intraday low of $6.87 and an intraday high of $7.22 and the price vacillated in this range throughout the day. The company has a market cap of $434.21 million and the numbers of outstanding shares have been calculated to be 60.75 million shares.
Arrowhead Pharmaceuticals Inc (ARWR) and Spring Bank Pharmaceuticals, Inc. (SBPH), a clinical-stage biopharmaceutical company developing novel therapeutics for the treatment of viral infections, cancer, and inflammatory diseases, announced an agreement to perform collaborative studies on Arrowhead’s ARC-520 and Spring Bank’s SB 9200, for the treatment of chronic Hepatitis B (HBV). The companies plan to first conduct preclinical models with both agents together and then study the agents clinically in a cohort to be added to Arrowhead’s ongoing MONARCH Phase 2b study, in which patients will receive a dosing regimen that includes ARC-520, SB 9200, and an oral direct-acting antiviral.
“The MONARCH Phase 2b combination study was specifically designed to be iterative in nature, allowing us to seamlessly add cohorts when additional novel agents are available to study in combination with ARC-520,” said Bruce Given, M.D., chief operating officer and head of R&D at Arrowhead. “We see ARC-520, which is designed to silence the production of all HBV gene products, as a potential backbone therapy for combinations. Spring Bank’s SB 9200 is a promising immunomodulatory agent with an interesting mechanism that we think has significant therapeutic potential in combination with ARC-520 and a NUC.”
Shares of Zosano Pharma Corp (NASDAQ:ZSAN) ended Tuesday session in red amid volatile trading. The shares closed down -0.015 points or -1.99% at $0.740 with 45,556 shares getting traded. Post opening the session at $0.75, the shares hit an intraday low of $0.70 and an intraday high of $0.76 and the price vacillated in this range throughout the day. The company has a market cap of $12.44 million and the numbers of outstanding shares have been calculated to be 16.82 million shares.
Zosano Pharma Corp (ZSAN) announced that it has approved an inducement grant of options to purchase 252,000 shares of the Company’s common stock with an exercise price of $0.77 per share, the closing price on September 7, 2016, to Georgia Erbez, the Company’s recently hired Chief Business Officer. The stock options have a ten year term and vest over four years, with one-fourth vesting on the first anniversary of the date of grant and the remaining three-fourths vesting in equal monthly installments thereafter.
The grant was made as an inducement that was a material component of Ms. Erbez’s compensation and subsequent acceptance of employment with the Company and was granted as an employment inducement award pursuant to Nasdaq Listing Rule 5635(c)(4) approved by the Company’s Compensation Committee.