Entest Biomedical Inc (OTCMKTS:ENTB) was a big mover in Wednesday trading session having rallied by more than 40% on no major news. While it is still unclear what might have triggered the impressive run, the biopharmaceutical company is fresh from making a patent application on N22F6 seen as it continues to work on a potential treatment for cancer and arthritis in Animals.
Entest Biomedical Cancer Push
The wholly owned subsidiary of Zander Therapeutics is currently in the process of sourcing for entities that it hopes to collaborate with on the development of canine cancer therapeutics.
“This is Zander’s first big step towards creating small molecule therapies that can target the NR2F6 molecule, either inhibiting it to treat cancer or activating it to treat arthritis. Both cancer and arthritis have a huge impact on our pets,” said Zander Therapeutics CEO, David Koos.
Even as Entest Biomedical continues to edge higher on no substantial news, Novavax continues to edge lower in the market the stock’s sentiment having come under immense selling pressure in the recent past. A net loss of 24 cents a share in the third quarter was far much worse than a net loss of 12 cents posted a year ago.
Novavax And PDL Biopharma Poor Run
Novavax is now under immense pressure to prevent investors from rushing out having already suffered a major blow on a failed phase 3 trial of its key vaccine candidate. The clinical stage vaccine company has since announced plans to lay off a third of its workforce as part of a restructuring push that seeks to prevent further cash burn.
PDL BioPharma also appears to have rattled investors on announcing plans to carry out a $150 million public offering of new Convertible senior notes. The company also plans to offer underwriters an additional 12 days to purchase an additional $22.5 million aggregate principal amount. A point of concern to investors is that the massive offering could sink the company into more debts.
PDL BioPharma Inc (NASDAQ:PDLI) says it will use proceeds from the offering to repurchase a portion of its 4% senior convertible Notes due in 2018.