The Week Ahead in Biotech (May 30-June 4): FDA Decision on Epilepsy Drug in Partnership with Eton, ASCO Conference Kicks Off and More

Biotech stocks rose in the week ended May 27, following overall positive sentiment in the broader market. Despite the strength of the week, the sector was one of the worst performers for the period since the start of the year.

Among the notable developments, Genocea Biosciences, Inc. GNCA announced that it was closing its operations due to a cash flow crisis. The company also plans to voluntarily delist its shares from the Nasdaq by June 2.

Verrica Pharmaceuticals, Inc. VRCA suffered a setback after its candidate for the treatment of viral skin infections was rejected by the Food and Drug Administration on its third attempt.

Catalyst Biosciences, Inc. CBIO Shares soared after the company announced an agreement to sell its portfolio of complement-regulating protease drugs to Vertex Pharmaceuticals, Inc. VRTX.

Looking ahead, the American Society of Clinical Oncology, or ASCO, meeting will likely be in the spotlight this week. Presentations at the conference have the potential to move stocks.

Here are the main biotech catalysts of the week that is unfolding:

Conferences

European Alliance of Rheumatology Associations, or EULAR, 2022: June 1-4, held in Copenhagen, Denmark, and virtually

ASCO Annual Meeting 2022: June 3-7, held in Chicago, Illinois and virtually

PDUFA Dates

Azurity Pharma, which partners with Eton Pharmaceuticals, Inc. AND WEhas a PDUFA target date of May 30 for suspension of lamotrigine, a drug to treat epilepsy.

Clinical readings/presentations

EULAR Presentations

AbbVie, Inc. ABBV: Data from Rinvoq in Patients with Non-Radiographic Axial Spondylitis and Ankylosing Spondylitis, Results of the Rinvoq vs. Humira Study in Patients with Psoriatic Arthritis; data for Skyrizi in psoriatic arthritis.

Aurinia Pharmaceuticals, Inc. AUPH: Results of the Two-Year AURORA 2 Continuation Study of Lupkynis for Lupus Nephritis

Horizon Therapeutics plc HZNP: Data for methotrexate plus pegloticase in patients with uncontrolled gout

UCB SA UCBJY: New Bimekizumab Phase 3 Data on the Whole Spectrum of Axial Spondyloarthritis

Alpine Immune Sciences, Inc. ALPN: new preclinical and preliminary Phase 1 data of ALPN-303

Kezar Life Sciences, Inc. KZR: Phase 2 data for KZR-616 in autoimmune diseases

Related link: Pfizer to sell 23 patented drugs and vaccines at lower prices to poorer countries

Earnings

Burning Rock Biotech Limited BNR (Tuesday, before the market opens)

IPOs

IPO price

Based in San Antonio, TX bioAffinity Technologies, Inc. (NASDAQ: ) has filed with the SEC a preliminary outlook on S-1 regarding the initial public offering of 1.5 million units at an anticipated IPO price of $6.75 per unit. Each unit consists of one common share of the Company and one warrant to purchase one common share at an expected exercise price of $8.10 per share.

bioAffinity is a developer of proprietary non-invasive diagnostic tests and cancer therapies using technology that preferentially targets cancer cells and cell populations indicative of a disease state. The company has applied to list its common stock and warrants on Nasdaq under the symbols BIAF and BIAFW, respectively.

IPO Quiet Period Expiration

PepGen Inc. PEPG

Bausch + Lomb Company BLCO

Related link: Mizuho sees compelling risk/reward for this schizophrenia stock despite recent weakness

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