Health Care Sector Update for 12/13/2018: TOCA, IMV, CTIC
Top Health Care Stocks
Health care stocks were firmer at session’s close Thursday, with the NYSE Health Care Index inching 0.3% higher, while shares of health care companies in the S&P 500 were fractionally higher as a group.
In company news, Tocagen ( TOCA ) fell 11% after the clinical-stage, cancer-selective gene therapy company priced an underwritten public offering of 3 million shares at $10.00 per share. The price represents about an 11% discount from the $11.23 closing price of TOCA shares Wednesday. Underwriters have been granted a 30-day option to purchase up to an additional 450,000 shares at the public offering price, less the underwriting discounts and commissions. The offering is expected to close on or about Dec. 17, subject to customary closing conditions.
In other sector news,
(+) MV Inc. ( IMV ) reported new data from its phase 1b/2 clinical trial of DeCidE1 in patients with advanced recurrent ovarian cancer that showed 78% of tumor regressions and 80% of clinical responses in a sub-population defined by a clinical biomarker.
(-) TI BioPharma ( CTIC ) said that as part of a restructuring plan it cut about half of its workforce to save the company approximately $20 million over three years. Savings are expected to go towards pacritinib development.
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