ADCT Closes IPO, ALDX To Provide COVID-19 Update, RWLK To Focus On Telehealth

(RTTNews) - Today's Daily Dose brings you news about ADC Therapeutics' IPO; Aldeyra Therapeutics' COVID-19 drug development update; Bio-Techne's plan to ramp up COVID-19 Test Kit production; ReWalk's telehealth opportunities; after-hours movers and the latest on the number of coronavirus cases.

Read on…

1. Swiss biotech closes IPO

Swiss biotech ADC Therapeutics SA (ADCT), which made its debut on the NYSE on May 15, offering its shares at a price of $19 each, has closed its IPO, raising gross proceeds of about $267.6 million.

The Company's lead drug candidate is Loncastuximab tesirine, which is under a pivotal phase II study in patients with relapsed or refractory (R/R) diffuse large B-cell lymphoma. This compound in combination with ibrutinib (Imbruvica) is also under a phase 1b/2 trial in patients with R/R DLBCL or mantle cell lymphoma. A phase 1b trial of Loncastuximab tesirine in combination with durvalumab in patients with R/R DLBCL, MCL, or follicular lymphoma is also underway.

Near-term Catalysts:

-- Interim safety and efficacy data from the phase I part of the phase Ib/II clinical trial of Loncastuximab tesirine in combination with ibrutinib for the treatment of relapsed or refractory DLBCL and mantle cell lymphoma are anticipated in the second quarter of 2020.

-- Submission of BLA for Loncastuximab tesirine for the treatment of relapsed or refractory DLBCL is expected in the second half of 2020.

ADCT closed Tuesday's trading at $31.14, up 3.80%.

2. Aldeyra to spell out COVID-19 drug development details

Aldeyra Therapeutics Inc. (ALDX) is scheduled to host a conference call and webcast at 8:00 am ET Wednesday, May 20, 2020, to provide a COVID-19 development update.

The Company has been planning to test its experimental drug ADX-629 in patients with COVID-19-associated respiratory compromise.

Since ADX-629 potentially mitigates aberrant cytokine responses, it may delay or prevent the progression of acute respiratory distress syndrome and other forms of respiratory compromise that generally require mechanical ventilation, according to the Company. SARS-CoV-2 is associated with aberrant cytokine production and critically ill COVID-19 patients require mechanical ventilation.

ALDX closed Tuesday's trading at $3.84, down 8.57%. In after-hours, the stock was up 30.21% at $5.00.

3. Coming together to ramp up COVID-19 Test Kit production

Bio-Techne Corporation (TECH) and the Mount Sinai Health System in New York, through its commercial affiliate Kantaro Biosciences LLC (Kantaro), have entered into a partnership to develop and scale production of COVID-19 serology test.

The Mount Sinai COVID-19 serology test was approved by the FDA for emergency use on April 15. This IgG antibody test kit is an enzyme-linked immunosorbent assay or ELISA, designed to measure the presence or absence of anti-COVID-19 antibodies in addition to measuring the titer (level) of antibodies a person has produced.

The initial kit production capacity is expected to enable laboratories to conduct more than 10 million monthly tests in July, scaling to higher capacity in subsequent months, according to Bio-Techne.

TECH closed Tuesday's trading at $260.05, down 2.53%.

4. ReWalk sees challenges as opportunities

ReWalk Robotics Ltd. (RWLK) has extended its collaboration with researchers at Harvard University until 2023 to address telehealth needs for rehabilitation and physical therapy in the wake of COVID-19.

Rewalk manufactures and markets wearable robotic exoskeletons for individuals with lower limb disabilities as a result of spinal cord injury or stroke.

ReWalk has funded a collaborative research project at Harvard University's Wyss Center for Biologically Influenced Engineering since 2016. The research is led by Conor Walsh, Ph.D., in his Harvard Biodesign Lab, a robotics research laboratory.

With telehealth services becoming the new normal, the Harvard Biodesign Lab's research team is planning to explore how their novel designs for wearable exosuits may incorporate features that support the increasing demand for telehealthcare, including remote data provision, analysis and remote physical therapy for patients with their therapists.

RWLK closed Tuesday's trading at $1.36, up 20.35%.

5. After-Market Movers on No Company-specific News

Sigma Labs Inc. (SGLB) : Up 28.30% at $3.40

AMAG Pharmaceuticals Inc. (AMAG): Up 19.70% at $8.75

Surface Oncology, Inc. (SURF): Up 12.78% at $3.00

Five Prime Therapeutics Inc. (FPRX): Up 8.50% at $4.85

Latest on COVID-19:

As of this writing, the number of people infected by the novel coronavirus globally is 4.89 million and the death toll is 322,861. The U.S. has reported 1.527 million confirmed cases of infection and 91,872 deaths. China has so far had 84,063 confirmed cases and 4,638 deaths. (Source: Johns Hopkins)