RARE Disappoints, NSPR Put On Notice, PMD Launches Synthetic Cannabinoids Test

(RTTNews) - Today's Daily Dose brings you news about InspireMD's listing deficiency; MabVax's exploration of strategic alternatives; Novogen's progress in developing GDC-008 in glioblastoma; Psychemedics' launch of Synthetic Cannabinoids test and disappointing results from Ultragenyx's GNE Myopathy trial.

Read on...

InspireMD Inc. (NSPR) has been notified of listing deficiency by the NYSE American exchange due to the fact that it had reported stockholders' equity of less than $6 million as of June 30, 2017 and had net losses in its five most recent fiscal years ended December 31, 2016.

The notification has no immediate effect on the listing of the Company's common stock on the Exchange. The Company has time until February 17, 2019 to regain compliance. The Company expects to submit a compliance plan to the NYSE American on or before September 17, 2017, the deadline set by the Exchange.

NSPR closed Tuesday's trading at $0.31, down 12.68%. In after-hours, the stock was up 6.39% to $0.33.

Shares of MabVax Therapeutics Holdings Inc. (MBVX) were up more than 10% in extended trading on Tuesday, following the closing of its $1.3 million registered direct offering.

The lead investor has committed to invest an additional $1.0 million following approval of a series of proposals in a special meeting of stockholders to be scheduled for a date on or about September 28, 2017, the Company said.

MabVax also revealed that it is engaging an advisory bank to explore strategic options with the goal of maximizing shareholder value.

MBVX closed Tuesday's trading at $0.51, unchanged from the previous day's close. In after-hours, the stock was up 10.78% to $0.56.

Novogen Ltd.'s (NVGN) phase II clinical trial of GDC-008 in glioblastoma is expected to commence in the fourth quarter of this year.

GDC-0084 was in-licensed from Genentech Inc in October 2016, after completion of a phase I clinical trial in advanced glioma.

NVGN closed Tuesday's trading at $3.20, up 0.31%.

Psychemedics Corp. (PMD) has launched its Synthetic Cannabinoids test - a hair test that looks for the compounds found in commonly-abused products such as K2, Spice and Blaze.

Synthetic Cannabinoids, sold as incense in retail stores, head shops and on the internet, are a "legal high" alternative to marijuana. It is classified as Schedule I drugs under the U.S. Controlled Substances Act -- the same category as heroin and LSD.

A law allowing private sector pre-employment drug testing using hair samples came into effect in Iowa on July 1, 2017. Prior to this, Iowa only allowed private sector testing for drugs of abuse through urine, blood, and oral fluid. Psychemedics is the first laboratory in the world to develop and market a hair test for Synthetic Cannabinoids for the workplace.

PMD closed Tuesday's trading at $20.29, up 3.68%.

Shares of Ultragenyx Pharmaceutical Inc. (RARE) were down over 9% in extending trading on Tuesday, following disappointing results from a phase III study of Aceneuramic acid extended release (Ace-ER) in patients with GNE Myopathy.

GNE myopathy, also called Hereditary Inclusion Body Myopathy, is a rare, progressive muscle disease that affects both the upper and lower limbs. (Source: GNE Myopathy In Focus).

The phase III trial of Ace-ER did not achieve its primary endpoint of demonstrating a statistically significant difference in the upper extremity muscle strength composite score compared to placebo. The study also did not meet its key secondary endpoints.

Ultragenyx has decided to throw in the towel on further clinical development of Ace-ER.

RARE closed Tuesday's trading at $58.85, up 3.41%. In after-hours, the stock was down 9.84% to $53.06.