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Health Care Sector Update for 07/02/2020: VERO,MEIP,NLTX

Health care stocks were rising, with the NYSE Health Care Index posting a 0.8% gain while the SPDR Health Care Select Sector ETF was up 1.1%.

The Nasdaq Biotechnology index also was climbing 1.0% Thursday afternoon.

In company news, Venus Concept (VERO) surged nearly 6% higher. The company late Wednesday announced 510(k) clearance for its Venus Viva MD new-skin rejuvenation device from the US Food and Drug Administration to treat a wider range of skin conditions than prior versions of its Viva and Versa devices that were introduced in 2015 and 2016.

MEI Pharma (MEIP) fell more than 19% after the drugmaker and the Helsinn Group said Thursday they were ending phase III testing of a combination of MEI’s pracinostat drug candidate and azacitidinin in patients with acute myeloid leukemia when an interim analysis showed that it was unlikely to improve overall survival compared with a control group.

Neoleukin Therapeutics (NLTX) dropped almost 16% after the biopharmaceuticals company Thursday priced a $76.2 million public offering of nearly 3.3 million common shares and more than 1.7 million pre-funded warrants at $15.25 apiece, or 10.3% below Wednesday’s closing price. Net proceeds will be used to continue development of Neoleukin’s NL-201 lead product candidate and other protein therapies as well as for working capital and other general corporate purposes.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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