Fortress Biotech Inc’s (NASDAQ:FBIO) subsidiary Cyprium Therapeutics has been granted fast track designation by the US Food and Drug Administration for its drug Copper Histidinate, or CUTX-101. The drug is designed to treat Menkes disease, a rare and fatal pediatric disorder that affects copper levels in the body. The injectable treatment may supplement blood and brain copper levels in patients with the disease. Shares of the New York-based biotech jumped nearly 8% to US$3.20 in Monday morning trading.
Perry Ellis International Inc (NASDAQ:PERY) has received a new bid from Randa Accessories. The men’s accessories maker offered US$28 per share, which amounts to around US$444mln. The bid is higher than the bid from Perry Ellis’ founder George Feldenkreis, who offered US$27.50 per share, or US$437mln. Shares of the apparel company were up more than 7% to US$29.16.
Shares in the struggling Oregon-based tech company RadiSys Corp (NASDAQ:RSYS), meanwhile, have doubled today on news of its acquisition by the Indian conglomerate Reliance Industries Limited for US$1.72 per share in cash. Headquartered in Hillsboro, Oregon, Radisys sells equipment for communications networking. It was once one of the most sought-after tech companies in Oregon, with its shares trading higher than US$60 at the height of the tech boom. Radisys still has almost 600 employees as well as an engineering team based in Bangalore. RadiSys shares are up 11% at US$1.48 in early afternoon trade.
MiMedx Group Inc shares fell following a leadership shakeup. The company’s CEO Pete Petit and COO Bill Taylor have announced their resignations. The company recently saw the departure of its CFO, corporate controller and treasurer as well. Its board of directors have appointed David Coles as the interim CEO as the search begins for a permanent head of the company. Shares of the biopharmaceutical company were down more than 30% to US$4.42.
Nuvectra Corporation (NASDAQ:NVTR) shares tumbled after the FDA requested additional information about its Virtis pre-market approval application, prolonging its approval timeline. The company’s sacral neurostimulation device is designed to treat chronic urinary retention and an overactive bladder. Although the company intends to submit its response as soon as possible, the FDA will need up to 180 days to review the new information. Shares of the Texas-based medical device company sank nearly 30% to US$14.65.
The Russell 2000 small-cap index saw minimal losses in Monday morning trading.
Contact Lenore Fedow at lenore@proactiveinvestors.com
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