CORAL GABLES, FL / ACCESSWIRE / July, 19 2018 / President Trump continues to put down the pharmaceutical industry on a regular basis, despite this biotech stocks are doing well over the last year. Since August 10 of 2017, the SPDR S&P Biotech ETF (XBI) has been firing on all cylinders.
Shares of (XBI) have surged to highs of $101.55 marking a move of as much as 36.7% during the last 11 months. Large biotech companies have had trouble keeping pace with their smaller peers, as slower sales have weighed on certain stocks - especially in recent months. This being the case, potential market leaders could start to come from the small cap space as new opportunities arise.
Companies like GT Biopharma (GTBP) have begun working with major pharmaceutical companies to further development of novel therapies. This morning the company announced that it has entered into a Material Transfer Agreement between a Major Pharmaceutical Company and Dr. Daniel Vallera, Director, Section of Molecular Cancer Therapeutics at the Masonic Cancer Center, University of Minnesota. As stated in the release, ''under the terms of the agreement, this Major Pharmaceutical Company will supply a formulation of their multibillion-dollar, widely prescribed oncology drug, which has been approved for use in several hematologic malignancies to Dr. Vallera to be used in this study.''
This news comes after a week of positive trading with shares of the biotech stock up more than 50% since last Tuesday's lows. GT Biopharma's Chairman and Chief Executive Officer (CEO) Dr. Raymond Urbanski said: ''This is a tremendous step forward for the OXS-1550 program. Pre-clinical data suggest that the combination of OXS-1550 and this agent is highly potent against certain tumor cell lines. This MTA will allow further studies in animal models to both confirm the effects as well as ascertain which tumor types are the most susceptible to this potent combination.''
For more information on GT Biopharma (GTBP) Click Here
In line with a similar trend AbbVie Inc (NYSE: ABBV) has already released positive news this week. The company said that it signed a U.S. licensing deal with Mylan NV (MYL) for its proposed biosimilar to AbbVie's blockbuster drug Humira, in a move that will give it more near-term control over the competition. As per the deal, Mylan will pay royalties to AbbVie once its copycat product is launched and AbbVie will make no payments to Mylan. In spite of the recent trend, Abbvie shares are still up by more nearly 30% since last July.
For more information on AbbVie (NYSE: ABBV) Click Here
Likewise, BioPharmX Corporation (NYSE American: BPMX) has attracted attention today as the company has followed suit and released favorable news on its BPX-01. Today the company announced that the U.S. Food and Drug Administration has waived its requirement for a dermal carcinogenicity study for BPX-01, eliminating several years of non-clinical research normally required for FDA review.
With shares up as much as 32.5% from Wednesday's close, AnnaMarie Daniels, BioPharmX executive vice president of clinical and regulatory affairs explained, ''Our minipig study confirmed years of prior research showing that our BPX-01 topical minocycline poses no new carcinogenic threat to humans."
For more information on BioPharmX Corporation (NYSE American: BPMX) Click Here
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