Tuesday’s Top Gainers; Shuttle Pharmaceutical, IVERIC bio, & ChannelAdvisor
Shuttle Pharmaceutical closes its initial public offering
Shuttle Pharmaceuticals Holding Inc (NASDAQ: SHPH) jumped 91.28% after the company finalized the closing of its IPO (initial public offering) of 1,225,888 common stock units with warrants at $8.125 per unit. Total proceeds from the transaction were around $9.960 million before subtracting estimated offering fees and underwriting discounts. Each unit comprised a common stock share and a warrant to buy one ordinary share. The warrants are exercisable simultaneously with the closing of the oaring at $0.01 per share.
Shuttle, which is based in Maryland, works on treatments that help enhance the efficacy of cancer radiation therapies. The company’s stock started trading under the ticker “SHPH” on the Nasdaq Capital Market on August 31, 2022.
IVERIC bio announces positive Zimura findings for geographic atrophy treatment
IVERIC bio Inc (NASDAQ: ISEE) jumped 66.31% after announcing encouraging topline findings from GATHER2’s third phase clinical study of Zimura in geographic atrophy. Zimura is an experimental complement C5 inhibitor created by the company for geographic atrophy treatment. GA is a life-changing and devastating disease that affects patients and limits their ability to read, see and drive. Through the 12-month study, the GATHER2 study didn’t show signs of endophthalmitis, ischemic optic neuropathy, or intraocular inflammation. Most of the reported ocular adverse incidents were due to injection procedures.
CEO Glenn Sblendorio said that they are delighted for the first time to see an experimental treatment with a statistically meaningful reduction in GA progression rate after 12 months across the third phase clinical studies. The GATHER1 and GATHER2 findings and the company’s Special Protocol Assessment with the Foods and Drugs Agency offer the basis for submitting an NDA that the company anticipates filing in Q1 2023. IVERIC anticipates communication with the agency as the evaluation process continues.
CommerceHub to acquire ChannelAdvisor
ChannelAdvisor Corporation (NYSE: ECOM) was up 55.03% following the signing of a definitive acquisition agreement with commerce network connecting supply, delivery, and demand company CommerceHub. Under the terms of the agreement, CommerceHub will purchase all outstanding ChannelAdvisor shares in a deal led by CommerceHub’s current shareholder and leading software investor Insight Partners. According to the agreement terms, ChannelAdvisor shareholders will be paid $23.1 per share in a cash transaction representing 57% premiums over the stock’s closing price on September 2, 2022, which is the last session before the announcement. The deal has received unanimous approval from boards of directors from both companies.
The combination of the companies expands the capabilities of retailers and brands. It will allow brands to manage private and public marketplaces alongside retailer links with single vendors, enhancing efficiency through the unification of dropship, first-party, and third-party incorporations. In addition, ChannelAdvisor CEO David Spitz said the transaction positions the merged enterprise to expedite innovation and assist in shaping the future of commerce.