Oct. 28 Quick Takes: Rafael shares sink on oncology readouts
Phathom, HealthCare Royalty pull offerings, plus Merck, Sanofi raise guidance after strong quarters and more
Shares of Rafael Holdings Inc. (NYSE:RFL) fell 73% to $8.09 after the company’s Rafael Pharmaceuticals Inc. unit said lead program devimistat (CPI-613) missed the primary endpoint in the Phase III AVENGER 500 trial to treat metastatic pancreatic cancer. An IDMC also recommended that the company stop the Phase III ARMADA 2000 study of devimistat to treat acute myelogenous leukemia, citing lack of efficacy at an interim analysis. Affiliates of the family of telecom entrepreneur Howard Jonas hold a controlling stake in Rafael Holdings.
Phathom Pharmaceuticals Inc. (NASDAQ:PHAT) and HealthCare Royalty Inc. withdrew planned offerings, a rare occurrence in 2021. Citing its $225 million in cash at Sept. 30 and access to $100 million under a loan facility, Phathom said market conditions didn’t warrant raising a follow-on when it has runway into mid-2023. The royalty firm did not cite a reason for pulling its IPO...