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Investors Dumping 3 Biotech Stocks: QLT Inc. (USA) (QLTI), Illumina, Inc. (ILMN), Protalix BioTherapeutics Inc. (PLX)

 

QLT Inc. (USA) (NASDAQ:QLTI) declined 0.75% to end last trading session at $2.65. The company on December 16, 2015 announced that it has filed a breach of contract lawsuit against Valeant Pharmaceuticals International, Inc. (“Valeant”) in the Supreme Court of British Columbia.  QLT alleges that Valeant has failed to pay the $5 Million laser earn-out milestone required under the terms of its 2012 Asset Purchase Agreement with Valeant.

Under the Asset Purchase Agreement, Valeant purchased QLT’s pharmaceutical drug, Visudyne®, and also QLT’s assets and rights in its Qcellus™ laser under development. Valeant agreed to use commercially reasonable efforts to promptly obtain the laser registrations necessary to commercialize the Qcellus laser in the United States.  Under the Asset Purchase Agreement, receipt of the laser registrations by December 31, 2013 triggered a $5 Million milestone payment and receipt of the laser registrations between January 1, 2014 and January 1, 2015 triggered a $2.5 Million milestone payment. In September 2013, the supplemental Premarket Approval for the Qcellus laser in the United States was received, which QLT alleges triggered the $5 Million milestone. Valeant has refused to pay the $5 Million.

Illumina, Inc. (NASDAQ:ILMN) plunged 0.87% to finish last trading session at $185.35. The company on December 14, 2015 announce the launch of bioMérieux EpiSeq™, an innovative next-generation sequencing (NGS) service dedicated to the epidemiological monitoring and control of healthcare-associated infections. The bioMérieux EpiSeqTM service is the first result of the collaboration agreement signed by bioMérieux and Illumina in November 2014 bringing together the companies’ respective leadership positions in microbiology and NGS to jointly develop applications for microbiology sequencing.

bioMérieux EpiSeq™ provides highly accurate information to health professionals for characterization of bacteria. By giving hospitals an improved understanding of the genetic markers of virulence and resistance, the service can help them understand how bacteria are transmitted, while enabling better containment of an epidemic, limiting the spread of infectious agents and improving surveillance approaches.

Protalix BioTherapeutics Inc. (NYSEMKT:PLX) decreased 1.01% to complete last trading session at $0.980. The company on Nov. 16, 2015 announced that it recently held an End-of-Phase II meeting with the U.S. Food and Drug Administration (FDA) to discuss the Company’s proposed BLA plan for PRX-102 for the treatment of Fabry disease. Official FDA meeting minutes indicate the FDA’s acceptance of the Company’s path forward for a phase III clinical trial to support a full BLA approval.

The phase III clinical trial will be a randomized, multi-center, placebo-controlled, safety and efficacy study in treatment-naive Fabry patients evaluating the 1 mg/kg dose of PRX-102. The Company anticipates a small sample size of patients will be needed to achieve statistical significance with a study duration of approximately six months. The primary endpoint will be Gastrointestinal Symptoms, with key secondary endpoints including renal function.