Steve Clark

Steve Clark is a 23-year Wall St professional with stints in M&A, risk management, and algorithm trading. Steve keeps his head in the game by looking for, and writing about, small companies that often get overlooked by the big investment firms.
Tandem Diabetes Care Inc. (NASDAQ:TNDM)

Tandem Diabetes Care Inc. (NASDAQ:TNDM) Falls

Tandem Diabetes Care Inc. (NASDAQ:TNDM)

Tandem Diabetes Care Inc. (NASDAQ:TNDM) felt the wrath of Wall Street after announcing the pricing of an underwritten offering of shares of its common stock. Shares of the company fell 36.11% to end up at multi-year lows of $2.99 a share.

Friday’s sell-off capped yet another poor run in the stock’s performance this year. Tandem Diabetes Care Inc. (NASDAQ:TNDM) is down by more than 80% for the year as it continues to trade in a strong downtrend. Concerns about the company’s financial health remains a point of concern among investors.

Tandem Diabetes Care Inc. (NASDAQ:TNDM)

The medical device company and manufacturer of the only touchscreen insulin pumps plans to raise additional capital through the issuance of 4.6 million shares of common stock priced at $3.50 a share. The company is also offering Series A warrants for the purchase of 4.6 million shares and Series B warrants for the purchase of 4.6 million shares.

Tandem Diabetes expects gross proceeds of $16.2 million from the public offering. The company intends to use net proceeds from the offering for working capital among other general corporate purposes.

Reverse Stock-Split

The pricing of the public offering comes just days after a special meeting of shareholders approved a reverse stock split of the company’s issued and outstanding shares of common stock. The approval paves way for Tandem Diabetes Care Inc. (NASDAQ:TNDM) to initiate a split ratio of not less than 1-fo-8 and not greater than 1-for-12.

Completion of the reverse stock split will result in shares of common stock remaining at 100 million shares.

“The implementation of this reverse stock split will provide us with flexibility in our capital structure to pursue financing alternatives in support of our business plan and to bring new innovations to people with diabetes,” said Kim Blickenstaff, President, and CEO of Tandem Diabetes Care.

Insulin Pump Approval

The pricing of the public offering follows FDA approval of the company’s fifth insulin pump in five years. The company is to begin commercial launch of t: slim X2 Insulin Pump, which is the first sensor-augmented insulin pump that lets users make treatment decisions without pricking their fingers.

The new insulin pump is also the only one in the market capable of conveniently displaying user’s insulin delivery activity and Dexcom G5 Mobile CGM data on a single device.

I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.

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About the author: Steve Clark is a 23-year Wall St professional with stints in M&A, risk management, and algorithm trading. Steve keeps his head in the game by looking for, and writing about, small companies that often get overlooked by the big investment firms.

Net Element International Inc (NASDAQ:NETE)

Short-Sellers Piling into Net Element International Inc (NASDAQ:NETE)

Net Element International Inc (NASDAQ:NETE)

Net Element International Inc (NASDAQ:NETE) shares were up almost 30% after the technology company reported significant progress in its North America Transactions Solutions Segment division. Total e-commerce volumes for the first half of 2017 increased by 33% from the first half of 2016. Transactions processed for the first half of 2017 increased by 34% over the same period in 2016. New e-commerce merchants for the first half of 2017 increased by 37% over the same period in 2016.

NETE Stock

Net Element International Inc (NASDAQ:NETE)

NETE shares closed at $4.06 on Thursday and opened at $4.10 on Friday before hitting an inter-day high of $7.43 on a volume of 4.5 million shares traded. Before yesterday, NETE stock had a 30-day, daily average volume of just 193,000. While the stock hit a price almost 50% higher than its closing price, the stock is still well under its 52-week high of $15.40. Short-sellers are a significant concern for investors. Almost 85% of the outstanding shares are being held by short-sellers. Many have held the short position since late September when NETE shares were trading near $11.

However, the short-sellers could be fighting a challenging battle. Net Element International Inc (NASDAQ:NETE) has posted impressive sales increases each year since 2012 when they posted a figure of $1.4 million. By 2016, that sales figure had improved to $54.3 million. On the other hand, the company has needed to raise funds and has not been shy about conducting share offerings that dilute shareholder value. There were 210,000 outstanding shares in 2012. That number ballooned to 1.31 million by the end of 2016, and the figure is reportedly 1.71 million as of this writing.

I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.

Don’t miss out! Stay informed on $NETE and receive breaking news on other hot stocks by signing up for our free newsletter!

About the author: Steve Clark is a 23-year Wall St professional with stints in M&A, risk management, and algorithm trading. Steve keeps his head in the game by looking for, and writing about, small companies that often get overlooked by the big investment firms.

xG Technology Inc. (NASDAQ:XGTI)

xG Technology Inc. (NASDAQ:XGTI) Receives Eye-Popping Order

xG Technology Inc. (NASDAQ:XGTI)

xG Technology Inc. (NASDAQ:XGTI) shares fell 3.80% after the leading provider of wireless video solutions for law enforcement and defense markets announced a new order for its Vislink business. The new order, worth $535,000, from NEP UK, is for the company’s latest Vislink HEVC 4K capable HCAM Wireless Camera systems.

$2 Million Pre-orders

The Focal Point Camera Control systems are to be used at the 2018 Winter Olympics in South Korea. The HCAM system represents the next generation of 4K UHD wireless transmitters which is capable of supporting premium live broadcast events.

“This commitment from NEP further solidifies our relationship, and continues to highlight the market confidence in the HCAM with pre-orders now over $2 million,” said James Walton, president of IMT, Ltd.

xG Technology Inc. (NASDAQ:XGTI) market consolidation continued in Wednesday’s trading session. While the stock is up by more than 10% for the year, it continues to trade in a range after dropping from $2.50 – recorded in July.

xG Technology Inc. (NASDAQ:XGTI)

MicroLite 2 HD Launch

Separately, xG Technology Inc. (NASDAQ:XGTI), through its business unit IMT Vislink, has introduced a compelling solution for capturing real-time, high quality on camera video for electronic newsgathering. MicroLite 2 HD is the new ultra-compact COFDM wireless video transmitter designed to provide enhanced performance and video quality at a competitive price point.

The video transmission system can deliver up to 250Mw of power and provides low range, reliable HD transmission. A key advantage of MicroLite compared to other solutions in the market is its ability to operate at low latency levels and so is well suited for live sports broadcasts and video assists applications.

“With the MicroLite 2, broadcast professionals are able to transmit high definition video within a small form factor, while utilizing its lightweight design for Steadicam operations, event coverage, confidence monitoring, web content programming, rental houses and drone use,” said John Payne IV president of IMT USA.

In addition, xG Technology Inc. (NASDAQ:XGTI) has confirmed the appointment of Eric Haney as the new Regional Sales Manager focusing on unmanned systems across all markets throughout North America. According to Mr. Payne, his expertise will be invaluable in identifying business opportunities with the government, military as well as on commercial applications where the systems can be used to deliver considerable advantages.

I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.

Don’t miss out! Stay informed on $XGIT Symbol and receive breaking news on other hot stocks by signing up for our free newsletter!

About the author: Steve Clark is a 23-year Wall St professional with stints in M&A, risk management, and algorithm trading. Steve keeps his head in the game by looking for, and writing about, small companies that often get overlooked by the big investment firms.

Ekso Bionics Holdings, Inc. (NASDAQ:EKSO)

Ekso Bionics Holdings, Inc. (NASDAQ:EKSO) To Unveil New Features

Ekso Bionics Holdings, Inc. (NASDAQ:EKSO)

Shares of Ekso Bionics Holdings, Inc. (NASDAQ:EKSO) gained 5.93% after the exoskeleton technology company said it will showcase new features for its EksoGT wearable exoskeleton at an event in Denver. The company plans to showcase how its SmartAssist and EksoPulse can be used to provide personalized patient care at the 2017 American Academy of Physical Medicine and Rehabilitation (AAPM&R) Annual Assembly.

Ekso Bionics Holdings, Inc. (NASDAQ:EKSO)

EKSO Stock Catalyst

During the event slated for October 12-15, 2017, the exoskeleton company will demonstrate how the FDA cleared exoskeleton can be used for stroke and spinal cord rehabilitation. Clinicians will be given an opportunity to explore the technology first hand and learn more about its clinical benefits.

The event presents an opportunity for Ekso Bionics to market its exoskeleton in a bid to strengthen investors’ confidence for its long-term prospects. The company needs a catalyst to bounce back from current trading levels after dropping to multi-year lows.

Ekso Bionics Holdings, Inc. (NASDAQ:EKSO) is down by more than 60% for the year, and is underperforming the overall industry. The stock is currently trading in a strong downtrend and at risk of dropping below $1, the minimum requirement needed for continued listing on the NASDAQ.

According to data compiled Zack Investment Research, Ekso stock is currently rated as a ‘strong buy’ by three investment firms, ‘hold’ by eight and ‘sell’ by 2.

The EksoGT exoskeleton could be the catalyst to bolster investor confidence. The device is designed to enable individuals to stand up and walk with a full weight bearing reciprocal gait. The SmartAssist technology, on the other hand, is a next-generation gait therapy software that enables personalized therapy.

Ekso Bionics’ Capital Raise

Separately, Ekso Bionics Holdings, Inc. (NASDAQ:EKSO) has announced the results of a previously announced rights offerings. The company says it generated gross proceeds of $34 million from the offering including an investment of $20.5 million from Puissance Capital Management.

“The capital raised through this financing will provide us with additional resources to further advance the adoption and development of our innovative exoskeleton solutions in both the rehabilitation and industrial verticals. We are pleased to have Puissance Capital as a new investor as they share our vision for innovating products,” said CEO, Thomas Looby.

In addition, Ekso Bionics has confirmed the appointment of Ted Wang into its board of directors. He joins the company with a strong track record of successful, strategic and financial management. He also boasts deep knowledge of Ekso Bionics Holdings, Inc. (NASDAQ:EKSO)’s technology, products and end markets.

I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.

Don’t miss out! Stay informed on $EKSO and receive breaking news on other hot stocks by signing up for our free newsletter!

About the author: Steve Clark is a 23-year Wall St professional with stints in M&A, risk management, and algorithm trading. Steve keeps his head in the game by looking for, and writing about, small companies that often get overlooked by the big investment firms.

Yawns Greet Gevo, Inc. (NASDAQ:GEVO) News

Gevo, Inc. (NASDAQ:GEVO)

Gevo, Inc. (NASDAQ:GEVO) shares gained 0.71% after the renewable energy technology company announced it will partner Los Alamos National Laboratory (LANL) to improve the energy density of some of its hydrocarbon products. The two are also to share ideas on ways to fine tune the composition of the catalysts used in Gevo’s proprietary ETO process.

GEVO Stock Performance

Shares of Gevo continue to trade in a downtrend despite the signing an agreement with LANL. The company faces an uncertain future especially on the stock dropping below $1, a minimum requirement for continued listing in the NASDAQ.

Gevo, Inc. (NASDAQ:GEVO) has been under pressure since the start of the year as seen by the stock losing more than 80% in market value. Investor confidence on the stock is at all-time low. Industry observers are keenly waiting to see if the LANL deal is the catalyst that will help breathe life into the stock.

Gevo, Inc. (NASDAQ:GEVO)

LANL – GEVO Collaboration

LANL and GEVO are planning to develop a low-cost catalytic technology that is to be integrated into an existing isobutanol-to-hydrocarbons process that reportedly produces high-energy density fuels. HEDFs are currently being used by the U.S military in air and sea-launched cruise missiles.

“Currently, certain HEDFs are supplied by limited suppliers, so the DOD is interested in supporting alternative sources of these fuels, and potentially at a lower cost. The added benefit that this would be a renewable fuel that helps reduce greenhouse gas emissions is just icing on the cake,” said Dr. Patrick Gruber, Gevo’s Chief Executive Officer.

ATJ – Virgin Airlines Deal

Separately, Gevo, Inc. (NASDAQ:GEVO) has inked a deal that paves way for it to start supplying its renewable alcohol-to-jet fuel (ATJ) to the Virgin Australia Group. The airline will be responsible for coordinating purchase, supply, and blending of ATJ into the fuel system at the Brisbane Airport. The Queensland government has already echoed its support for the arrangement which it says is the first step in the development of renewable jet fuel.

Gevo, Inc. (NASDAQ:GEVO) is to supply the ATJ from its hydrocarbon plant in Texas. The company plans to expand its production capabilities at the Luverne Facility to meet the growing demand. Plans are also underway to obtain binding supply contracts for a combination of isobutanol and hydrocarbon products, which should be equal to the expected capacity increase.

I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.

Don’t miss out! Stay informed on $GEVO and receive breaking news on other hot stocks by signing up for our free newsletter!

About the author: Steve Clark is a 23-year Wall St professional with stints in M&A, risk management, and algorithm trading. Steve keeps his head in the game by looking for, and writing about, small companies that often get overlooked by the big investment firms.

Riot Blockchain Inc. (NASDAQ:BIOP)

Riot Blockchain Inc. (NASDAQ:BIOP) Quits Diagnostic Equipment Business

Riot Blockchain Inc. (NASDAQ:BIOP)

Shares of Riot Blockchain Inc. (NASDAQ:BIOP) gained 18.1% after the maker of diagnostic machinery announced it was rebranding itself to focus on cryptocurrency and blockchain businesses. The company has since announced a strategic investment in Coinsquare Ltd, a leading digital currency exchange company.

Riot Blockchain Inc. (NASDAQ:BIOP)

Riot Blockchain Bitcoin Push

The rebranding push has resulted in the stock more than doubling in value since the start of the month. BIOP is up by more than 100% for the year as investors apparently remain confident about its prospects in the cryptocurrency business.

However, it is not the first company to be rewarded heavily by investors after expanding into the cryptocurrency space. Overstock.com and MGT Capital Investments also experienced astronomical increases in value after expanding their operations into the bitcoin space.

Riot Blockchain Inc. (NASDAQ:BIOP) has enjoyed a fair share amount of drama. Last year Venaxis acquired Bioptix Diagnostics and then renamed it Bioptix Inc. The acquisition quickly turned nasty after major shareholders accused the company’s executives of an “inside” job to benefit themselves.

In January, the company also found itself in trouble after three board members tendered their resignation. The company afterward announced job cuts as it sought to stay afloat by pursuing strategic alternatives.

Fast forward, Riot Blockchain is hoping to reinvent itself by investing in blockchain technologies and companies.

“With new applications being developed for blockchain every day, this is a rapidly growing and evolving market. We are excited to have partnered with and led an investment in Coinsquare, a company we believe is well positioned to capitalize on the opportunity in this sector,” said CEO Michael Beeghley.

Riot Blockchain Acquisition Play

Riot Blockchain Inc. (NASDAQ:BIOP) has paid a few million dollars for a 12% stake in Coinsquare. The company has also acquired warrants which it can use to increase its stake to 20%.

The Chief Executive Officer has also announced plans to buy companies focused on bitcoin mining, blockchain, and associated software. The deals are to be financed by a combination of cash and stock. In order to raise cash, the company is selling patents and intellectual property to a private company. The company expects as much as $2.5 million from the transactions.

I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.

Don’t miss out! Stay informed on $BIOP and receive breaking news on other hot stocks by signing up for our free newsletter!

About the author: Steve Clark is a 23-year Wall St professional with stints in M&A, risk management, and algorithm trading. Steve keeps his head in the game by looking for, and writing about, small companies that often get overlooked by the big investment firms.

LiNiu Technology Group (NASDAQ:LINU)

LiNiu Technology Group (NASDAQ:LINU) Signs Strategic Agreements

LiNiu Technology Group (NASDAQ:LINU)

LiNiu Technology Group (NASDAQ:LINU) experienced a surge in stock price in Friday’s trading session, following the launch of an electronic trading platform dedicated to the Chinese agricultural industry. Shares of the company more than doubled in value, after gaining 115% to end the week at $2.35 a share.

LiNiu Technology Group (NASDAQ:LINU)

LINU Stock Performance

Friday’s rally follows a sell-off wave that had plagued the stock and pushed it to multi-year lows. While the stock is up by more than 40% for the year, it is still down by more than 70% from the $4.20 a share mark that was recorded in June.

Renewed investor interest in the stock follows the signing of a strategic cooperation agreement with The Peoples Insurance Company of China Limited’s (PICC) Guangzhou branch. Pursuant to the agreement, the two are to work on the development of new insurance products tailored for local farmers and the greater agriculture industry.

Guangzhou LiNiu will also promote PICCs insurance products on its LiNiuYang trading platform as part of the agreement.

“We are pleased to be working closely with PICC to help further enhance our presence in Guangdong province while devising new products in concert with PICC that should provide additional benefits to customers of our LiNiuYang platform,” said Mr. Wang Shun Yang, co-Chief Executive Officer of LiNiu Technology Group.

SGALP Collaboration

The PICC agreement builds on a strategic cooperation agreement that LiNiu Technology Group (NASDAQ:LINU) signed with Shou Guang Agriculture Logistic Park. (SGALP). Under the terms of the agreement, the two companies are to co-operate on product offerings, information resources, and consumer management.

LiNiu Technology Group (NASDAQ:LINU) expects the collaboration to increase its annual trading amount. Guangzhou LiNiu, on the other hand, is to earn additional commission income through an increase in daily traffic on its platform.

“We are pleased to embark on our new relationship with SGALP, which we believe will be a key strategic alliance that should provide a significant boost to our LiNiuYang platform, while allowing us to further utilize our technological capabilities to the benefit of SGALP,” said Mr. Wang Shun Yang, co-Chief Executive Officer of LiNiu Technology Group (NASDAQ:LINU).

I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.

Don’t miss out! Stay informed on $LINU and receive breaking news on other hot stocks by signing up for our free newsletter!

About the author: Steve Clark is a 23-year Wall St professional with stints in M&A, risk management, and algorithm trading. Steve keeps his head in the game by looking for, and writing about, small companies that often get overlooked by the big investment firms.

APEG Energy II L.P.

How U.S. Energy Corp. (NASDAQ:USEG) Trimmed Debt By 84%

U.S. Energy Corp. (NASDAQ:USEG)

Shares of U.S. Energy Corp. (NASDAQ:USEG) gained 26.7% after the energy company announced plans to reduce its outstanding debt through an exchange transaction with APEG Energy II L.P. The company’s board of directors has approved the transaction.

U.S. Energy Corp. (NASDAQ:USEG)

Debt Exchange Agreement

Under terms of the agreement, U.S. Energy Corp. (NASDAQ:USEG) will exchange $4.4 million of debt, drawn under its credit facility, for 5,819, 270 shares at a par value of $0.01 a share. Unpaid interest on the credit facility is to be paid in cash at the closing of the transaction.

Completion of the transaction will result in APEG holding approximately 49.9% of the U.S Energy Corp’s outstanding common stock.

“With a transformed and deleveraged balance sheet and an experienced management team like theirs, we see tremendous opportunities for growth and value expansion for both U.S. Energy and Angelus Private Equity Group investor,” APEG in a statement.

USEG Investor Reaction

A move to trim debt went well with investors, as seen by the stock spiking to highs of $1.30 a share before it fell to end Thursday‘s trading at $0.95 a share. However, the stock has underperformed the overall industry and is down by more than 10% for the year.

U.S. Energy Corp. (NASDAQ:USEG)’s Chief Executive Officer, David Veltri, attributes the company’s poor performance to a decline in global commodity prices that has put tremendous pressure on the balance sheet and cash flows. However, he remains upbeat about the energy company’s long-term prospects at the back of the new partnership with APEG

“This Transaction is transformative for U.S. Energy Corp. (NASDAQ:USEG), and, if completed, will reduce the Company’s existing debt by 84% while saving the Company $0.4 million in annual interest payments. We believe that the Transaction is critical to unlocking shareholder value in the Company, restoring access to outside capital and allowing the Company to resume participating in growth,” said Mr. Veltri.

Standstill Agreement

In connection with the Debt Exchange Agreement, U.S Energy Corp has entered into a Standstill Agreement with APEG Energy that will be in effect for one year from the closing of the Transaction. Pursuant to the Standstill Agreement, APEG is required to vote its shares in proportion with the non-APEG shares on all matters. The agreement also includes restrictions that prevent the company from acquiring additional shares of U.S. Energy Corp. (NASDAQ:USEG).

I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.

Don’t miss out! Stay informed on $USEG and receive breaking news on other hot stocks by signing up for our free newsletter!

About the author: Steve Clark is a 23-year Wall St professional with stints in M&A, risk management, and algorithm trading. Steve keeps his head in the game by looking for, and writing about, small companies that often get overlooked by the big investment firms.

Medical Transcription Billing Corp (NASDAQ:MTBC)

Why Medical Transcription Billing Corp (NASDAQ:MTBC) Boomed

Medical Transcription Billing Corp (NASDAQ:MTBC)

Shares of Medical Transcription Billing Corp (NASDAQ:MTBC) more than doubled in value after the provider of health and cloud-based clinical and practice management solutions announced the launch of talkEHR. The stock was up by 109% as the company confirmed the signing of customers in 42 states for the next generation electronic health records solution.

MTBC 200% Rally

Tuesday’s rally capped an impressive run as Medical Transcription Billing Corp (NASDAQ:MTBC) continues to trade in an uptrend. MTBC is up by more than 200% for the year and is outperforming the overall industry. It awaits to be seen if the stock will continue to rise as it closes in on its 52-week high of $3.84 a share.

Medical Transcription Billing Corp (NASDAQ:MTBC)

Investor confidence on the stock has strengthened in recent days on reports that talkEHR continues to receive an overwhelming positive response from physicians. The next generation SaaS HER solution is designed to utilize natural language processing and artificial intelligence to automate key components of patient charting. The platform also provides solutions for electronic claims submission, electronic prescriptions, and appointment scheduling.

Medical Transcription Billing Corp (NASDAQ:MTBC) is currently offering the software at no charge. However, users who wish to upgrade to full-service package will have to pay the company 2.95% of physician’s revenues.

“We’re very pleased to have already signed new talkEHR clients representing 30 unique specialties, spanning across 42 states plus Guam and Puerto Rico. talkEHR is a phenomenal addition to our fully integrated, industry leading, cloud-based and mobile platform and we expect it to play an important role as we continue to expand our customer base,” said Karl Johnson SVP Sales and Marketing.

Debt Repayment

Separately, Medical Transcription Billing Corp (NASDAQ:MTBC) has made the final payment of $5 million for the acquisition of New Jersey-based medical billing company MediGain. The payout follows the settlement of the company’s debt with Opus Bank.

Medical Transcription Billing Corp (NASDAQ:MTBC) got funds for the repayment of the debt and the MediGain transaction from the issuance of 240,000 shares of convertible Series A preferred stock. The company generated gross proceeds of $6 million from the offering.

According to MTBC president, Stephen Snyder, repayment of the two transactions combined with year over year growth leaves the company well positioned for continued growth.

I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.

Don’t miss out! Stay informed on $MTBC and receive breaking news on other hot stocks by signing up for our free newsletter!

About the author: Steve Clark is a 23-year Wall St professional with stints in M&A, risk management, and algorithm trading. Steve keeps his head in the game by looking for, and writing about, small companies that often get overlooked by the big investment firms.

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Spikes On FDA Review

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL)

Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) gained 32.7% after the clinical stage biotech company announced the results of a recent meeting with the U.S. Food and Drug Administration (FDA). According to the company, the Agency does not intend to convene a panel of independent physicians to discuss Tavalisse following mixed results from pivotal trials.

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL)

Tavalisse Opportunity

The clinical stage biotech has already filed a New Drug Application for Tavalisse, formerly Fostamatinib, in patients with chronic immune thrombocytopenia (ITP). The FDA has since indicated it will meet the Prescription Drug User Fee Act Action date for the application review, set for April 17, 2018.

“Our positive interactions with the FDA, including their customary biomedical monitoring (BIMO) inspections at our facilities and clinical sites, are in-line with our expectations and have progressed well. We will continue to work closely with the agency and remain committed to bringing Fostamatinib to patients with ITP,” said Anne-Marie Duliege MD Executive Vice-President.

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) gapping higher on Tavalisse news does not come as a surprise given what is at stake with the candidate drug. Immune Thrombocytopenia affects between 60,000 to 120,000 Americans. Accordingly, the drug, once approved, could generate peak annual sales of up to $350 million.

Monday’s rally helped reverse a strong downtrend that had gripped the stock. RIGL is currently trading at a key resistance level, waiting to see if the momentum is strong enough to push the stock higher. Taking into consideration the 157% rally, the stock is now up by more than 20% for the year.

Mixed clinical trial results could, however, scuttle investors’ confidence on Rigel Pharmaceuticals should it come under scrutiny from the FDA. The stock fell on huge volume late last year after the drug posted disappointing clinical trial results.

Corporate Highlights

Separately, the Compensation Committee of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL)’s Board of Directors has approved the grant of inducement stock options for the purchase of 377, 500 shares by eleven employees. The stock options up for purchase have an exercise price of $2.27 a share.

In addition, Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) has confirmed the appointment of Mr. Brian L. Kotzin M.D. into the board of directors. Kotzin joins the board with three decades of experience spanning areas of immunology and inflammation.

“ We look forward to working with Dr. Kotzin and benefitting from his strategic counsel, as we continue to evolve our pipeline and move our new IRAK molecule into clinical development,” said CEO, Raul Rodriguez.

I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.

Don’t miss out! Stay informed on $RIGL and receive breaking news on other hot stocks by signing up for our free newsletter!

About the author: Steve Clark is a 23-year Wall St professional with stints in M&A, risk management, and algorithm trading. Steve keeps his head in the game by looking for, and writing about, small companies that often get overlooked by the big investment firms.