Sector Update: Health Care Stocks Strengthen Near Monday Close

Last Updated: Monday, May 16, 2022 4:00 PM | MT Newswires

Health care stocks found additional support this afternoon, with the NYSE Health Care Index rising 0.9% and the SPDR Health Care Select Sector ETF (XLV) up 0.7%.

The Nasdaq Biotechnology index also was climbing 0.5%.

In company news, Predictive Oncology (POAI) was plunging 45% to a new all-time low of $0.37 a share, after the precision medicine company disclosed plans to raise $7.2 million through a pair of concurrent direct offerings of 12 million shares priced at $0.60 apiece, or 14% under Friday's closing price. The institutional investors participating in the stock sale received an equal number of 66-month warrants exercisable at $0.60 per share and the company also lowered the exercise price of more than 16.3 million previously issued warrants by between $0.40 to $1.40 to match the new warrants.

Chimerix (CMRX) dropped 62% to its lowest share price since April 2020, after it announced the sale of exclusive rights to its brincidofovir smallpox medication to Emergent BioSolutions (EBS) for up to $225 million in cash. Chimerix also is eligible for up to $100 million in milestone payments tied to US government purchases of the antiviral and up to $12.5 million more as brincidofovir achieves certain regulatory milestones. Emergent shares were 1.3% higher this afternoon.

Genetic Technologies (GENE) rose almost 1% after the molecular diagnostics company said it was acquiring home genetic testing company molecular diagnostics company AffinityDNA, paying half of the $683,000 purchase price at closing and the other half due one year later. The deal includes all of AffinityDNA's brands and related assets as well as its direct-to-consumer ecommerce business and distribution rights.

Celcuity (CELC) climbed 6% after the oncology company announced plans for a $100 million private placement of its common and preferred stock, led by Venrock Healthcare Capital Partners and also including Celcuity CEO Brian Sullivan. Net proceeds from the deal will be used to advance development of the company's gedatolisib drug candidate to treat hormone receptor-positive, HER2-negative metastatic breast cancer as well as for general corporate purposes.

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