Stock Alert: VTv Therapeutics (VTVT)
Shares of vTv Therapeutics Inc. (VTVT) are up over 50 percent in pre-market trading on Monday, following positive results from Part 2 of Simplici-T1 Study, a phase II trial assessing TTP399 as an oral adjunctive therapy to insulin in adults with type 1 diabetes.
Part 2 of the study is a 12-week trial, which investigated the efficacy and safety of 800 mg of TTP399 against placebo in 85 people with type 1 diabetes on optimized insulin therapy, and it achieved the primary objective of a statistically significant reduction in HbA1c, without increases in hypoglycemia or ketoacidosis.
The study was conducted in two parts – Part 1 and Part 2.
In Part I of the study, patients treated with TTP399 showed a statistically significant mean reduction in HbA1c of 0.6% at 12 weeks, while the group treated with placebo showed a mean increase in HbA1c of 0.1%. The results were reported last June.
Part 2 of the study, whose results have been just released, confirms the positive results and effects that were observed in Part 1.
Commenting on the results, Steve Holcombe, President and CEO of vTv Therapeutics, said, “We intend to engage with the FDA as soon, as possible to plan an efficient development pathway for TTP399 and hope to initiate a registration trial this year.”
VTVT closed Friday’s trading at $2.10, up 4.48%. in pre-market trading on Monday, the stock is up 52.38% at $3.20.
Gold Prices Ease As China Vows Stimulus
Gold prices fell slightly on Monday to hover near a two-week high scaled in the previous session after China, Hong Kong and Singapore pledged extra fiscal stimulus to counter the impact of the coronavirus outbreak on the global economy.
Spot gold dropped 0.25 percent to $1,580.41 an ounce, after having touched its highest since Feb. 3 at $1,584.65 on Friday. U.S. gold futures were down 0.2 percent at $1,583.25.
China’s central bank pumped 100 billion yuan (about 14.33 billion U.S. dollars) into the financial system today through reverse repos in a bid to improve liquidity in the system
The central bank also injected 200 billion yuan into the market via medium-term lending facility as China continues to battle the outbreak of the deadly Coronavirus.
China’s Finance Minister has unveiled plans to roll out targeted and phased tax and fee cuts to help relieve difficulties for businesses.
Hong Kong and Singapore are also pledging extra fiscal stimulus to counter the economic hit from the coronavirus.
The death toll of the coronavirus in China has reached 1,765 people after another 100 deaths were reported in Hubei.
An additional 99 people have tested positive for the deadly virus on a cruise ship off the Japan coast, Japanese media said today, citing new figures from the health ministry.
Amid Covid-19 panic, thieves make off with hundreds of rolls of toilet paper in Hong Kong
Toilet paper has become such a sought-after commodity in Hong Kong that thieves reportedly held up a supermarket delivery driver and made off with hundreds of rolls on Monday.
The territory has one of the highest incidences of confirmed cases of the deadly viral illnesses — 56 according to the World Health Organization — outside of the disease’s epicenter in mainland China. That has led to reports of panic buying of items such as masks, hand sanitizers and other goods, alongside viral photos of empty supermarket shelves.
The South China Morning Post and other media outlets reported on Monday that the value of the toilet paper theft was a mere HK$1,700 ($218), but that thieves could get more on the black market. Government officials have been pleading with the public to stop hoarding, and battling rumors that have gone viral about shortages of staples.
Hong Kong is scarred by memories of the 2003 SARS outbreak that killed nearly 300 people in the territory, which has had one reported coronavirus death to date. Chinese health authorities reported 2,048 new cases of the virus and 105 more deaths on Monday.
Fresh protests in Hong Kong took place over the weekend by residents who want the government to shut its borders with China to prevent more contagion of Covid-19 and stop plans to turn some buildings into quarantine centers.
Even amid the gloom, some still tried to find humor in Hong Kong’s toilet paper theft:
Macao casinos allowed to reopen after anti-virus closure
BEIJING (AP) — The Chinese territory of Macao will allow casinos to reopen Friday after a 15-day closure imposed to help block the spread of China’s virus outbreak.
The territory’s finance secretary, Lei Wai Nong, announced the decision Monday at a news conference, according to Macao broadcaster TDM.
The closure Feb. 5 hurt major casino operators including Wynn Resorts Ltd. WYNN, -1.11% and Las Vegas Sands Corp. LVS, -1.79% Casino gambling is a major industry in Macao, a former Portuguese colony west of Hong Kong on China’s southern coast.
No date has been announced for reopening other public facilities including cinemas, internet cafes, bars and gyms still are closed.
Stock Alert: Adverum Biotechnologies (ADVM)
Adverum Biotechnologies, Inc.’s (ADVM) new interim clinical data from Phase 1 dose-ranging clinical trial of ADVM-022 intravitreal injection gene therapy for wet age-related macular degeneration, dubbed OPTIC, has demonstrated robust efficacy with evidence of a dose response.
The data reported are from patients in cohort 2 at 24 weeks following treatment with a single intravitreal injection of a three-fold lower dose of ADVM-022 compared to the cohort 1 dose (6 x 10^11 vg/eye).
In both cohorts combined, 10 of 12 patients remain rescue-injection-free, and for these patients, vision was generally maintained as demonstrated by stable mean best corrected visual acuity (BCVA) compared to baseline, according to the Company.
The OPTIC trial is ongoing, and the first patient in the third cohort was dosed in October 2019 – with enrollment in cohort 4 planned for this quarter.
The Company expects to present clinical data from all four cohorts of OPTIC during this year.
ADVM is currently trading at $13.17, up 28.61%.