Biopharma Stock Plunges on U.S. FDA Setback

Intellipharmaceutics International Inc. (TSE:IPCI), a biopharma stock, sank after the U.S. Food and Drug Administration denied approval for its new drug Rexista

Sean Mason | July 27, 2017 | SmallCapPower

A rejection by the U.S. Food and Drug Administration weighed heavily on a biopharma stock Thursday. Here’s some small stocks making big moves on Thursday, July 27, 2017 (as of 4 pm EST):

Intellipharmaceutics International Inc. (TSX: IPCI), a biopharma stock, plummeted 46% to $1.69 on Thursday after announcing that the Anesthetic and Analgesic Drug Products Advisory Committee and Drug Safety and Risk Management Advisory Committee of the U.S. Food and Drug Administration (FDA) voted 22 to 1 in finding that the Company’s New Drug Application for Rexista abuse-deterrent oxycodone hydrochloride extended release tablets should not be approved at this time.

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As well, shares of BWR Exploration Inc. (TSXV: BWR) climbed 33% to $0.06 as the junior explorer said it has now secured a 100% interest in the Little Stull Lake Gold Project located in Manitoba. The Company added that it is currently planning and preparing for an exploration program focused on the West Zone that will replicate some selected holes as needed to validate the previous drill results, before incorporating the historical information into an updated resource estimate.

Alba Minerals Ltd. (TSXV: AA) and Noram Ventures Inc. (TSXV: NRM), meanwhile, reported that it has completed an update to its National Instrument 43-101 Technical Report on the Clayton Valley Lithium Brine/Clay Project in Nevada, which indicates an Inferred resource of approximately 17 million metric tonnes at a grade of about 1,060 ppm Li over a 455,800 square meters of the core drilling program. Alba Minerals stock moved up as much as 9% before ending unchanged at $0.115 following the announcement.

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Disclosure: Neither the author nor any of the principals at Small Cap Power, or their family members, own shares in any of the companies mentioned above.

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