Healthcare stocks continued to fall this afternoon, with the NYSE Health Care Index falling 0.5% while the SPDR Health Care Select Sector ETF (XLV) was down 0.5%.
The Nasdaq Biotechnology Index also fell 1.0%.
In company news, BioLineRx (BLRX) fell more than 35% after the oncology company said it raised $15 million through a direct offering of more than 13.6 million shares of depository at $1.10 per ADS, nearly 30% below Friday’s closing price. Investors in the transaction also received an equal number of five-year warrants to purchase an additional share exercisable at $11.15 per share.
Virios Therapeutics (VIRI) fell more than 77% on Monday after the antiviral therapy company said its drug candidate IMC-1 failed to produce a statistically significant improvement in symptoms from baseline levels in patients with fibromyalgia in phase 2b trials.
Syros Pharmaceuticals (SYRS) fell more than 17% after the drugmaker closed its acquisition of Tyme Technologies (TYME) on Friday night, as well as closing an oversubscribed $130 million private investment in a public transaction. with new and existing shareholders, including founding shareholders investor Flagship Pioneer.
Valneva (VALN) fell 17% after the French biotech company announced on Friday evening that it was ending its collaboration with private company IDT Biologika to mass produce Valneva’s VLA2001 COVID-19 vaccine after the Commission European has reduced its advance purchase order. Under the terms of the companies’ November 2021 partnership, Valneva will pay up to €36.2 million ($36.3 million) in cash to IDT to cancel the deal and will also contribute €4.5 million in-kind services to the German drug manufacturer.