Affymax Inc., OncoSec Medical Inc. See Share Price Decrease In Rough Day For Biotech Sector

Affymax, Inc. (OTCQB:AFFY - News) saw its share volume skyrocket on June 16th with 6,161,836 shares exchanging hands, 43 times higher than its three month daily average volume of 143,241 shares.

Just last Friday, Affymax, Inc. and Takeda Pharmaceutical Company Limited Osaka, Japan (June 16, 2014) announced that their Omontys(r) (peginesatide) product collaboration and license agreement will terminate effective September 10, 2014.

In February 2013, Affymax and Takeda voluntarily recalled all lots of Omontys and suspended promotional activities in the U.S. following postmarketing reports of serious hypersensitivity reactions including anaphylaxis, which may be life threatening or fatal.

Based on these findings and related discussions with Takeda, Affymax has elected not to exercise its rights with respect to the Omontys New Drug Application (NDA). Takeda will work with the U.S. Food and Drug Administration to withdraw the Omontys NDA.

AFFY closed the day at $.30, 54.55% lower than its previous close of $.638.

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Cellceutix Corp. Sees Share Volume Remain Strong

Cellceutix Corp. (OTCQB:CTIX - News) saw its share volume remain strong on June 16th with 215,200 shares exchanging hands, slightly higher than its three month daily average volume of 168,521 shares.

Cellceutix, a clinical stage biopharmaceutical company developing innovative therapies in oncology, dermatology, and antibiotic applications, reported that the safety committee overseeing the Phase 1 clinical trial evaluating Cellceutix's lead anti-cancer drug Kevetrin for solid tumors being conducted at Dana-Farber Cancer Institute and Beth Israel Deaconess Medical Center has approved dosing for the eighth cohort. The dosing was been increased approximately 33 percent from the seventh cohort to 215 mg/m2. Enrollment for the eighth cohort is expected to commence shortly.

Additionally, Cellceutix has been informed that the U.S. Patent and Trademark Office has issued a Notice of Allowance for the U.S. Patent Application No. 13/730247 "Carbocyclic Nucleosides And Their Pharmaceutical Use And Composition" with claims covering Cellceutix's compound Prurisol. Cellceutix announced on June 2, 2014 that it has completed enrollment in a Phase 1 crossover study of Prurisol as a new drug candidate for the treatment of psoriasis and that lab results, pharmacokinetic studies, and analysis are expected to take approximately two months.

CTIX closed the day at $1.67 on June 16th.

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OncoSec Medical Reports Financial Results

OncoSec Medical Inc. (OTCQB:ONCS - News) saw its share volume continue its upward trend on June 16th with 3,659,975 shares exchanging hands, significantly higher than its three month daily average volume of 2,289,663 shares.

ONCS released financial results for the nine months ended April 30, 2014:

For the nine months ended April 30, 2014, OncoSec Medical reported a net loss of $8.5 million, or $0.05 per share, compared to a net loss of $5.4 million, or $0.05 per share, for the same period last year. There were no revenues for the nine months ended April 30, 2014 or April 30, 2013.

Research and development expenses were $3.9 million for the nine months ended April 30, 2014, compared to $2.4 million for the nine months ended April 30, 2013. This increase in research and development expenses was primarily a result of increased compensation expense, inclusive of increased salary and stock-based compensation expenses as we have expanded our operations and our employee headcount, increased clinical operation costs (pre-clinical development, research and development activities and clinical trials advancement) and costs related to our sponsored research agreements.

ONCS closed the day at $.5661, 6.45% lower than its previous close of $.605.

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