HIGHER: Aclaris Therapeutics (ACRS) up 45.5% after its Phase 3 clinical trial of A-101 45% Topical Solution for treatment of common warts met all endpoints. DOWN AFTER EARNINGS: Concrete Pumping (BBCP) down 9.0%. ALSO LOWER: Corning (GLW) down 8.5% after cutting Q3 volume forecasts in Display and Optical Communications units... Acceleron (XLRN) down 7.8% after disclosing its ACE-083 trial did not meet secondary endpoints... Shopify (SHOP) down 4.6% after filing to sell 1.9M subordinate shares... Kraft Heinz (KHC) down 2.7% after private equity investor 3G Capital sold 25.1M share stake... Plus Therapeutics (PSTV) down 2.3% after filing mixed securities shelf... Movers as of 18:45ET.
Shares of pharmaceutical company Plus Therapeutics rose over 270% in Friday trading after the company reported its second quarter financial results after the market close on Thursday. Q2 RESULTS: Plus Therapeutics reported a Q2 net loss per share from continuing operations of ($5.12), with an operating cash burn for the quarter of approximately $1.6M. The company ended Q2 with approximately $4.5M of cash and cash equivalents. LOOKING AHEAD: In the release, Plus Therapeutics said in the second half of the year it intends to submit a Phase 2 clinical trial protocol for its lead pipeline drug, DocePLUS, in Small Cell Lung Cancer patients with platinum-sensitive disease who progressed at least 60 days after initiation of first-line chemotherapy to the FDA. Furthermore, Plus Therapeutics is pursuing manufacturing and commercial partners for DocePLUS as well as partners for its DoxoPLUS product -- a generic, injectable PEGylated liposomal doxorubicin for multiple cancer types. PRICE ACTION: Shares of Plus Therapeutics rose $10.56, or more than 272%, to $14.44 in Friday trading.
The Company intends to effect a 1-for-50 reverse stock split to become effective on August 5, 2019, and the Company's common stock is expected to commence trading on a post-split basis beginning on August 6, 2019. The Company received the requisite stockholder approval for the reverse stock split on July 11, 2019. The new CUSIP number for the Company's common stock after the reverse stock split will be 72941H400. The reverse stock split will automatically combine every 50 shares of the Company's common stock into one issued and outstanding share without any change in the par value of the shares. Following the reverse stock split, the number of outstanding shares of the Company's common stock is anticipated to be proportionally reduced from approximately 22.2M to approximately 0.4M. As previously announced, the Company is required to evidence compliance with Nasdaq's minimum bid or closing price requirement by August 26, 2019. Although the Company expects that the reverse stock split will enable the Company to comply with the Nasdaq listing and minimum bid price requirement, there can be no assurance that the Company will be able to regain such compliance. Delisting from the Nasdaq Capital Market could have a material adverse effect on the Company's business and on the trading of its common stock.
Plus Therapeutics announced that the Company has officially changed its name from "Cytori Therapeutics, Inc." to "Plus Therapeutics, Inc." and the ticker symbol for the Company's common stock on the Nasdaq Capital Market will change from "CYTX" to "PSTV". The ticker symbol for the Company's Series S Warrants will change from "CYTXZ" to "PSTVZ". Trading under the new ticker symbols will begin at the open of the market on Monday, July 29, 2019. In addition, a new CUSIP number, 72941H103, has been assigned to the Company's common stock and the new CUSIP number assigned to the Company's Series S Warrants is 72941H111.