Thursday Morning’s Market Insights: MYOS RENS Technology Inc (MYOS), Histogenics Corp (HSGX), DragonWave, Inc. (USA) (DRWI), Northern Dynasty Minerals Ltd (NAK)
MYOS RENS Tech Inc (NASDAQ:MYOS) shares are falling 23% in pre-market trading, after the biotherapeutics company published an action against RENS Technology in the Supreme Court of New York after the close of trading yesterday. The action was commenced after RENS allegedly breached a Securities Purchase Agreement under which it agreed to invest $20.25 million in MYOS in exchange for shares and share warrants. The report states that on January 11, 2017, the Court granted MYOS the preliminary restraints that it requested, which prevents RENS Technology, among others, from selling, transferring, conveying, assigning, hypothecating or encumbering 1,500,000 shares of MYOS stock and warrants.
Histogenics Corp (NASDAQ:HSGX) shares are soaring 30% in pre-market trading after the regenerative medicine company published MRI data for NeoCart- Histogenic’s first product candidate which repairs articular cartilage injuries in the knee. The publication in the American Journal of Sports Medicine analyzes MRI data through 60 months follow up from the Phase 1 and 2 clinical trials of NeoCart. The trial, which was carried out on 29 patients, shows improvements on virtually all of the pain and functional endpoints, as early as 3 to 6 months, with sustained outcomes through 5 years, according to Histogenics.
DragonWave, Inc. (USA) (NASDAQ:DRWI) is trading down 21% in pre-market trading after it reported Q3 fiscal 2017 results. The Ontario based supplier of packet radio systems for mobile and access networks announced revenue of $10.2 million, compared with $13.2 million in the second quarter of fiscal year 2017. Nokia revenue shrunk to 22% of total revenue from 24% the previous quarter. Operating expenses rose by $0.1 million to $7 million from $6.9 million in Q2. “Our third quarter revenue performance was disappointing, as operating challenges did not allow us to continue to make the progress that we have been achieving up to this point” DragonWave President & CEO, Peter Allen, said.
Northern Dynasty Minerals Ltd (NYSE:NAK) is seeing shares fall in pre-market trading by 6% after it announced a $25 million bought deal purchase of 13.5m common shares at $1.85 each, with an underwriters’ option to purchase up to an additional 2m shares. Northern Dynasty is seeking to develop the Pebble Project- a significant deposit of copper (57 billion lb says NAK), gold, molybdenum and silver in Alaska into a modern mining operation. NAK says that the proceeds from the deal will be used for various purposes including addressing the pre-emptive regulatory action of the US Environment Protection Agency as well as finalizing the development plan for the Pebble Project.