Cerulean rockets on news of a collaboration with Novartis
US clinical-stage drug developer Cerulean Pharma (Nasdaq: CERU) has entered into a strategic collaboration with Novartis (NOVN: VX) to develop nanoparticle-drug conjugates (NDCs) product candidates combining Cerulean's proprietary Dynamic Tumor Targeting technology with Novartis' proprietary compounds directed at up to five targets.
Cerulean will create NDC candidates, and Swiss pharma giant Novartis is responsible for further development and commercialization of NDC products resulting from the collaboration.
Cerulean shares reacted to the news, jumping nearly 55% to $1.08 in early trading Wednesday, as the company also announced it has entered into a $20 million purchase agreement with Aspire Capital Fund, under which Aspire bought 800K shares of common stock at $1.25, nearly 84% from the previous day’s closing price.
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