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STRM

Streamline Health Solutions Inc (STRM) announced a strategic restructuring to cut expenses, which includes reducing their workforce by 24% and incurring a one-time restructuring cost of $0.8 to $1.2 million. The company also received a termination notice from a legacy client with $4.5 million in annualized revenue. As a result, STRM has suspended previous guidance and plans to provide updates with their fiscal third-quarter 2023 financial results.

Portfolio Pulse from Henry Khederian

October 16, 2023 | 12:56 pm

STRM

Streamline Health announced a strategic restructuring to cut expenses, causing its shares to trade lower.

Portfolio Pulse from Benzinga Newsdesk

October 16, 2023 | 12:55 pm

OMER

Omeros Corp's shares have dropped by 47% following the company's announcement that its Phase 3 trial for narsoplimab, a treatment for IgA nephropathy, did not show significant improvement compared to a placebo. As a result, the company will not seek approval for narsoplimab in this indication and will discontinue the trial. The company plans to redirect funds to other programs, including OMS906.

Portfolio Pulse from Henry Khederian

October 16, 2023 | 12:53 pm

MIND

Trading of MIND Technology Inc. shares is set to resume at 9:00 a.m. ET.

Portfolio Pulse from Benzinga Newsdesk

October 16, 2023 | 12:53 pm

OMER

Omeros Corporation announced the discontinuation of the ARTEMIS-IGAN trial due to its failure to reach statistical significance on the primary endpoint of reduction in proteinuria. This has led to a decrease in the company's share price.

Portfolio Pulse from Benzinga Newsdesk

October 16, 2023 | 12:53 pm

BNTX

LULU

BioNTech shares are trading lower after Pfizer cut its COVID-19 vaccine sales outlook. Lululemon shares are trading higher after it was announced the stock will join the S&P 500.

Portfolio Pulse from ryanfaloona@benzinga.com

October 16, 2023 | 12:50 pm

ALDX

Aldeyra Therapeutics Inc's (NASDAQ:ALDX) shares have dropped by 62% following feedback from the U.S. Food and Drug Administration (FDA) on their new drug application for reproxalap, a treatment for dry eye disease. The FDA identified significant issues with the clinical data supporting the drug's effectiveness. Although Aldeyra has responded to these concerns, the FDA has not confirmed the adequacy of the information and indicated that an additional clinical trial may be necessary. This could delay the FDA approval and commercialization of reproxalap, significantly impacting Aldeyra's revenue generation.

Portfolio Pulse from Henry Khederian

October 16, 2023 | 12:49 pm

ALDX

Aldeyra Therapeutics' shares are trading lower after the FDA identified substantive review issues with the New Drug Application (NDA) for reproxalap.

Portfolio Pulse from Benzinga Newsdesk

October 16, 2023 | 12:49 pm

BNTX

CFRX

LQR

PCSA

PCTI

Several stocks are experiencing significant pre-market movements. LQR House Inc. shares surged 109% after delivering an inaugural order to Costco. Processa Pharmaceuticals, Inc. shares rose 84.4% following a 45% jump on Friday. PCTEL, Inc. shares climbed 47.4% after Amphenol Corp agreed to acquire PCTEL for around $139.7 million. ContraFect Corporation shares jumped 30% after the company reported FDA clearance of CF-370 IND application to proceed with Phase 1 clinical study. On the downside, BioNTech SE fell 6% after Pfizer, its partner, cut its COVID-19 vaccine and therapy sales outlook.

Portfolio Pulse from Lisa Levin

October 16, 2023 | 12:47 pm

NXL

Nexalin Technology, Inc. (NASDAQ:NXL) announced the publication of a research article in Nature's Molecular Psychiatry, validating the ability of Nexalin's neurostimulation device to penetrate deep brain structures. The study revealed that Nexalin's non-invasive, deep frequency stimulation medical device can directly stimulate areas of the brain associated with trauma and mental health disease. The CEO of Nexalin Technology, Mark White, stated that the research results have significant scientific value and demonstrate Nexalin's leadership in the field of non-invasive neural stimulation.

Portfolio Pulse from Benzinga Newsdesk

October 16, 2023 | 12:46 pm