NeuroVive shares crater on PhII flop; F-Prime contributes $7.5M in startup cash for Akriveia

Shares of NeuroVive Pharmaceuticals tanked Thursday after the small Swedish biotech reported that it is scrapping its cyclosporine formulation in acute kidney injury after watching it flop in Phase II. The stock (STO:NVP) plunged 44% during the day.

Thousand Oaks, CA-based Akriveia Therapeutic bagged a $7.5 million Series A investment from F-Prime Capital Partners. The biotech is working on immuno-oncology programs. Thomas Beck and Ben Auspitz of F-Prime Capital Partners will join Akriveia’s board alongside Akriveia’s CEO, Simon Tomlinson, with Beck becoming chairman of the board.

South Korea’s Celltrion says that its biosimilar of Rituxan performed well in a Phase III study, setting up a review of the data at AACR.

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