Redwood City, CA-based Dermira (Pending:DERM) is set for its IPO of 5.35M shares at $14 - 16. As the name implies, the clinical stage biopharmaceutical firm focuses on the dermatology space. It has three late-stage product candidates:
Cimzia, an injectable biologic tumor necrosis factor-alpha inhibitor (TNF inhibitor) for the treatment of moderate-to-severe plaque psoriasis. Cimzia is owned and marketed by Belgian biopharma firm UCB for other inflammatory diseases. Dermira signed a collaboration deal with UCB to develop Cimzia for psoriasis. It intends to commence a Phase 3 trial in 1H 2015.
DRM04, a topical small molecule anticholinergic for the treatment of hyperhidrosis. It blocks the action of acetylcholine and therefore blocks the activation of the sweat glands. Data from a Phase 2b trial should be available in 1H 2015. If successful, a Phase 3 trial will commence in 2H 2015.
DRM01, a topical small molecule sebum inhibitor for the treatment of acne. A Phase 2b clinical program, which may include more than one trial, should commence in 1H 2015.
It was the second month in a row that exports were the highest since March 1957, according to EIA data going back to 1920.
Most of July's crude-oil exports (373K bbl/day) went to Canada, while 14K bbl/day were exported to Italy, 12K went to Switzerland and 3K to Singapore; the exports to Italy, Switzerland and Singapore were shipments of foreign oil that had previously been imported to the U.S.
U.S. oil imports have fallen as domestic production has climbed: The U.S. imported 7.6M bbl/day of crude oil in July, down from 8.1M a year ago, the EIA says.
Many in the sector (REM -0.9%) presented today at the JMP Financial Services and Real Estate Conference. Those heard in full by this reporter - CYS Investments (CYS -1.6%), Hatteras Financial (HTS -0.9%), and MFA Financial (MFA -1.3%) - presented nothing alarming, but the sector is nevertheless lit up bright red.
Other presenters included Capstead Mortgage (CMO -1.2%), Arlington Asset (AI -2.2%), Dynex Capital (DX -1.7%), Invesco (IVR -1.2%), Armour (ARR -2%), New York Mortgage Trust (NYMT -3.2%), Javelin Mortgage (JMI -1.5%), Five Oaks Investment (OAKS -1.9%), and Apollo Residential (AMTG -1.1%).
The Compass EMP Developed 500 Enhanced Volatility Weighted Index ETF (Pending:CIZ) will be the 5th offering from Compass EMP, all of which have launched this year.
"Our latest ETF is focused on the largest 500 international equities, and may offer performance enhancements through fundamental criteria combined with its distinct securities volatility weighting," said Stephen Hammers, Chief Investment Officer at Compass EMP, in a press release.
This will be the first Compass ETF to look outside of the U.S. for return and could usher in further international fund offerings.
Other developed market ETFs focused on low volatility: EFAV, IDLV
Previously trying to stay out of the ETF price wars, State Street Global Advisors (STT -0.1%) sets price cuts averaging 20% across 15 of its core equity and fixed income ETFs. The new fees on the 15 SSgA ETFs now range between 9-55 basis points from 15-65 previously.
Among those with lower fees is the industry goliath, the SPDR S&P 500 ETF (NYSEARCA:SPY), with a cost of 9 basis points down from 15.
Globally, SSgA is the 2nd largest ETF provider, but is in danger of losing that spot to fast-growing Vanguard (its competing S&P 500 tracker is VOO; iShares' is IVV). In Europe, SSgA is the eight-largest provider with assets of $10.5B, but is also under threat there from Vanguard which has built up AUM of $10.3B. Vanguard's European ETFs have seen $5.6B of net inflows this year vs. SSgA's $1.8B.
The ARK Industrial Innovation ETF (NYSEARCA:ARKQ) and the ARK Web x.0 ETF (NYSEARCA:ARKW) are the first launches in line of actively managed thematic ETFs filed with the SEC by ARK.
ARKQ seeks to invest in companies that are revolutionizing the industrial world and how people travel, while ARKW seeks to invest in companies that are transforming every sector of the economy thanks to Internet-enabled innovation.
"An acceleration in the pace of innovation makes it more challenging for analysts to analyze industries and companies, and for benchmarks to adjust. Our strategy is to find and invest in the companies that are poised to transform economic sectors and the global economy," said Cathie Wood, founder of ARK, in a press release.
Flint, Michigan-based Diplomat Pharmacy (DPLO) is set for its IPO of 13.3M shares at $14 - 16.
The company is the U.S.'s largest independent specialty pharmacy, founded in 1975. It focuses on specialty drugs that are typically administered on a recurring basis to treat patients with complex chronic diseases that require specialized handling and administration as part of their distribution process. It provides customized solutions for patients with cancer, MS, HIV, hepatitis, and other diseases as well as specialty infusion therapies for conditions like chronic genetic disorders (primarily hemophilia and immune globulin treatment).
The early clinical-state company develops small molecule drugs directed against tumor metabolism and tumor immunology targets for the treatment of cancer. Its lead product in tumor metabolism is CB-839, a glutaminase inhibitor currently in Phase 1. Its lead preclinical program in tumor immunology is focused on arginase inhibitors. Phase 1 activities are not expected to begin until 2016, however.
The company lost ($12.4M) in operations in 2013 and ($9.6M) in 1H 2014.
The Total Return ETF (NYSEARCA:BOND) - far smaller, but following a similar strategy to the Total Return Fund - saw $446.5M pulled on Friday following the announcement of Bill Gross' departure from Pimco. The redemption accounted for 12.5% of the fund's shares. Withdrawals slowed to $98M yesterday.
It seems a good portion of those funds were placed for at least safekeeping BlackRock's (NYSE:BLK) iShares Core U.S. Aggregate Bond ETF (NYSEARCA:AGG), which saw more than $400M of inflows.
What's Pimco selling? Traders say Pimco was seeking bids on more than $170M of agency-backed CMBS.