2025-02-12 10:26:58 ET
DENVER, Colo., Feb 12, 2025 ( 247marketnews.com )- 24/7 Market News, a trusted source for real-time financial news and market analysis, highlights today’s most significant stock movements and breaking developments shaping the financial landscape.
Nxu (NASDAQ: NXU ) and Verde Bioresins announced that Nxu’s shareholders voted to approve the merger of the two companies.
Brian Gordon, Co-founder and President of Verde, said, “We are thrilled to merge with Nxu, a company at the forefront of sustainable solutions in transportation. Verde is poised for significant growth in 2025, and the business combination with Nxu is a critical milestone toward achieving that.”
Mark Hanchett, Nxu’s Founder, Chairman and CEO, added, “The merger with Verde is an exciting opportunity for long-term value creation. Verde’s PolyEarthylene resins are generating interest across the plastics market, and the potential for disruption is inspiring.”
AbbVie (NYSE: ABBV ) and Xilio Therapeutics (NASDAQ: XLO ) entered into a collaboration and option-to-license agreement aimed at developing novel tumor-activated, antibody-based immunotherapies, including masked T-cell engagers. The collaboration leverages Xilio’s proprietary tumor-activated biologics platform technology, which is designed to achieve tumor-selective activation and minimize systemic side effects.
Under the agreement, Xilio Therapeutics will receive an upfront payment of $52 million, which includes a $10 million equity investment by AbbVie. Additionally, Xilio is eligible for up to approximately $2.1 billion in total contingent payments. This includes option-related fees, milestone payments, and tiered royalties based on future product sales.
Uli Bialucha , Ph.D., Xilio’s CSO, added, “This collaboration with AbbVie, a global leader in developing and commercializing oncology therapies, allows us to accelerate the expansion of our technology to next-generation immunotherapies, including T-cell engagers. We look forward to working with the AbbVie team to apply our deep protein engineering expertise coupled with tumor-selective activation through our novel formats for masked T-cell engagers.”
NKGen Biotech (NASDAQ: NKGN ) announced that the FDA granted Fast Track designation for its investigational therapy, troculeucel, an ex vivo expanded autologous NK (natural killer) cell therapy, for the treatment of moderate Alzheimer’s disease (AD). The Fast Track designation is a process designed to facilitate the development and review of drugs that address serious conditions with unmet medical needs, potentially allowing faster access to promising treatments.
Paul Y. Song, MD, NKGen’s Chairman and CEO, said, “We are pleased with the FDA’s decision to grant Fast Track designation for troculeucel. This decision underscores the significant unmet need for effective treatments for patients with moderate AD. We specifically targeted the moderate stage population as they represent about 30% of all Alzheimer’s cases and most, if not all, of the current focus has been on early/mild patients. This designation comes after promising safety and efficacy results from our Phase 1 trial, which shows early signs of clinical benefit in patients treated with troculeucel. Receiving Fast Track designation will significantly accelerate the drug development process, bringing us one step closer to delivering this promising therapy to AD patients in need, and ensuring faster access to a potentially life-changing treatment.”
Firefly Neuroscience (NASDAQ: AIFF ) is following through yesterday’s announcement that it was accepted into the NVIDIA Connect program. Firefly plans to use these new tools and resources to help support a new strategic initiative to build a proprietary foundation model of the human brain.
WiSA Technologies (NASDAQ: WISA ) , which will soon do business as Datavault AI, signed a new interoperability license agreement with Dolby. The agreement permits Datavault AI to collaborate directly with system-on-chip (SoC) providers to integrate its patented WiSA E Express multichannel wireless audio software into Android and future Linux-based streaming A/V platforms.
Tony Parker, WiSA’s VP of Business Development and Strategy, commented, “WiSA E Express was created to simplify wireless audio and address the long-standing issue of poor sound quality in TVs and STBs. We’ve solved major industry challenges, including ensuring robust performance over existing Wi-Fi connections, while introducing a lower-cost activation model that meets consumer demand.”
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Hot Stocks Trading Higher on News- NXU, XLO, NKGN, AIFF, and WISA
