Stern IR News and Events


September 10, 2021

Let us begin by congratulating Stern IR client Impel NeuroPharma on the U.S. FDA approval of TRUDHESA™ nasal spray for the acute treatment of migraine!

JP Morgan 2022: It’s Live!

This week, JP Morgan confirmed that this year’s conference will be in person in San Francisco January 10-13, 2022! We are so looking forward to seeing everyone there, and finally reconnecting face-to-face.  More details on our corporate access event are forthcoming, but for now – mark your calendars and book your flights!

Rule 10b5-1 Reform: Draft Recommendations

In late August, a subcommittee of the SEC’s Investor Advisory Committee weighed in with a set of draft recommendations for 10b5-1 reforms, which could be approved as early as this week. As you know this rule allows insiders of publicly-traded companies to set up a trading plan permitting major holders (often including management) to sell a predetermined number of shares at a predetermined time.

They key proposals of the draft are as follows:

  • The draft recommends requiring a four-month cooling-off period between adoption or modification of a Rule 10b5-1 trading plan and the first trade under the newly adopted or modified plan.
  • Right now, there are no limits on the number of plans that insiders may adopt, potentially allowing them to enter into multiple trading plans and to cancel such a plans at any time, or opt into the most “favorable” plan as they please. The draft recommendation includes a prohibition on overlapping plans, so that an individual or insider cannot have more than one active 10b5-1 trading plan at any time.
  • The draft suggests that the SEC adopt enhanced public reporting, requiring certain disclosures in Current Reports on Form 8-K, Forms 4 and proxy statements. In addition, the draft suggests that Form 4 disclosures be extended to apply to all U.S.-listed securities – including those of foreign private issuers – and that all Forms 144, which are required for affiliates trading at least $50,000 in securities, be filed electronically.

Market Update:

The overall markets declined this week, with the NASDAQ, DJIA and S&P 500 closing down 1%, 2% and 1%, respectively. The VIX rose by 15% this week, sitting at 18.8 as of market close on 9/9. Biotech markets declined as well, with the NBI, XBI and BTK decreasing by 1%, 3% and 2%, respectively.

Biotech public capital markets have slowed down these past two weeks, with only a handful of IPOs, follow-ons and SPACs pricing in recent weeks, including the following:

  • IPOs: SeqLL Inc. ($13M)
  • Follow-Ons: Ascendis Pharma ($379.3M), Certara ($139.5M)
  • SPAC: Revelation Biosciences ($73M)

In addition, there were a handful of private financings, including:


  • A-Alpha Bio (Series A, $20M); ADARx (Series B, $75M); SIR Client Asher Bio (Series B, $108M); Attralus (Series B, $116M); CaamTech (Series A, $22M); Disc Medicine (Series B, $90M); DiCE Molecules (Series C, $60M); Emulate (Series E, $82M); EnteroBiotix (Series A, £15.5m); Evoimmune (Series A, $83M), HilleVax (Undisclosed, $135M); Laronde (Series B, $440M); LEXEO Therapeutics (Series B, $100M); Lycia Therapeutics (Series B, $70M); Lynk Pharmaceuticals (Series B, $50M); Obsidian (Series B, $115M), Replicate Biosciences (Series A, $40M); Versanis Bio (Series A, $70M); Via Nova Therapeutics (Series A, $20M)