The Nasdaq Biotechnology index was sinking 2.4%.
In company news, Teva Pharmaceutical Industries (TEVA) climbed 4.9% on Tuesday after the drugmaker said it agreed to pay $15 million to the state of Louisiana over an 18-year period to settle opioid-related claims, subject to confirmation by state officials before Nov 2. The company also agreed to donate $3 million of medicines to the state.
Sonoma Pharmaceuticals (SNOA) raced over 30% higher after beginning over-the-counter sales in the US of its Regenacyn Advanced Scar Gel and Ocucyn Eyelid & Eyelash Cleanser and its MucoClyns decontamination solution in Europe through Amazon.com (AMZN).
Among decliners, Ziopharm (ZIOP) fell more than 10% after disclosing plans to eliminate 60 positions, representing roughly half of its current workforce, which it said will keep the immuno-oncology company in business through the first half of 2023.
Ensysce Biosciences (ENSC) also dropped 11% after the specialty drugmaker late Monday said it had secured $15 million in new funding through a private placement of 5% senior convertible notes with an initial conversion rate of $5.87 per share. Investors also received 5-year warrants to buy up to 1.08 million Ensysce common shares exercisable at $7.63 per share.
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