Shares of Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) ended Friday session in red amid volatile trading. The shares closed down -0.11 points or -6.92% at $1.48 with 2.30 million shares getting traded. Post opening the session at $1.57, the shares hit an intraday low of $1.48 and an intraday high of $1.59 and the price vacillated in this range throughout the day. The company has a market cap of $335.11 million and the numbers of outstanding shares have been calculated to be 243.26 million shares.
Arena Pharmaceuticals, Inc. (ARNA) on Aug. 15, 2016 announced that Vincent Aurentz will join its management team as Executive Vice President and Chief Business Officer, effective. Mr. Aurentz will report to Amit Munshi, Arena’s President and Chief Executive Officer.
“I am excited to have Vince join us at Arena,” said Mr. Munshi. “His experience in product planning, operations and corporate development will add significant value as we continue our transition from a discovery research company to an execution-driven, clinically focused company.”
Mr. Aurentz joins Arena with over 27 years of experience in the pharmaceutical and biotech industry. Prior to Arena, Mr. Aurentz served as the Chief Business Officer of Epirus Biopharmaceuticals. Prior to that, Mr. Aurentz served as President of HemoShear Therapeutics, where he oversaw the scientific and business development efforts including collaborations with global organizations such as Pfizer, Eli Lilly, Janssen R&D and Children’s National Health System. Before his time at HemoShear Therapeutics, Mr. Aurentz was Executive Vice President and a member of the Executive Management Board at Merck KGaA (Merck Serono) where he directed R&D programs, portfolio strategy and headed deal activity and venture investments. Mr. Aurentz is a former Executive Vice President at Quintiles, and Co-founder and Managing Director of a venture capital and advisory business. He started his career at Andersen Consulting (now Accenture).
“I am thrilled to be a part of Arena as it re-orients its priorities to deliver first or best-in-class compounds in a timely and cost-conscious manner,” said Mr. Aurentz. “I look forward to working with the team to unlock the value in our portfolio of three Phase 2 programs and multiple partner collaborations.”
Shares of Amicus Therapeutics, Inc. (NASDAQ:FOLD) ended Friday session in red amid volatile trading. The shares closed down -0.51 points or -7.24% at $6.53 with 2.28 million shares getting traded. Post opening the session at $6.92, the shares hit an intraday low of $6.53 and an intraday high of $6.95 and the price vacillated in this range throughout the day. The company has a market cap of $860.93 million and the numbers of outstanding shares have been calculated to be 142.14 million shares.
Amicus Therapeutics, Inc. (FOLD) on Aug. 09, 2016 announced financial results for the second quarter ended June 30, 2016.
Second Quarter 2016 Financial Results
- Cash, cash equivalents, and marketable securities totaled $214.2 million at June 30, 2016 compared to $165.9 million at March 31, 2016.
- Total operating expenses in the second quarter of 2016 increased to $48.5 million compared to $26.9 million for the second quarter 2015 primarily due to increases in commercial costs for the Fabry monotherapy program and the addition of the Phase 3 SD-101 program for epidermolysis bullosa (EB).
- Net loss was $51.1 million, or $0.40 per share in the second quarter of 2016, compared to a net loss of $27.1 million, or $0.27 per share, for the second quarter of 2015.
“At Amicus Therapeutics our vision is bold – to build a leading global biotechnology company delivering meaningful benefits to people who are living with rare and devastating diseases,” stated John F. Crowley, Chairman and Chief Executive Officer of Amicus Therapeutics, Inc. “To execute toward our vision, we are sharply focused on five key strategic priorities for the balance of 2016: 1) a successful Galafold launch in the EU; 2) multiple regulatory submissions for migalastat in the U.S., Japan and other global territories; 3) the advancement of our clinical programs in Pompe and epidermolysis bullosa; 4) a strengthened balance sheet; and 5) the expansion of our pipeline including a new biologics program for CDKL5. At Amicus we have never been in a stronger position with one of the best portfolios of potential first- and/or best-in-class medicines for rare and orphan diseases.”