Shares of DURECT Corporation (NASDAQ:DRRX) ended Friday session in red amid volatile trading. The shares closed down -0.04 points or -2.30% at $1.70 with 1.41 million shares getting traded. Post opening the session at $1.76, the shares hit an intraday low of $1.56 and an intraday high of $1.76 and the price vacillated in this range throughout the day. The company has a market cap of $228.23 million and the numbers of outstanding shares have been calculated to be 137.41 million shares.
DURECT Corporation (DRRX) on Aug. 1, 2016 announced financial results for the second quarter of 2016. Total revenues were $3.2 million and net loss was $9.0 million for the three months ended June 30, 2016 as compared to total revenues of $4.4 million and net loss of $5.5 million for the three months ended June 30, 2015.
At June 30, 2016, we had cash and investments of $33.9 million, compared to cash and investments of $29.3 million at December 31, 2015. At June 30, 2016, we had $19.8 million in short and long term debt.
“The REMOXY® ER PDUFA date of September 25, 2016 is now less than two months away and, if approved, this would be the first pharmaceutical product in our pipeline authorized for commercialization,” stated James E. Brown, D.V.M., President and CEO of DURECT. “Our first two DUR-928 patient studies are progressing in Australia and we are moving forward with preparing two INDs which are required to enable future clinical trials in the U.S. For POSIMIR®, we are in the process of amending the PERSIST Phase 3 trial in response to FDA advice while we continue enrollment in the trial.”
Shares of Axovant Sciences Ltd (NYSE:AXON) ended Friday session in green amid volatile trading. The shares closed up +0.18 points or 1.19% at $15.25 with 1.41 million shares getting traded. Post opening the session at $15.49, the shares hit an intraday low of $14.78 and an intraday high of $15.54 and the price vacillated in this range throughout the day. The company has a market cap of $1.34 billion and the numbers of outstanding shares have been calculated to be 99.16 million shares.
Axovant Sciences Ltd (AXON) on Aug. 15, 2016 announced corporate updates and reported financial results for the first fiscal quarter ended June 30, 2016.
“The next year represents an incredibly exciting period for Axovant,” stated Vivek Ramaswamy, Chief Executive Officer of Axovant Sciences. “We continue to execute well on our late-stage clinical programs for patients with Alzheimer’s disease and Lewy body dementia. In addition, we announced our exclusive license to a technology that will enable Axovant to develop RVT-103, a combination of glycopyrrolate and donepezil, as a potential treatment for patients with dementia. This technology has the potential to reduce peripheral side effects of cholinesterase inhibitors and to enhance their efficacy through higher doses, and may further lead to a triple combination with intepirdine. This bolt-on transaction adds depth to our late-stage pipeline as we approach commercialization, while preserving our capacity to pursue additional late-stage assets that could further transform Axovant.”
Licensing Transaction with Qaam Pharmaceuticals
Axovant and Qaam Pharmaceuticals (Qaam) have entered into an exclusive license agreement under which Axovant expects to develop and, if successful, commercialize products that combine cholinesterase inhibitors with peripheral muscarinic receptor antagonists including glycopyrrolate, which could mitigate the peripheral side effects of cholinesterase inhibitors. Axovant will initially develop RVT-103, a combination of glycopyrrolate and donepezil. In addition, Axovant expects to develop RVT-104, a combination of glycopyrrolate and high-dose rivastigmine. Axovant believes that the intellectual property portfolio licensed from Qaam as part of this transaction provides a strong exclusivity position in this area.
“This program continues to build on our efforts to deliver comprehensive solutions to patients diagnosed with dementia,” said Axovant Chief Development Officer Dr. Lawrence Friedhoff, who led the development of Aricept (donepezil) for the treatment of Alzheimer’s disease through its approval in 1996. “We believe this product candidate can limit the peripheral side effects of cholinesterase inhibitors which frequently represent an obstacle for patients to adopt or remain on therapy.”