Shares of Threshold Pharmaceuticals, Inc. (NASDAQ:THLD) ended Wednesday session in red amid volatile trading. The shares closed down -0.02 points or -1.60% at $1.23 with 4.62 million shares getting traded. Post opening the session at $1.22, the shares hit an intraday low of $1.15 and an intraday high of $1.30 and the price vacillated in this range throughout the day. The company has a market cap of $90.87 million and the numbers of outstanding shares have been calculated to be 71.51 million shares.
Threshold Pharmaceuticals, Inc. (THLD) on Aug. 01, 2016 reported financial results for the second quarter ended June 30, 2016 and provided an update on the Company’s corporate and clinical development activities.
“Encouraged by the MAESTRO data presented recently at ASCO that demonstrated meaningful improvement in overall survival in the subgroup of patients from Japan and South Korea, we are pursuing a registration strategy for Japan,” said Barry Selick, Ph.D., Chief Executive Officer of Threshold. “We have also been encouraged by the translational data evaluating the role of hypoxia in mediating treatment resistance to cancer immunotherapy conducted by collaborators at the MD Anderson Cancer Center and to initiating a clinical trial evaluating evofosfamide in combination with checkpoint blockade.”
Second Quarter 2016 Financial Results
- Cash, cash equivalents and marketable securities totaled $33.6 million at June 30, 2016 compared to $38.0 million at March 31, 2016; the net decrease of $4.4 million was a result of operating cash requirements for the quarter ended June 30, 2016. With the previously announced decision to cease joint development of evofosfamide under the Company’s former collaboration with Merck KGaA and the workforce reduction, the Company continues to expect its operating cash requirements to be lower for the second half of fiscal year 2016 compared to the first half of 2016.
- No revenue was recognized in the second quarter ended June 30, 2016 compared to $3.7 million for the same period of 2015. Revenue for the quarter ended June 30, 2015 related to the amortization of the aggregate of $110 million in upfront and milestone payments received from the Company’s former collaboration with Merck KGaA, Darmstadt, Germany. The revenue from the upfront payment and milestone payments received under the agreement were previously being amortized over the relevant performance period, rather than being immediately recognized when the upfront payment and milestones were earned or received. As a result of Merck KGaA, Darmstadt, Germany’s and the Company’s decision to cease further joint development of evofosfamide in December 2015, the Company immediately recognized all of the remaining deferred revenue into revenue during the quarter ending December 31, 2015. Also as a result of the termination of the agreement, the Company is no longer eligible to receive any further milestone payments from Merck KGaA, Darmstadt, Germany.
Shares of Valeant Pharmaceuticals Intl Inc (NYSE:VRX) ended Wednesday session in green amid volatile trading. The shares closed up +0.80 points or 2.71% at $30.27 with 14.24 million shares getting traded. Post opening the session at $30.17, the shares hit an intraday low of $29.92 and an intraday high of $30.77 and the price vacillated in this range throughout the day. The company has a market cap of $10.59 billion and the numbers of outstanding shares have been calculated to be 341.19 million shares.
Valeant Pharmaceuticals Intl Inc (VRX) on Sept. 6, 2016 announced the U.S. commercial launch of RELISTOR® (methylnaltrexone bromide) Tablets, which is now available for prescribing. RELISTOR Tablets (450 mg once daily) were approved by the U.S. Food and Drug Administration (FDA) for the treatment of opioid-induced constipation (OIC) in adults with chronic non-cancer pain on July 19, 2016 .
“We are very pleased to launch RELISTOR Tablets in the U.S. and provide an exceptional new treatment option for the millions of patients who suffer from extreme discomfort due to OIC,” said Joseph C. Papa , Chief Executive Officer of Valeant. “This new method of delivery for RELISTOR offers healthcare professionals a novel alternative to address the treatment of OIC – a growing need in pain management – and demonstrates Valeant’s continued commitment to delivering innovative products that improve people’s lives.”