Shares of Tokai Pharmaceuticals Inc (NASDAQ:TKAI) ended Friday session in green amid volatile trading. The shares closed up +0.03 points or 1.82% at $1.68 with 5.20 million shares getting traded. Post opening the session at $1.68, the shares hit an intraday low of $1.48 and an intraday high of $1.85 and the price vacillated in this range throughout the day. The company has a market cap of $38.72 million and the numbers of outstanding shares have been calculated to be 22.63 million shares.
Tokai Pharmaceuticals Inc (TKAI), a biopharmaceutical company, focuses on developing and commercializing therapies for prostate cancer and other hormonally-driven diseases. Its lead drug candidate is galeterone, an oral small molecule that is in various clinical trials for the treatment of patients with metastatic castration-resistant prostate cancer. The companys androgen receptor degradation (ARDA) drug discovery program is focused on identifying and developing compounds for ARDA activity. Tokai Pharmaceuticals, Inc. was founded in 2004 and is based in Boston, Massachusetts.
Shares of AbbVie Inc (NYSE:ABBV) ended Friday session in red amid volatile trading. The shares closed down -0.10 points or -0.15% at $64.98 with 5.15 million shares getting traded. Post opening the session at $65.05, the shares hit an intraday low of $64.75 and an intraday high of $65.33 and the price vacillated in this range throughout the day. The company has a market cap of $107.28 billion and the numbers of outstanding shares have been calculated to be 1.63 billion shares.
On Sept. 20, 2016 Karolinska Development AB (Nasdaq Stockholm: KDEV) announced that its portfolio company BioArctic AB has entered into a strategically important collaboration with AbbVie (ABBV), a global biopharmaceutical company, to develop and commercialize BioArctic’s portfolio of antibodies directed against alpha-synuclein for the treatment of Parkinson’s disease and other potential indications.
Parkinson’s disease is the second most-common neurological disease, affecting more than 10 million people worldwide. Mutations in alpha-synuclein are strongly linked to development of Parkinson’s disease. Soluble aggregates of the alpha-synuclein protein are toxic to neurons and lead to the deposits that are a hallmark of the disease.
“AbbVie has shown a strong commitment to Parkinson’s disease and I am proud that they have chosen to collaborate with BioArctic. I am looking forward to a successful partnership that hopefully will result in a new innovative disease modifying treatment becoming available to the large number of patients suffering from Parkinson’s disease,” said Gunilla Osswald, CEO at BioArctic.