Months after the beleaguered BioCryst Pharmaceuticals ($BCRX) started reading the last rites for its long-running Phase III program for the flu drug peramivir i.v., citing a weak response and the need to add more patients to the study, the biotech has tried to cheer up its battered investors with the news that the therapy may not be completely dead after all.
BioCryst Pharmaceuticals ($BCRX) blamed recent setbacks for the company's decision to ax 50% of its workers, according to a release this morning. Its restructuring plans come a week after BioCryst and Presidio Pharmaceuticals jettisoned a $101 million merger agreement that would have brought BioCryst new assets in the sizzling hepatitis C field.
Ever since BioCryst Pharmaceuticals and Presidio Pharmaceuticals agreed to a $101 million merger deal in October, BioCryst has suffered a string of pipeline disasters. This morning Presidio and BioCryst revealed that the companies have come to a "mutual" decision to kill the merger agreement that was seen as a way for BioCryst to raise its holdings in the hot market for hepatitis C drugs.
After this latest setback, the company's chief medical officer says that it is "unlikely" that the biotech will continue development work needed for U.S. approval.
The Durham, NC-based BioCryst will gain some early-stage hepatitis C drug components as it absorbs Presidio Pharmaceuticals into the company, which will seek a new identity under a different name. The deal is also tied to a $60 million financing pact.
At the BIO CEO & Investor Conference in New York yesterday, Achillion CEO Michael Kishbauch wrapped up his remarks on the biotech's hepatitis C programs by making it clear that he was angling for
Shares of BioCryst Pharmaceuticals ( $BCRX ) bumped up 12% this morning after the biotech unveiled a set of positive top-line data for its mid-stage gout drug. In a 12-week Phase IIb study of BCX4208,
Wednesday's Dendreon nightmare turned into Thursday's biotech bloodbath. Sector stocks posted "particularly steep losses," said RTT News, dragging down the NYSE Arca Biotechnology Index by 10.6% to
HHS has awarded BioCryst Pharmaceuticals a $55 million contract modification to fund to completion the Phase II development of peramivir for the treatment of patients hospitalized with influenza.
Shares of BioCryst Pharmaceuticals slid about eight percent on the news that it wants to expand the size of its late-stage study of its IV formulation of peramivir while altering the endpoint. The