BioCryst Pharmaceuticals won its first-ever FDA approval for a new treatment and subsequently saw its shares slide as analysts yawned over its sales potential.
Welcome to this week's roundup of hirings and firings throughout the industry. Please send the good word (or the bad) from your shop to Michael Gibney (email | Twitter) or Emily Mullin (email |...
Last fall BioCryst ($BCRX) took a careful look at the interim data from a late-stage study of its flu drug peramivir i.v. and prepared to read the last rites for the program after years of federally-funded research work. The company gave up on enrolling more patients and said any further development with an eye to filing for an approval in the U.S. was "unlikely."
Months after the beleaguered BioCryst Pharmaceuticals ($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,