Esperion Therapeutics is developing a cholesterol-lowering pill that management believes could play spoiler to this year's high-profile, blockbuster-in-waiting new injections. But key to the bull case for Esperion is whether the FDA will require the company to run a long, costly safety study before approving its cardio drug. And, parsing a vague update on the drug's future, Wall Street is turning bearish.
Shares of Esperion Therapeutics shot up more than 10% after the market closed on Monday--after the biotech tipped off investors that the FDA is not going to require a long-term outcomes study of its cholesterol-lowering drug ahead of a possible approval.
Esperion, developing a pill it hopes can eventually cut in on some would-be blockbusters, posted new study results showing that its drug both reduced bad cholesterol and improved inflammation.
Esperion, at work on a cholesterol-lowering pill it hopes can disrupt some high-profile new injections, convinced the FDA to remove a partial clinical hold on the highest dose of its drug.
Amid all the fervor over cholesterol-fighting PCSK9 antibodies, Esperion Therapeutics is touting more positive results for a pill it hopes will play spoiler to those would-be-blockbuster injections.
Ann Arbor, MI, biotech Esperion Therapeutics finally resolved the FDA snag standing in the way of its ambitious plans for a new cholesterol drug, clearing the company to begin late-stage trials with its potentially disruptive pill.
Esperion Therapeutics has taken another big stride along the clinical path for its cholesterol drug. The biotech reports that its drug ETC-1002 slashed levels of the bad cholesterol LDL, particularly when it was combined with Merck's Zetia, in a Phase IIb trial. And now that the mid-stage program is complete, the Ann Arbor, MI-based biotech finds itself at the threshold of a late-stage program with a drug the company feels can thread the market needle between cheap generics and a looming wave of rival biologics.
After a slight lull in the biotech IPO arena, new offerings came barreling back this week with some fresh breakouts. In particular Foundation Medicine priced over the range and immediately soared more than 80%. And Ophthotech also crested its range, erasing any lingering doubts about the short-term sustainability of the biotech IPO frenzy. Together they raised $273 million in a 24-hour pop. Read the report >>
During all of last year there were only 11 biotech IPOs. But even that weak number looked pretty good compared to the barren years leading away from the 2008 financial crisis. In the last 6 months, though, the industry has seen a tremendous rebound, with almost twice that number of IPOs in half the time. And there's no sign that the great leap into the public market is waning, with 10 more IPOs in the queue. Read the full report >>
Esperion Therapeutics got a warm reception after an upsized IPO that hauled in $70 million. The Plymouth, MI-based biotech company increased the offering size from 4.5 million to 5 million shares at $14 per share, hitting the midpoint of its proposed range of $13 to $15 per share.