Shares of Mast Therapeutics Inc (NYSEMKT:MSTX) ended Tuesday session in red amid volatile trading. The shares closed down -0.030 points or -6.33% at $0.444 with 6.25 million shares getting traded. Post opening the session at $0.48, the shares hit an intraday low of $0.41 and an intraday high of $0.48 and the price vacillated in this range throughout the day. The company has a market cap of $82.98 million and the numbers of outstanding shares have been calculated to be 192.84 million shares.
Mast Therapeutics Inc (MSTX) develops therapies for serious or life-threatening diseases with significant unmet needs. The companys lead product candidate is MST-188 (vepoloxamer), an injection used for the treatment of sickle cell disease, arterial disease, and heart failure. It also develops AIR001, a sodium nitrite solution for intermittent inhalation via nebulizer, as well as for the treatment of heart failure with preserved ejection fraction. The company was formerly known as ADVENTRX Pharmaceuticals, Inc. and changed its name to Mast Therapeutics, Inc. in March 2013. Mast Therapeutics, Inc. was founded in 1995 and is headquartered in San Diego, California.
Shares of Opko Health Inc. (NYSE:OPK) ended Tuesday session in green amid volatile trading. The shares closed up +0.09 points or 0.92% at $9.91 with 2.55 million shares getting traded. Post opening the session at $9.93, the shares hit an intraday low of $9.84 and an intraday high of $10.00 and the price vacillated in this range throughout the day. The company has a market cap of $5.40 billion and the numbers of outstanding shares have been calculated to be 547.44 million shares.
On June 29, 2016 Opko Health Inc. (OPK) and Transition Therapeutics Inc. (NASDAQ:TTHI, TSX:TTH) announced the signing of a definitive agreement under which OPKO will acquire Transition Therapeutics, a clinical stage biotechnology company.
Under the terms of the agreement approved by the Boards of Directors of both companies, Transition Therapeutics security holders will receive approximately 6.4 million shares of OPKO common stock. Based on the moving average price of OPKO common stock for the five trading days preceding the signing of the agreement, the transaction is valued at approximately US$60 million, or US$1.55 per share of Transition Therapeutics common stock, based on current outstanding shares. The companies expect the transaction to close during the second half of 2016, subject to approval of Transition Therapeutics stockholders and other customary conditions.
The Transition Therapeutics clinical portfolio includes:
- TT401, a once or twice weekly oxyntomodulin for type 2 diabetes and obesity. We believe TT401 to be the most clinically advanced drug candidate among the new class of GLP1-glucagon receptor dual agonists. In a recently completed phase 2 study of 420 patients with type 2 diabetes, subjects receiving the highest dose of TT401 peptide once weekly demonstrated significantly superior weight loss compared with currently approved extended release exenatide and placebo after 12 and 24 weeks of treatment. TT401 also provided a reduction in HbA1c, a marker of sugar metabolism, similar to exenatide at weeks 12 and 24. TT401 strengthens OPKO’s existing pipeline of oxyntomodulin drug candidates for the treatment of type 2 diabetes and obesity. OPKO’s MOD-6031, currently in a phase 1 study, is a once weekly oxyntomodulin with a proprietary delivery system to slowly release the natural oxyntomodulin, which allows the molecule to penetrate the blood brain barrier. The potential of MOD-6031 to interact with CNS, as well as peripheral receptors, is expected to mimic the natural effect of oxyntomodulin for its effects on satiety and weight loss.
- TT701 is a once daily oral selective androgen receptor modulator for patients with androgen deficiency. In a 12-week study of 350 male subjects, it resulted in significantly decreased fat mass and increased lean body mass and muscle strength without significantly changing prostate specific antigen levels. The selective and antagonistic properties of TT701 appear to be well suited to provide anabolic therapeutic benefits to specific patient populations, while potentially avoiding, or even reducing, prostate hypertrophy.
- ELND005, a neuropsychiatric drug candidate. ELND005 is an orally administered small molecule that has completed phase 2 clinical studies in Alzheimer’s disease and Down syndrome patients.
“This acquisition provides OPKO with two late stage drug candidates, each of which holds exceptional market potential,” stated Phillip Frost, M.D., CEO and Chairman of OPKO. “We believe TT401, a once-weekly dual GLP1/Glucagon agonist that recently showed success in a 420-patient phase 2 study, will complement OPKO’s existing oxyntomodulin product candidate (MOD-6031), which may provide enhanced therapeutic benefit through targeted delivery.”