Shares of Mast Therapeutics Inc (NYSEMKT:MSTX) ended Tuesday session in green amid volatile trading. The shares closed up +0.022 points or 5.43% at $0.429 with 2.57 million shares getting traded. Post opening the session at $0.41, the shares hit an intraday low of $0.41 and an intraday high of $0.44 and the price vacillated in this range throughout the day. The company has a market cap of $94.85 million and the numbers of outstanding shares have been calculated to be 211.82 million shares.
Mast Therapeutics Inc (MSTX) on Aug. 9, 2016 reported financial results for the quarter ended June 30, 2016.
“We continued to advance our assets toward valuable inflection points during the second quarter. Announcing top-line data from the EPIC study continues to be our top priority. With 388 subjects randomized at study sites around the globe, EPIC was the largest placebo-controlled study in sickle cell disease ever concluded and we look forward to announcing results next month. To support our NDA for vepoloxamer, we also continue to enroll patients in EPIC-E, our repeat exposure study for EPIC patients, and in a clinical pharmacokinetics study of vepoloxamer in individuals with varying degrees of renal insufficiency,” stated Brian M. Culley, Chief Executive Officer.
“In addition, clinical development of AIR001 in heart failure with preserved ejection fraction is progressing through multiple Phase 2 studies. In particular, we are pleased that the first patient was dosed in the 100-patient Phase 2 study being conducted by the Heart Failure Clinical Research Network,” continued Mr. Culley.
Second Quarter 2016 Operating Results
The Company’s net loss for the second quarter of 2016 was $10.7 million, or $0.05 per share (basic and diluted), compared to a net loss of $10.2 million, or $0.06 per share (basic and diluted), for the same period in 2015.
Research and development (R&D) expenses for the second quarter of 2016 were $7.8 million, compared to $7.7 million for the same period in 2015. Increases of $0.5 million in external clinical study fees and expenses and $0.1 million in share-based compensation expense were offset by a $0.5 million decrease in external nonclinical study fees and expenses.
Shares of Opko Health Inc. (NYSE:OPK) ended Tuesday session in green amid volatile trading. The shares closed up +0.05 points or 0.54% at $9.33 with 2.28 million shares getting traded. Post opening the session at $9.33, the shares hit an intraday low of $9.25 and an intraday high of $9.46 and the price vacillated in this range throughout the day. The company has a market cap of $5.23 billion and the numbers of outstanding shares have been calculated to be 550.38 million shares.
Opko Health Inc. (OPK) on August 9, 2016 reported financial and operating results for the three and six months ended June 30, 2016.
Financial Highlights
- Consolidated revenues for the three months ended June 30, 2016 increased to $357.1 million from $42.4 million for the three months ended June 30, 2015. The 2016 period includes revenue from BioReference Laboratories and EirGen which were acquired in August and May 2015, respectively. In addition, the 2016 period includes $50.0 million of revenue related to our license of RAYALDEE to VFMCRP.
- Net income for the three months ended June 30, 2016 was $15.5 million compared with net loss of $42.8 million for the 2015 period. Net income (loss) during the three month periods include significant non-recurring and non-cash activities, including:
- Upfront payment for the license of RAYALDEE to VFMCRP of $50.0 million; and
- Other income and (expense) was $5.1 million and ($16.8) million in the 2016 and 2015 periods, respectively, primarily related to the change in fair value of derivative instruments. The change in fair value is principally related to an embedded derivative in OPKO’s January 2013 convertible senior notes due in 2033.
- Upfront payment for the license of RAYALDEE to VFMCRP of $50.0 million; and
- Other income and (expense) was $5.1 million and ($16.8) million in the 2016 and 2015 periods, respectively, primarily related to the change in fair value of derivative instruments. The change in fair value is principally related to an embedded derivative in OPKO’s January 2013 convertible senior notes due in 2033.
- Cash, cash equivalents and marketable securities were $171.6 million as of June 30, 2016.