Shares of Array Biopharma Inc (NASDAQ:ARRY) ended Wednesday session in red amid volatile trading. The shares closed down -0.10 points or -1.58% at $6.21 with 2.70 million shares getting traded. Post opening the session at $6.28, the shares hit an intraday low of $6.19 and an intraday high of $6.34 and the price vacillated in this range throughout the day. The company has a market cap of $984.73 million and the numbers of outstanding shares have been calculated to be 162.09 million shares.
Array Biopharma Inc (ARRY) and Pierre Fabre jointly announced top-line results from Part 1 of the Phase 3 COLUMBUS (Combined LGX818 Used with MEK162 in BRAF Mutant Unresectable Skin Cancer) study evaluating LGX818 (encorafenib), a BRAF inhibitor, and MEK162 (binimetinib), a MEK inhibitor, in patients with BRAF-mutant advanced, unresectable or metastatic melanoma. The study met its primary endpoint, significantly improving progression free survival (PFS) compared with vemurafenib, a BRAF inhibitor, alone.
“The COLUMBUS Part 1 trial results demonstrate a robust PFS benefit associated with the combination of binimetinib plus encorafenib versus vemurafenib in patients with BRAF-mutant melanoma,” said Ron Squarer, Chief Executive Officer, Array BioPharma. “We look forward to working with global regulatory authorities as they evaluate our planned submission.”
In the analysis of the primary endpoint, the median PFS for patients treated with the combination of encorafenib plus binimetinib (“combination”) was 14.9 months versus 7.3 months for patients treated with vemurafenib; HR (0.54), [95% CI 0.41-0.71], p<0.001. The combination was generally well-tolerated and reported adverse events were overall consistent with previous combination encorafenib plus binimetinib clinical trial results in BRAF-mutant melanoma patients.
Shares of Community Health Systems (NYSE:CYH) ended Wednesday session in red amid volatile trading. The shares closed down -0.04 points or -0.38% at $10.49 with 2.09 million shares getting traded. Post opening the session at $10.55, the shares hit an intraday low of $10.18 and an intraday high of $10.64 and the price vacillated in this range throughout the day. The company has a market cap of $1.25 billion and the numbers of outstanding shares have been calculated to be 113.64 million shares.
Community Health Systems (CYH) announced that a subsidiary of the Company has signed a definitive agreement to sell a majority ownership interest in the Company’s Home Health division to a subsidiary of Almost Family, Inc. (AFAM).
Commenting on the announcement, Wayne T. Smith, chairman and chief executive officer of Community Health Systems, Inc., said, “This partnership will become a part of one of the nation’s largest providers of home health services, with 340 branches across 26 states sharing a mutual goal of providing quality clinical services to patients after discharge. We believe the agencies in the Company’s Home Health division will benefit from affiliation with an organization specializing in home health care. The transaction also advances our strategy to focus on a more sustainable and successful portfolio of hospitals and regional healthcare systems.”