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HC Stocks Alerts! MannKind Corporation (MNKD), Array Biopharma Inc (ARRY)

Shares of MannKind Corporation (NASDAQ:MNKD) ended Friday session in green amid volatile trading. The shares closed up +0.022 points or 3.63% at $0.620 with 3,940,839 shares getting traded. Post opening the session at $0.58, the shares hit an intraday low of $0.57 and an intraday high of $0.63 and the price vacillated in this range throughout the day. The company has a market cap of $307.14 million and the numbers of outstanding shares have been calculated to be 478.05 million shares.

MannKind Corporation (MNKD) on Aug. 08, 2016 reported financial results for the second quarter and the six months ended June 30, 2016.

For the second quarter ended June 30, 2016, total operating expenses were $19.1 million as compared to $24.1 million for the same quarter in 2015.  Research and development expenses were $4.3 million for the second quarter of 2016, a decrease of 44% compared to the second quarter of 2015, primarily due to a reduction in force in 2015 following the completion of Afrezza registration trials. Selling, general and administrative costs were $11.1 million for the second quarter of 2016, an increase of 5% compared to general and administrative costs for the second quarter of 2015, mainly due to sales and marketing expenses.  Manufacturing of commercial product resumed in the second quarter of 2016, in preparation for the relaunch of Afrezza in the third quarter of 2016, resulting in the recognition of product manufacturing costs of $3.7 million for the three months ended June 30, 2016.  With limited production and underutilization of the manufacturing facility in the same period of 2015, product manufacturing costs were $5.7 million for the second quarter of 2015 due to under absorbed labor and overhead.

For the first six months ended 2016, total operating expenses were $39.1 million, a decrease of 15% as compared to $45.8 million for the same period in 2015. Research and development expenses were $9.4 million for the six months ended June 30, 2016, a decline of 45% compared to the same period in 2015, primarily due to the reduction in force in 2015 and the transition from development to commercial activities.  Selling, general and administrative expenses for the six months ended June 30, 2016 were $18.5 million, a decrease of 13% compared to the same period in 2015, primarily due to the reduction in force, reduced professional fees related to strategic planning activities and lower non-cash stock compensation expense in 2015, offset by increased sales and marketing expense in 2016. Product manufacturing costs were $11.2 million for the six months ended June 30, 2016, an increase of 47% compared to the same period in 2015, as manufacturing of commercial product resumed in preparation for the relaunch of Afrezza in the third quarter of 2016.

Shares of Array Biopharma Inc (NASDAQ:ARRY) ended Friday session in green amid volatile trading. The shares closed up +0.51 points or 8.17% at $6.75 with 9,728,219 shares getting traded. Post opening the session at $6.28, the shares hit an intraday low of $6.18 and an intraday high of $6.84 and the price vacillated in this range throughout the day. The company has a market cap of $1.18 billion and the numbers of outstanding shares have been calculated to be 162.09 million shares.

On Sept. 26, 2016 Array BioPharma (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.

“The preliminary results from Part 1 of COLUMBUS suggest that the combination of encorafenib plus binimetinib represents a potentially unique therapy for the BRAF-mutant melanoma population,” said Keith T. Flaherty, M.D., Director of the Termeer Center for Targeted Therapy, Massachusetts General Hospital and Professor of Medicine, Harvard Medical School. “In addition to the robust activity observed in Part 1, the combination appeared to be generally well-tolerated.”

 

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James Smith is one of the best author of health care. His articles have appeared in a number of health care sites before and now he is writing on health care for us on regular basis.

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