Shares of Vitae Pharmaceuticals Inc (NASDAQ:VTAE) ended Wednesday session in green amid volatile trading. The shares closed up +12.75 points or 157.41% at $20.85 with 33.71 million shares getting traded. Post opening the session at $20.81, the shares hit an intraday low of $20.81 and an intraday high of $20.97 and the price vacillated in this range throughout the day. The company has a market cap of $593.28 million and the numbers of outstanding shares have been calculated to be 28.84 million shares.
On Sept. 14, 2016 Allergan plc (AGN), a leading global pharmaceutical company, and Vitae Pharmaceuticals, Inc. (VTAE), a clinical-stage biotechnology company, announced that they have entered into a definitive agreement under which Allergan will acquire Vitae for $21.00 per share, in cash, for a total transaction value of approximately $639 million. The Boards of Directors of both companies have unanimously approved the transaction.
The acquisition will strengthen Allergan’s dermatology product pipeline, with the addition of VTP-43742, a Phase 2 first-in-class, orally active RORγt (retinoic acid receptor-related orphan receptor gamma) inhibitor for the potential treatment of psoriasis and other autoimmune disorders. VTP-43742 acts through the potent inhibition of IL-17 activity. In preclinical studies, VTP-43742 has been observed to inhibit RORγt activity, is highly selective versus other ROR isotypes and may provide a treatment that could be administered as a once-daily oral dose. The compound recently completed a Phase 2 proof-of-concept multiple ascending dose trial in patients with moderate to severe psoriasis.
The acquisition also adds VTP-38543, a topical LXRβ (Liver X Receptor beta) selective agonist for the potential treatment of atopic dermatitis. It is believed that VTP-38543 works by decreasing inflammation in damaged skin tissue and repairing the damaged outer layer of skin. VTP-38543 is currently in a Phase 2a proof-of-concept clinical trial assessing the safety, tolerability and efficacy in patients with mild to moderate atopic dermatitis.
Vitae has developed and utilizes its Contour® structure-based drug design platform to discover product candidates for validated therapeutic targets where biopharmaceutical research and development has traditionally struggled to develop drugs due to challenges related to potency, selectivity and pharmacokinetics. This has provided Vitae’s R&D team the ability to create first-in-class product candidates for challenging therapeutic targets.
“The acquisition of Vitae is a strategic investment for Allergan that adds strength and depth to our innovative medical dermatology franchise,” said Brent Saunders, CEO and President of Allergan. “Vitae has pioneered the discovery and development of highly differentiated first-in-class compounds in atopic dermatitis, psoriasis and autoimmune diseases, areas of medicine where innovation is needed for patients.”
Shares of Great Basin Scientific Inc (NASDAQ:GBSN) ended Wednesday session in red amid volatile trading. The shares closed down -0.026 points or -18.59% at $0.116 with 21.85 million shares getting traded. Post opening the session at $0.15, the shares hit an intraday low of $0.12 and an intraday high of $0.15 and the price vacillated in this range throughout the day. The company has a market cap of $8.23 million and the numbers of outstanding shares have been calculated to be 59.77 million shares.
Great Basin Scientific Inc (GBSN) on August 11, 2016 reported financial results for the second quarter ended June 30, 2016.
Second Quarter 2016 Financial Results and Business Highlights
- Revenue increased 38.7% to $728,957 compared with a year ago
- Total installed customer base up 126.1% over last year to 260
- Assay adoption rate (assays placed) up 18.2% over last year
- Product line to double in third quarter; initial impact to revenues expected in fourth quarter
- Closed $6 million public offering of units; secured $75 million convertible note
- Hired Mike Blitz, vice president of US Sales, to lead expansion of sales activities including the commercial launch of the Company’s Shiga Toxin Direct test and Staph ID/R Blood Culture panel
“We continued to make significant strides in executing our strategic initiatives including growing our customer base, expanding use of assays within our customer base, and in meeting our product development objectives,” said Ryan Ashton, Co-founder and Chief Executive Officer. “Going forward, we’re excited about the commercial launch of our Shiga Toxin Direct Test and Staph ID/R Panel which will double our line of FDA-cleared products and will aid in building our total revenue base, increasing sales per customer figures and reducing seasonality in our revenue stream.”