Shares of Ionis Pharmaceuticals Inc (NASDAQ:IONS) ended Friday session in red amid volatile trading. The shares closed down -0.52 points or -1.82% at $28.07 with 921,532.00 shares getting traded. Post opening the session at $28.32, the shares hit an intraday low of $27.85 and an intraday high of $28.50 and the price vacillated in this range throughout the day. The company has a market cap of $3.39 billion and the numbers of outstanding shares have been calculated to be 120.92 million shares.
Ionis Pharmaceuticals Inc (IONS) reported that its financial results for the first half of 2016 were in line with the Company’s expectations and the Company is on track to meet its pro forma NOL and cash guidance for the year.
Biogen has exercised its option to license nusinersen and will be responsible for all development, regulatory and commercialization activities and costs going forward. Over the next several months, Ionis will be working closely with Biogen to transition patients in the ENDEAR and EMBRACE studies to an open-label study that will allow all patients in these studies to have access to nusinersen. Once these patients have been transitioned into an open-label study, Biogen plans to open an expanded access program to make nusinersen available to eligible patients with infantile-onset SMA (consistent with type 1). Ionis will continue to conduct the Phase 3 CHERISH study in childhood-onset SMA patients. Biogen will also continue to conduct the NURTURE study in pre-symptomatic SMA infants.
“We finished the second quarter in a strong financial position. In the first half of this year, we earned $75 million of revenue, including more than $15 million in milestone payments, the majority of which were related to the progression of our Phase 3 program for nusinersen, and $15 million from Kastle when Kastle acquired the global rights to develop and commercialize KYNAMRO. Consistent with the guidance we have provided, we expect our revenue to be significantly higher in the second half of this year. We are well on our way to achieving our second half projections with the revenue we have already earned in the third quarter from the nusinersen and Janssen license fees, which total $85 million,” said Elizabeth L. Hougen, chief financial officer of Ionis Pharmaceuticals.
Shares of Amicus Therapeutics, Inc. (NASDAQ:FOLD) ended Friday session in red amid volatile trading. The shares closed down -0.10 points or -1.32% at $7.47 with 806,992.00 shares getting traded. Post opening the session at $7.50, the shares hit an intraday low of $7.44 and an intraday high of $7.70 and the price vacillated in this range throughout the day. The company has a market cap of $1.06 billion and the numbers of outstanding shares have been calculated to be 142.14 million shares.
Amicus Therapeutics, Inc. (FOLD) , a biopharmaceutical company, focuses on the discovery, development, and commercialization of medicines for various rare and orphan diseases. Its principal product is the migalastat HCl, a small molecule, which has completed Phase III studies that can be used as a monotherapy and in combination with enzyme replacement therapy (ERT) for Fabry disease.