Shares of Synergy Pharmaceuticals Inc (NASDAQ:SGYP) ended Friday session in green amid volatile trading. The shares closed up +0.20 points or 3.77% at $5.51 with 2,444,129 shares getting traded. Post opening the session at $5.33, the shares hit an intraday low of $5.24 and an intraday high of $5.59 and the price vacillated in this range throughout the day. The company has a market cap of $1.03 billion and the numbers of outstanding shares have been calculated to be 179.45 million shares.
Synergy Pharmaceuticals Inc (SGYP) announced that it will present new data on plecanatide, an investigational compound for the treatment of chronic idiopathic constipation (CIC) and irritable bowel syndrome with constipation (IBS-C), at the American College of Gastroenterology (ACG) annual scientific meeting at The Venetian in Las Vegas, October 14-19, 2016.
The following two posters will be presented in Hall C on Monday, October 17th from 10:30 a.m.-4:00 p.m. PT with author presentation at the poster from 1:00-2:15 p.m. PT:
- P1041A. Efficacy and Safety of Plecanatide in the Treatment of Chronic Idiopathic Constipation (CIC): Pooled Results from Two Phase 3 Studies
*2016 ACG Presidential Poster Award
— Presenter: Satish S.C. Rao, MD, PhD, Professor of Medicine, Division Chief Fellowship Program Director, Director Digestive Health Center
- P1120. Safety and Tolerability of Plecanatide in Patients with Chronic Idiopathic Constipation: Long-term Evidence from an Open-Label Study
— Presenter: Marianela De La Portilla, MD, Genome Research Group, Miami, FL
Plecanatide is a once-daily, orally-administered compound currently being evaluated by the U.S. Food and Drug Administration (FDA) for the treatment of CIC and the Prescription Drug User Fee Act (PDUFA) target action date for plecanatide is January 29, 2017.
Shares of ZIOPHARM Oncology Inc. (NASDAQ:ZIOP) ended Friday session in green amid volatile trading. The shares closed up +0.05 points or 0.90% at $5.63 with 1,280,939 shares getting traded. Post opening the session at $5.61, the shares hit an intraday low of $5.54 and an intraday high of $5.76 and the price vacillated in this range throughout the day. The company has a market cap of $748.30 million and the numbers of outstanding shares have been calculated to be 131.73 million shares.
ZIOPHARM Oncology Inc. (ZIOP) on Aug. 09, 2016 announced financial results for the second quarter ended June 30, 2016, and provided an update on the Company’s recent activities.
“ZIOPHARM had a very productive first half, with the achievement of pipeline and corporate milestones across the breath of our portfolio and the advancement of our goal to position the company at the forefront of those harnessing the immune system to target cancer,” said Laurence Cooper, M.D., Ph.D., Chief Executive Officer of ZIOPHARM Oncology. “Central to this effort, we were pleased to have amended the terms of our collaboration with Intrexon to facilitate the commercialization of our immunotherapy assets. The benefit of this new structure is expected to be first realized with our gene therapy Ad-RTS-hIL-12 + veledimex program, which remains on track to move into a registrational trial in advanced glioblastoma in 2017.”
Dr. Cooper added: “As we progress through the remainder of 2016, we will continue to work with our collaborators, including Intrexon Corporation and the MD Anderson Cancer Center, to advance new therapies into the clinic. We look forward in 2016 to seeing six clinical trials exploring immuno-oncology approaches and combinations, in addition to preclinical projects advancing towards the clinic. As these programs mature, we expect to see proof-of-concept clinical data that will drive value for all of our stakeholders.”
Corporate and Program Updates
Amended Exclusive Channel Collaborations with Intrexon to Improve Alignment as Programs Advance through Development. In June, ZIOPHARM and Intrexon Corporation (XON) announced amendments to their Exclusive Channel Collaborations (ECCs) in the fields of oncology and graft-versus-host-disease (GvHD) to improve alignment between both companies as ZIOPHARM broadens its pipeline and advances multiple therapeutic programs in the clinic.
Under the terms of the amendments:
- Operating profit rates payable to Intrexon from ZIOPHARM on products developed under its two existing collaborations will be reduced from 50% to 20%. This reduction will not apply to royalties or other payments made with respect to the companies’ existing collaboration with Merck Serono, the biopharmaceutical business of Merck KGaA;
- Economics from any future sublicensing arrangements with potential third party collaborators will remain evenly split.
In consideration of the amendments, ZIOPHARM has issued shares of a new class of preferred stock that carries an initial stated value of $120 million and a monthly dividend of 1%, payable in additional preferred shares. Only upon the first approval of a product in the United States or upon certain fundamental transactions, such as a change of control of ZIOPHARM, the preferred shares issued to Intrexon will be converted into ZIOPHARM common stock equal to the aggregate stated value divided by the volume weighted average closing price of ZIOPHARM’s common stock over the 20 trading days ending on the date that the product approval or such transaction is announced.