LONDON, UK / ACCESSWIRE / December 5, 2016 / Active Wall St. blog coverage looks at the headline from MyoKardia, Inc. (NASDAQ: MYOK) as the company announced receipt of milestone payment from Sanofi (NYSE: SNY). MyoKardia received a $25 million milestone payment in accordance with the research agreement between the Company and Sanofi (SNY) established in August 2014 for the filing of an Investigational New Drug (IND) application with the U.S. Food and Drug Administration (FDA) for MYK-491 in dilated cardiomyopathy (DCM). Register with us now for your free membership and blog access at: http://www.activewallst.com/register/.
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"We are pleased to be moving into the clinic in the first half of 2017 with the second product candidate from MyoKardia's precision medicine platform," said Robert McDowell, Ph.D., senior vice president, drug discovery at MyoKardia, "Both the Company's initial product candidate for HCM, now in Phase 2, and our investigational therapy for DCM may correct the inappropriate power output caused by sarcomere mutations that is an underlying driver of disease progression."
Top-line results from the planned Phase 1 single ascending dose study of MYK-491 in healthy volunteers are expected in Q3 2017. MYK-491 is designed to increase the overall force of the heart's contraction in DCM patients by increasing cardiac contractility. MyoKardia intends to initiate a Phase 1 study of MYK-491 in healthy volunteers in the first half of 2017.
The Agreement with Sanofi
Sanofi and MyoKardia, which was then privately-held, announced a worldwide collaboration to discover and develop targeted therapeutics for heritable heart diseases known as cardiomyopathies, the most common forms of heart muscle disease. The collaboration provides up to $200 million in equity investments, milestone payments, and research and development services through 2018, of which $45 million were already paid in an upfront licensing fee and an initial equity investment. Furthermore, the agreement stated that Sanofi and MyoKardia will equally share development costs on the HCM programs following initial demonstration of efficacy in patients, with Sanofi fully covering the development costs of the DCM program.
Announcement for Chief Medical Officer
On December 01, 2016, MyoKardia announced that Marc Semigran, M.D., has joined the Company as Chief Medical Officer. In his new position, Dr. Semigran will oversee clinical development and lead MyoKardia's clinical trial strategy. Most recently, Dr. Semigran led the Massachusetts General Hospital Heart Failure and Cardiac Transplant Program as section head and medical director from 2004 to 2016. In addition, he was principal investigator of the Harvard Regional Clinical Center of the National Heart, Lung, and Blood Institute Heart Failure Network. Dr. Semigran has been a member of the internal medicine and cardiology staff of Massachusetts General for more than 25 years and is an associate professor at Harvard Medical School.
Dr. Semigran earned A.B., A.M. and M.D. degrees from Harvard University. He completed his internal medicine residency and cardiology fellowship training at Massachusetts General. Dr. Semigran has published more than 140 peer-reviewed papers in cardiomyopathy, heart failure and cardiac transplantation, and served as editor for a leading textbook on heart failure. He is a recipient of numerous National Institutes of Health and industry research awards, and has served as principal or co-investigator in several major clinical trials across various therapeutic areas. In addition, he has served in scientific and medical advisory capacities to such companies as GSK, Medtronic, and Bayer.
At the closing bell, on Friday, December 02, 2016, MyoKardia's stock climbed 3.45%, ending the trading session at $16.50. A total volume of 93.97 thousand shares were traded at the end of the day. In the last month and previous six months, shares of the company have rallied 16.61% and 33.50%, respectively. Moreover, the stock gained 12.55% since the start of the year.
Sanofi's share price finished Friday's trading session at $40.02, slightly up by 0.76%. A total volume of 1.47 million shares exchanged hands. The stock has advanced 0.68% and 2.14% in the last month and past three months, respectively. The stock is trading at a PE ratio of 23.28 and has a dividend yield of 4.15%.
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SOURCE: Active Wall Street