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NEW YORK, NY / ACCESSWIRE / November 5, 2018 / Conatus Pharmaceuticals and Titan Pharmaceuticals were both seeing gains in Friday’s trading session. There was no news to explain Titan shares jumping but Conatus reported third quarter results and an update on its trials last week.
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Conatus Pharmaceuticals Inc.
Conatus Pharmaceuticals Inc. shares closed up 19.63% on about 1.8 million shares traded on Friday. The company reported third quarter results last week revealing a loss of 15 cents per share and revenues at $7.7 million. The company's CEO Steven J. Mento offered an update on the company's trials during the earnings call and said, "Top-line results from the ENCORE-PH trial in patients with NASH cirrhosis and severe portal hypertension are expected in the fourth quarter of 2018, the current quarter and we remain on track with that expectation. Top-line results in the ENCORE-NF trial in patients with NASH fibrosis also remain on track for the first half of 2019. We have updated our guidance for the ENCORE-LF trial in patients with de-compensated NASH cirrhosis for which top-line results were previously projected for the second half of 2019 and are now expected in mid-2019. As a result we look forward to announcing results from all 3 trials within the next 9 months."
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Titan Pharmaceuticals, Inc. shares closed up 22.62% on about 21 million shares traded on Friday. Average trading volume for the stock is roughly 7.4 million shares. There was no particular news from the company to explain the share price jump. It was last month that the company announced the appointment of Dane D. Hallberg to the newly created position of Executive Vice President and Chief Commercial Officer, effective immediately. "Dane brings to Titan important experience and depth of knowledge in sales and marketing, product launch and market access as we relaunch Probuphine and work to maximize this commercial opportunity," said Titan's President and CEO, Sunil Bhonsle. The commercial stage company is developing proprietary therapeutics with its ProNeura™ long-term, continuous drug delivery technology. Titan's lead product is Probuphine®, a novel and long-acting formulation of buprenorphine for the long-term maintenance treatment of opioid dependence.
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