NEW YORK, NY / ACCESSWIRE / May 9, 2018 / Aralez Pharmaceutical shares sunk on Tuesday after reporting first quarter results, despite a third consecutive quarter of positive adjusted EBITDA. Shares of Amedica had a better day yesterday exploding to a close of over 180% after providing Wall Street with some updates on its clinical study activities.
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Aralez Pharmaceuticals Inc.
Amedica Corporation shares closed up nearly 182% on Tuesday on roughly 21.6 million shares traded. The innovative biomaterial company saw its shares explode after providing an update on its clinical study activities including a Single Center Retrospective Comparative Study and a Multi-Center Retrospective Study. Dr. Micah Smith, an orthopaedic surgeon in Fort Wayne, Indiana, who is the principal investigator of the Single Center Retrospective Comparative study, said, "While silicon nitride might have been expected to perform better in light of its properties, the surprising finding in our study was how good the outcomes with silicon nitride proved to be. Significantly earlier and more effective bone fusion was observed with silicon nitride than allograft spacers at 3- 6-, and 12-month time points after surgery, all the way to 24 months." In regards to the multi-center retrospective study, Dr. Sonny Bal, President of Amedica, said, "Preliminary data analysis toward publication of this study is very encouraging in this large cohort of patients derived from our long-term surgeon users. Not only are the data consistent with our other clinical studies, but the outcomes corroborate our basic science understanding of the surface chemistry of the material, the key strength of silicon nitride."
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Aralez Pharmaceuticals Inc. shares closed down a little over 67% on Tuesday on nearly 18.7 million shares traded. The stock sank to a new low of $0.45 after reporting financial results for the first quarter ending March 31st. The pharmaceutical company reported that revenues increased from $38.1 million from $26 million in the first quarter last year. A net loss of $19.7 million or 29 cents per diluted share, was better than the net loss of $27.5 million, or 42 cents per diluted share in the year ago quarter. Adjusted EBITDA was $4.9 million, compared to a loss of $3.7 million in the year ago period. This is the third consecutive quarter that Aralez has posted positive adjusted EBITDA. CEO Adrian Adams remarked, "Earlier this morning, in addition to reporting a solid first quarter of 2018, which included the Company's third consecutive quarter of positive Adjusted EBITDA, we announced an important business update related to our continuing evaluation of strategic opportunities to streamline the business and reduce costs. We have also engaged Moelis & Company LLC to serve as our financial and strategic advisor in this ongoing evaluation of opportunities as well as to immediately evaluate all strategic options going forward." The company's new strategic decision will involve the discontinuation of the remaining U.S. commercial business.
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