NEW YORK, NY / ACCESSWIRE / January 8, 2018 / Shares of Sarepta Therapeutics fell over 5% this past Friday. It was revealed that the company's former CEO is now heading a new local start up called Stoke that is targeting genetic disorders. Shares of Valeant climbed higher and hit a new high after the company announced last week that it has paid off $300 million in debt.
RDI Initiates Coverage on:
Sarepta Therapeutics, Inc.
Valeant Pharmaceuticals International, Inc.
Sarepta Therapeutics, Inc. shares closed in the red on Friday, down 5.09%. It was revealed last week that ex-CEO, Ed Kaye is now the CEO of another local startup that targets genetic diseases called Stoke. Kaye had taken a surprise exit from Sarepta about eight months ago. Kaye had said he had "many opportunities" after announcing his departure from Sarepta. He chose Stoke as he sees promise in the company's technology. Stoke uses sequences of RNA called "antisense oligonucleotides," to boost the production of proteins that are otherwise not functioning fully. According to Kaye, Stoke's co-founder Adrian Krainer, "was one of the real originators of RNA therapy. I thought (Stoke) was at a point where it needed to be shepherded from preclinical development into the clinic. It was a really exciting opportunity." Stoke has a goal of launching trial in humans in 2019.
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Valeant Pharmaceuticals International, Inc. shares closed up 3.47% on Friday with a little over 22 million shares traded. The stock hit a new high of $24.43 during intra-day trading. It was last week that the company announced that it had used cash on hand to pay down an additional $300 million in senior secured term loans. According to the company, it has now paid down over $6.5 billion in debt since the first quarter of 2016. At the end of last year, there is still $25.7 billion remaining in debt. The company's CEO Joseph Papa commented, "We have reduced our debt by an additional $300 million due to ongoing strong cash flow from operations. In 2018, we will continue to invest in the core businesses that will drive the future growth of the Company, including durable product franchises and our innovative pipeline."
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