NEW YORK, NY / ACCESSWIRE / November 17, 2017 / Shares of ARCA biopharma saw big gains on Thursday after announcing a European Patent win that provides protection for a novel approach to treating patients with cardiovascular disease and conditions. Shares of Amicus also closed in the green despite any remarkable news. The company reported mixed third-quarter earnings results earlier in the month.
RDI Initiates Coverage on:
ARCA biopharma, Inc.
Amicus Therapeutics, Inc.
ARCA biopharma, Inc. shares skyrocketed on Thursday, closing the day up 23.40% on nearly 2 million shares. Trading volume was significant compared to an average of just about 61,000 shares. The big jump in share price came after the biopharma company announced the European Patent Office's issuance of a patent (EPO # 2515899) on methods of treating cardiovascular disease and conditions with a thiol-substituted isosorbide mononitrate based on genetic targeting. The patent, which provides protection for this novel approach to treating patients with cardiovascular disease and conditions, covers validation in the following ten countries: Denmark, France, Germany, Ireland, Italy, Netherlands, Spain, Sweden, Switzerland and the United Kingdom. According to the company's press release, ARCA has discovered what it thinks is a pharmacogenetic target for AB171 that is the basis for the patents and which the company believes may enable genetically-targeted cardiovascular development programs. CEO Michael Bristow commented, "The addition of AB171 to our genetically-targeted development pipeline, including the Gencaro atrial fibrillation-heart failure program, is consistent with that mission. We believe our experience with GENETIC-AF has established the feasibility of in-house design and execution of pharmacogenetic clinical trials and has provided invaluable insights into this type of drug development. We are eagerly anticipating the top line results of the Phase 2B GENETIC-AF trial, expected in the latter part of the first quarter of 2018, which following discussions with FDA, may inform further development of Gencaro."
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Amicus Therapeutics, Inc. shares closed up 4.58% on nearly 2.5 million shares traded. Though there was no significant news from the company yesterday, it was earlier this month that Amicus released its third quarter financial results. The company reported a loss of $111.7 million. On a per share basis the loss was 69 cents and adjusted for one-time gains and costs was a loss of 41 cents. This was a big miss as analysts had been waiting for a loss of 31 cents. Revenue, however, was a big win at $10.9 million compared to the $9.9 million that was expected. CEO John F. Crowley commented, "During the third quarter we continued to successfully execute across our strategic priorities for our core programs in Fabry and Pompe. We are pleased with the significant growth and expansion of our international Galafold launch, and the number of patients treated with this precision medicine for Fabry disease. In Pompe disease, the data cascade for our novel treatment paradigm ATB200/AT2221 has continued to exceed our expectations in terms of the consistency, durability, and magnitude of effect across patients and across functional outcomes, key disease biomarkers and safety. There has been extraordinarily patient and physician demand for this important potential treatment option. We are committed to increasing access to this investigational medicine for as many people as possible living with Pompe as soon as we can." Shares have almost tripled since the year started and are up over 171% YTD.
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