Continuing with the up move seen last week, the stock price of BioCryst Pharmaceuticals, Inc. (NASDAQ:BCRX) jumped more than 10% in last trading session to close the day at $6.85. Last week, JMP Securities upgraded its stock to “Outperform” from “Market Perform” with an upside of 43%. The given target strands at $10.
The financial performance
Speaking on 3Q2016 financial results, BioCryst CEO Jon Stonehouse said that in 3Q2016 they succeeded in extending cash runway into FY2018 by getting in debt financing of nearly $23 million. The intent of acquiring this financing was to get payments that they project to obtain in the imminent few years on RAPIVAB, as this fund is more valuable to them now than spread out in the next 3 years.
Additionally, they have been focused on the implementation of the APeX-1 study. Recruitment is beginning to pick out and considering last week data, they have screened 19 subjects with just two screen failures. As of last Friday, as many as 16 patients were randomized and they expect enrollment and screening to continue to surge in the coming few weeks.
The target registration for the interim assessment of Part I is 24 subjects, with an alternative to expand to 36 subjects. Their targets for Part I completion was the close of the year which marked as an aggressive target. Provided where the company is with the registration and the fact that they don’t want to lose quality for speed, they are changing their guidance of releasing out data of Part I to 1Q2017.
Bill Sheridan, the Senior VP and Chief Medical Officer of BioCryst, said that Stonehouse defined the existing status of enrollment and screening in APeX-1 study. The teams focus is on closing dosing and recruitment in this trial. The nonclinical safety plan for this medication is now well advanced, with advancement in three work streams.