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Durect releases its Q2 2020 revenue report
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Durect Corporation (NASDAQ:DRRX) surged by 20.10% over the past one week, highlighting investor excitement about the company's Q2 2020 results.
The company revealed that it earned $25.8 million in total revenue for the quarter while the net income figure for the three months was $14.3 million. Comparatively, the company reported a $7.2 million net loss in Q2 of the previous year. The Q2 2020 revenue includes $23.1 million deferred revenue from the $35 million milestone payment that was part of Durect's contract with Gilead. The $23.1 million is a one-time payment and thus it does not have an impact on the company's cash flow.
Durect reported that it had $51.3 million in cash and investments as of June 30 which is slightly lower than the $64.8 million that the company reported on December 31, 2019. The company also revealed that its debt level as of June 30 2020 was $20.5 million which is only slightly higher than the $20.3 million debt profile as of December 31, 2019.
Durect's CEO James E. Brown stated that the company achieved significant progress with its clinical program for the company's lead epigenetic regulator, DUR-928. He also added that the company looks forward to disclosing topline data from the clinical programs after reporting positive topline findings in the phase 1b NASH trial. The CEO also pointed out that the company launched a phase 2 trial to evaluate DUR-928's performance in COVID-19 patients suffering from acute kidney or liver injury. The company has also been preparing to start testing the pipeline treatment in patients suffering from alcoholic hepatitis as part of the Phase 2b trial. Brown also noted that the FDA is reviewing POSIMIR's New Drug Application (NDA).
Beam Therapeutics signs manufacturing and licensing agreement with Beam Therapeutics
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Beam Therapeutics Inc (NASDAQ:BEAM) experienced strong surge last week with the stock gaining by 21%.
CRISPR/Cas9 gene editor Editas Medicine (NASDAQ:EDIT) and modified CRISPR gene editor Beam Therapeutics (NASDAQ:BEAM) are up 13.39% and 15.23%, respectively, premarket on chatter that a deal is imminent.
Earlier this week, Oxford Biomedica Signs Development, Manufacture & License Agreement (DMLA) with Beam Therapeutics Inc., for LentiVector(R) Platform for Next-Generation CAR-T Therapeutics. The DMLA grants Beam a non-exclusive license to Oxford Biomedica's LentiVector(R) platform for its application in next-generation CAR-T programmes in oncology and puts in place a three year Clinical Supply Agreement.
Cocrystal Pharma expands license deal with Kansas State University, releases Q2 2020 financial results
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Cocrystal Pharma Inc (NASDAQ:COCP) demonstrated a strong bullish performance last week with the stock price rallying by 20.23% during the weekly session.
Among the factors facilitating the rally include the expansion of its license agreement with Kansas State University allowing the use of additional broad spectrum antiviral compounds to combat the coronavirus.
The company also published important data observed alongside collaborators which highlights strong in-vitro coronavirus inhibition. The data was published in the Science Translational Medicine journal.
Cocrystal Pharma also revealed that Nobel laureate Dr. Roger D. Kornberg will be joining its Board of Directors.
Q2 2020 data
Cocrystal revealed that it had roughly $19,365,000 cash at hand as of June 30 2020. The company's second-quarter revenue was $554,000 while its overall revenue for the first half of 2020 was $1,015,000. In comparison, the company Q2 2019 Revenue was slightly higher at $592,000 while the H1 2019 revenue was $5,670,000, highlighting a wider half-year revenue gap.
The company reported a net loss of $3,495,000 in Q2 2020 and a net loss of $5,485,000 in H1 2020. In comparison, the company reported a $1,515,000 net loss in Q2 2019 and a $1,456,000 net income in the first half of 2019.
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COMTEX_369034003/2700/2020-08-07T10:32:03
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