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Fly News Breaks for August 30, 2018
PFE, EXAS
Aug 30, 2018 | 06:52 EDT
Goldman analyst Patrick Donnelly raised his price target for Exact Sciences (EXAS) to $75 after updating his model for the company's co-promotion agreement with Pfizer (PFE). The analyst, however, keeps a Neutral rating on the shares.
News For EXAS;PFE From the Last 2 Days
EXAS
Mar 28, 2024 | 06:09 EDT
Exact Sciences reported on data showing high sensitivity and specificity for the non-endoscopic Oncoguard Esophagus test that is currently in development for the detection of esophageal adenocarcinoma - EAC - and its precursors, including Barrett's esophagus - BE -. Findings from the test's algorithm training and testing were recently published in the Clinical Gastroenterology and Hepatology journal. EAC is the most common form of esophageal cancer in the U.S. The majority of EAC cases are diagnosed in advanced stages. Cross-validation of the three methylated DNA markers panel demonstrated an overall sensitivity of 82% for BE detection at 90% specificity in the training set and 88% sensitivity at 84% specificity in the test set. In both training and test sets, sensitivity was 100% for EAC and BE with high grade dysplasia. The collection method was generally well tolerated by study participants and was conducive to office-based implementation. This test has not been cleared or approved by the FDA or any other national regulatory authority.
PFE
Mar 27, 2024 | 08:27 EDT
Pieris Pharmaceuticals (PIRS) provided a corporate update announcing a strategy to maximize its ability to capture the potential milestones from its 4-1BB bispecific Mabcalin protein immuno-oncology assets partnered with Pfizer (PFE), Boston Pharmaceuticals, and Servier. After considering an extensive range of options, the Company's Board of Directors decided to implement this new strategy along with relevant cost-saving measures that are expected to extend the Company's cash runway into 2027. The Company's strategic review process has focused on maximizing stockholder value, which includes the preservation of potential milestone and royalty payments the Company is eligible to receive. Management and the Board of Directors evaluated a broad spectrum of potential options, including asset in-licensing, out-licensing, royalty monetization, strategic transactions, and liquidation. With the assistance of the Company's retained strategic advisor, Stifel, Nicolaus & Company, more than 500 companies were contacted regarding a strategic transaction, and the Company underwent a robust process to identify and negotiate with a select number of final candidates. The Company entered into extended exclusivity with one party contemplating a strategic merger, which centered on that party's interest in developing the Company's clinical-stage asset cinrebafusp alfa, but after extensive diligence and negotiations, that counterparty was unable to secure adequate capitalization and offer acceptable terms. The Company ultimately determined that the Company's planned repositioning offers the best opportunity to maximize stockholder value. In support of optimizing potential milestones and royalties, the Company's strategic repositioning includes: A plan to maintain strategic capability by maintaining a lean and experienced Board and management profile to actively pursue the Company's strategy and consider strategic options; The discontinuation of all the Company's research and development efforts, which is expected to be completed by the middle of 2024; A workforce reduction that affects additional employees and the executive leadership team, expected to be implemented in the second quarter; A plan to reduce the size of the Company's Board of Directors, to be better aligned with the nature of the Company's continuing operations, also expected to be implemented in the second quarter. Since initiating the strategic review in July 2023, the Company implemented several steps, including scaling back operational costs, inclusive of associated headcount reductions, ceasing development of PRS-220 and PRS-400 within its respiratory franchise, and suspending investments associated with co-development of partnered assets. The Company has also eliminated its material long-term obligations through the previously disclosed termination of its lease obligation in Germany, while simultaneously continuing to improve its cash position through the sale of its laboratory and office equipment.