Chiasma 17.5M share Spot Secondary priced at $4.00 » 09:0707/0107/01/20
The deal size was…
The deal size was increased to $70M in common stock from $65M in common stock and priced at the bottom of the $4.00-$4.50 range. Jefferies, Piper Sandler and Cantor Fitzgerald acted as joint book running managers for the offering.
Chiasma announces offering of common stock, warrants » 16:3606/3006/30/20
Chiasma announced that it…
Chiasma announced that it has commenced an underwritten public offering of its common stock, and, to certain investors in lieu thereof, pre-funded warrants to purchase shares of its common stock. All of the securities to be sold in the offering are to be sold by Chiasma. Chiasma intends to use the net proceeds from the offering primarily for advancing the ongoing commercialization of Mycapssa in the United States for the treatment of acromegaly; activities to support the planned submission of a marketing authorization application to the European Medicines Agency for regulatory approval of Mycapssa in the European Union for acromegaly, assuming positive data from the MPOWERED Phase 3 trial; early clinical development of one or more potential pipeline candidates using its TPE platform technology; and working capital and other general corporate purposes. Jefferies, Piper Sandler, and Cantor Fitzgerald. are acting as book-running managers for the offering.
Chiasma price target raised to $11 from $10 at H.C. Wainwright » 06:1006/2906/29/20
H.C. Wainwright analyst…
H.C. Wainwright analyst Douglas Tsao raised the firm's price target on Chiasma to $11 from $10 and keeps a Buy rating on the shares after the company announced that Mycapssa received marketing approval from the FDA. The analyst sees a new standard of care for acromegaly.
Chiasma price target raised to $22 from $13 at Piper Sandler » 15:5406/2606/26/20
Piper Sandler analyst…
Piper Sandler analyst Edward Tenthoff raised the firm's price target on Chiasma to $22 from $13 and reiterates an Overweight rating on the shares after the FDA approved Mycapssa, the first and only oral therapy for the treatment of acromegaly. The analyst sees "significant" demand for an oral therapy from acromegaly patients who he notes currently receive "painful" monthly injections and often experience break-through symptoms and insufficient coverage. Tenthoff continues to forecast total Mycapssa sales of $3M and $30.6M in 2021. Chiasma shares in late day trading are down 7.5% to $6.08.
Chiasma approval a 'significant positive,' says Cantor Fitzgerald » 15:5206/2606/26/20
Cantor Fitzgerald analyst…
Cantor Fitzgerald analyst Brandon Folkes maintained an Overweight rating and $18 price target on Chiasma. The analyst said that the FDA approval for Mycapssa for long-term maintenance treatment in acromegaly patients who have responded to and tolerated treatment with octreotide or lanreotide is a "giant leap" for Chiasma. He sees Mycapssa, as the only approved oral octreotide, gaining meaningful share in the market once launch in Q4. Folkes added that the negative reaction to the approval is "unwarranted," as "the label, pricing and launch timing were all in line" with his expectations.
Chiasma weakness 'unwarranted,' approval a 'giant leap,' says Cantor Fitzgerald » 15:4506/2606/26/20
Cantor Fitzgerald analyst…
Cantor Fitzgerald analyst Brandon Folkes said the FDA approval for Mycapssa is a "giant leap" for Chiasma and weakness in the stock is "unwarranted." Folkes has a on Overweight rating on Chiasma shares, which are down 57c, or 8.6%, to $6.01 in late afternoon trading.
Chiasma up 6% to $6.97 after receiving FDA approval for Mycapssa capsules 15:0506/2606/26/20
Chiasma trading resumes 15:0006/2606/26/20
Chiasma announces FDA approval of Mycapssa capsules » 13:3006/2606/26/20
Chiasma announced that…
Chiasma announced that the U.S. Food and Drug Administration approved Mycapssa capsules for long-term maintenance treatment in acromegaly patients who have responded to and tolerated treatment with octreotide or lanreotide. "Mycapssa is the first and only oral somatostatin analog approved by the FDA and the first product approved by the FDA utilizing Chiasma's Transient Permeability Enhancer technology," the company said. Acromegaly is a rare chronic disease often caused by a benign pituitary tumor and characterized by excess production of growth hormone and insulin-like growth factor-1 hormone that is frequently treated with chronic burdensome injections. If left untreated, acromegaly can lead to serious, and sometimes life-threatening medical conditions. The company estimates that approximately 8,000 patients are on injectable SSAs in the U.S. The company expects Mycapssa to be commercially available in the fourth quarter of 2020 subject to FDA's timely approval of a planned manufacturing supplement to the approved NDA. Chiasma plans to scale-up its customer facing team in sales, patient services and market access to approximately 45 employees. "To help patients switch to Mycapssa, Chiasma plans to offer an array of patient support services ranging from assistance with insurance providers and specialty pharmacies to giving patients support to help incorporate Mycapssa seamlessly into their daily living. The company believes that patients, physicians, nurses, and payers will appreciate the significant benefits provided by Mycapssa. To ensure patients have broad access to this innovation, Chiasma plans to price Mycapssa competitively with the fastest growing SSA in the U.S. acromegaly market reflecting the value provided by Mycapssa to the health care system," the company added.
Chiasma trading halted, news pending 11:4506/2606/26/20