Dallas, Texas 10/08/2013 (Financialstrend) – On September 17, Wells Forgo analysts had commented that the news of “National Institute of Allergy and Infectious Diseases” to fund BioCryst Pharmaceuticals, Inc. (NASDAQ:BCRX) further development of BCX4430 as a very positive development. The target drug is being designed to develop a “RNA polymerase inhibitor” which can be used to treat patients suffering form “Marburg virus.”
“National Institute of Allergy and Infectious Diseases” board has set stiff goals for BCRX to achieve in exchange of the funding. The first goal would be for BCRX to file “IND” on both the “intravenous and intramuscular” mode of administering the drug into the patients. On completion, the second goal prescribes a Phase 1 clinical trial to be launched for the same.
In exchange, the biotechnology firm will get a upfront payment of $5 million. On meeting of the mile stone goals discussed above, BCRX will have the option to seek upwards of an additional $22 million. The two organizations have set a extended goal of five years for the project completion. On the back of this news, the share price of the stock had rocketed up by 6.6%.
The shares of the stock have appreciated by a humongous 344% in the past 90 days and by close to 407% in the last 9 months. As of close of business on October 7, the stock is trading a $7.2 per share. This translates to a 566% increase in its valuations from the 52 week low pricing of $1.08 per share. The company has managed to post sales of $14.2 million in the previous 12 months and has accumulated $37 million over the same period. At these increased valuations, it market cap has gone up to $384 million and has recorded significant gains for its investors in comparison to other drug firms which are of similar market cap as itself.
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