VIVUS Inc. (NASDAQ:VVUS) [Detail Analytic Report] dropped over 2.67% to trade $1.46 as it released a loss of $12.7 million in its first quarter. On a per-share basis, the Mountain View, California-based company said it had a loss of 12 cents. The biopharmaceutical company posted revenue of $15.3 million in the period. VIVUS Chief Executive Officer, Seth H. Z. Fischer stated that they and their advisor are engaged in a rigorous business evaluation process with the sole objective of optimizing the value of both STENDRA and Qsymia to VIVUS and our stockholders.
They are actively evaluating all options as both brands represent significant advancements and opportunities in their respective markets. STENDRA, with a patent life through April 2025, boasts a 15-minute time-to-onset, benign safety profile and the ability to be taken with food and alcohol, and Qsymia, the best-in-class prescription weight loss brand, with its unsurpassed clinical profile and patent life through June 2029.
Neuralstem, Inc. (NASDAQ:CUR) [Detail Analytic Report] declared that pricing of an underwritten public offering of 20 million shares of its common stock at a public offering price of $0.40 per share as well as warrants to buy 20,000,000 shares of common stock. The warrants have an exercise price of $0.40 per share, are immediately exercisable and expire on the fifth anniversary of the date of issuance. The shares of common stock and warrants are immediately separable and will be issued separately.
The gross proceeds of offering are anticipated to be around $8M, previous to deducting underwriting discounts and commissions and other estimated offering expenses, excluding the exercise of any warrants. Neuralstem aims to use the net proceeds from this underwritten offering to fund regulatory, pre-clinical and clinical activities and general corporate purposes, including working capital and the repayment of debt.
Merrimack Pharmaceuticals, Inc. (NASDAQ:MACK) [Detail Analytic Report] released that its Q1 2016 financial results. Merrimack will host a live conference call and webcast today, Monday, May 2 at 4:30 p.m., Eastern time, to provide an update on Merrimack’s progress as well as a summary of these results. The firm declared that Merrimack received approval for ONIVYDE from the U.S. Food and Drug Administration on October 22, 2015 and launched ONIVYDE in the United States on October 26, 2015. In March 2016, the ONIVYDE regimen was added to the National Comprehensive Cancer Network (NCCN) 2016 Clinical Practice Guidelines in Oncology as a Category 1 Treatment Option for patients with metastatic pancreatic adenocarcinoma who have previously been treated with gemcitabine-based therapy. Gross product revenues from U.S. commercial sales of ONIVYDE for the first quarter of 2016 were $11.3 million, while net product revenues were $10.0 million.