Albany, New York (10/02/2014) – Catalyst Pharmaceutical Partners, Inc. (NASDAQ:CPRX) reported that its investigational drug, Firdapse, met the goals in its Phase 3 trial. The drug was also significantly superior to placebo in the trial. Firdapse is targeted for the treatment of a condition known as Lamber-Eaton Myasthenic Syndrome. The drug has the potential to generate revenue above $100 million annually, according company officials. However, some analysts have cited that the drug could generate more than $300 million in revenue by 2020 in peak sales. Following the release of the positive trial results for Firdapse, analysts at Roth Capital reiterated their “buy” rating on the stock of CPRX and raised their price target on it to $6 from $5. Shares of CPRX fell 15% to $2.82 Wednesday.
The reason Tonix Pharmaceuticals Holding Corp. (NASDAQ:TNXP) has been in the red is that the company failed to attain the main goal in a clinical trial of its sleep and pain management investigational drug. TNXP reported that its experimental drug, TNX-102, failed its main goal in a mid-stage clinical trial. The drug is targeted for the treatment of a condition known as fibromyalgia, which is characterized by body pain and lack of sleep. While TNX-102 failed to deal with pain as was required, it showed some improvements in improving the quality of sleep. As such Tonix Pharmaceuticals Holding Corp. (NASDAQ:TNXP) is expected to push forwards with Phase 3 trial of the drug but now focusing attention on sleep-quality instead of pain management. As expected, shares of TNXP have been under pressure since the failed trial results were released, falling almost 5% to $6.52 Wednesday. Shares have fallen more than 36% so far this year.
Immune Pharmaceuticals Inc (NASDAQ:IMNP) announced the initiation of the Phase 2 clinical trial of its bowel drug known as bertilimumab. The proof of concept study will look into the safety and efficacy of the investigational drug for the treatment of ulcerative colitis (UC). The trial is expected to capture patients at 10 different clinical sites. Immune Pharmaceuticals Inc (NASDAQ:IMNP) looks forward to obtaining positive results in the study to move the development of the drug to the next level. Shares of IMNP declined almost 10% in the last session.