ContraVir Pharmaceuticals Inc (NASDAQ:CTRV)
ContraVir Pharmaceuticals Inc (NASDAQ:CTRV) rose on news that the biopharmaceutical firm was issued a patent, US 9,714,271, covering a broad collection of cyclophilin inhibitors. The newly granted patent significantly extends the claims of the original CRV431 patent family. News about the patent caused CTRV shares to open on their inter-day high, $0.65, before sellers stepped in a sent the stock back down $0.01 below Friday’s close of $0.60.
ContraVir Pharmaceuticals Inc (NASDAQ:CTRV) is a biopharmaceutical company that develops antiviral drugs with an emphasis on the treatment of Hepatitis B virus (HBV) infections. ContraVir currently has a lead cyclophilin inhibitor, CRV431 (US Patent 9,200,038), for use as an antiviral which ContraVir is developing as a treatment for the hepatitis B virus (HBV). The Company believes that CRV431 will be used in conjunction with tenofovir exalidex (TXLTM), its lead drug currently in Phase 2 clinical trials.
James Sapirstein, Chief Executive Officer of ContraVir Pharmaceuticals Inc (NASDAQ:CTRV) stated in the press release, “We are very pleased to have received the issuance of this additional patent, as it provides broad coverage of many compounds within our library of cyclophilin inhibitors. This also positions us for opportunities to potentially treat other diseases. Having a patented portfolio of cyclophilin inhibitors allows us to access additional disease indications and potentially expand beyond our core program in HBV.”
ContraVir Pharmaceuticals Inc (NASDAQ:CTRV) has posted losses every year since 2012 when it reported a loss of (-).02) per share followed by annual per share losses of (-$0.41), (-$1.02), and, for 2016 a loss of (-$0.63) per share. Meanwhile the company has diluted shareholders each year. In 2013, there were 9 million shares outstanding and by 2016 that number grew to 27.06 million. The analyst’s consensus target price for CTRV shares if $6.00.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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About the author: Marc has a degree in economics and a MSc. in Finance. Over his 20-year career, Marc has worked for global investment firms in Europe and the United States as an analyst, fund manager, and consultant.