Capricor Therapeutics Inc. (NASDAQ:CAPR)
Capricor Therapeutics Inc. (NASDAQ:CAPR) shares gained 9.09% after the clinical stage biotechnology company said it will make a presentation at the upcoming American Heart Association Scientific Sessions 2017 conference. The company is to present data from its HOPE-1 clinical trial, investigating CAP-1002 for the treatment of Duchenne Muscular Dystrophy in boys and young men.
Hope 1 Trial
The announcement appears to have triggered renewed interest in Capricor Therapeutics. The stock has been under pressure in recent trading sessions, after rising to multi-year highs of $3.50 a share. It is currently down by more than 10% for the year.
CAP-1002 is the company’s lead investigational product made up of allogeneic cardiosphere-derived cells. Capricor Therapeutics Inc. (NASDAQ:CAPR) has already reported meaningful improvements in cardiac and skeletal muscle function, on a six-month analysis of HOPE-1 trial.
“We look forward to sharing these new data at one of the world’s premier cardiovascular conferences and continuing our clinical development of CAP-1002 for the treatment of Duchenne muscular dystrophy,” said Linda Marbán, Ph.D., Capricor president, and CEO.
Capricor Therapeutics Inc. (NASDAQ:CAPR) plans to initiate patient enrollment for a randomized double-blind placebo-controlled HOPE-2 clinical trial, subject to regulatory approval. The trial will build on HOPE-1 trials that showed teens and young men in advanced stages of DMD experiencing meaningful improvements in cardiac and limb functions after a single dose of CAP-1002.
Duchenne muscular dystrophy is a devastating genetic disorder that results in muscle degeneration. The condition affects approximately 15,000 to 20,000 boys in the US and occurs in every 3,600 live male births across all races, cultures and countries. The medical condition leads to death before the age of 30.
Q2 Financial Results
Separately, Capricor Therapeutics Inc. (NASDAQ:CAPR) reported a net loss of (-$3.5) million or (-$0.16) per share for the second quarter, compared to a net loss of (-$4.7) million reported last year. The biotechnology company generated revenues of $996,000 for the quarter.
Capricor Therapeutics Inc. (NASDAQ:CAPR) exited the quarter with cash and cash equivalent of $12.3 million, compared to $16.2 million as of December 31, 2016. According to the company, the cash balance is sufficient to fund operations and meet all the company’s financial obligations through the second quarter of 2018.
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: Steve Clark is a 23-year Wall St professional with stints in M&A, risk management, and algorithm trading. Steve keeps his head in the game by looking for, and writing about, small companies that often get overlooked by the big investment firms.