Amicus Therapeutics, Inc. (NASDAQ:FOLD)
Amicus Therapeutics, Inc. (NASDAQ:FOLD) a Cranbury, NJ-based biotechnology company announced financial results for the full year ended December 31, 2016 today. The Company also provided program updates and reiterated full-year 2017 financial guidance. But that was nothing compared to the coverage it received last night from the President of the United Sates in his State of the Union Address to a joint session of Congress and the American people.
Total product revenue in the full year 2016 was approximately $5.0 million, which represents commercial sales of Galafold (migalastat) in Germany as well as reimbursed Expanded Access Programs (EAPs) in two countries during the third and fourth quarter of 2016. Total operating expenses increased to $186.0 million compared to $130.4 million for the full year 2015 primarily due to increases in commercial costs of the Fabry monotherapy program and manufacturing scale-up on the Pompe program. Amicus Therapeutics, Inc. (NASDAQ:FOLD) expects full-year 2017 net operating cash spend of between $175 million to $200 million and expects full-year 2017 total net cash spend (including third-party milestone payments and capital expenditures) of between $200 million and $225 million.
Dwarfing all of Amicus’ financial reporting was President Trump’s recounting the story of Megan Crowley, daughter of John Crowley, founder, CEO, and Chairman of Amicus Therapeutics, Inc. (NASD:FOLD). Here are the President’s words:
“An incredible young woman is with us this evening who should serve as an inspiration to us all. Today is Rare Disease day, and joining us in the gallery is a Rare Disease Survivor, Megan Crowley. Megan was diagnosed with Pompe Disease, a rare and serious illness, when she was 15 months old. She was not expected to live past 5. On receiving this news, Megan’s dad, John, fought with everything he had to save the life of his precious child. He founded a company to look for a cure, and helped develop the drug that saved Megan’s life. Today she is 20 years old — and a sophomore at Notre Dame.
Megan’s story is about the unbounded power of a father’s love for a daughter.
But our slow and burdensome approval process at the Food and Drug Administration keeps too many advances, like the one that saved Megan’s life, from reaching those in need. If we slash the restraints, not just at the FDA but across our Government, then we will be blessed with far more miracles like Megan.”
The President’s words should comfort not only people that are hoping for a better quality of life that may be found through the use of treatments and drugs that are under development, but it will also mean that, for now, there may be a quicker path to revenues for companies that are finding themselves in a cash crunch due to the current regulatory process. If the President can deliver, it will be of great benefit to a great many people.
I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 96 hours. All information, or data, is provided with no guarantees of accuracy.
About the author: Steve Clark is a 23-year Wall St professional with stints in M&A, risk management, and algorithm trading.