Egalet Corp (NASDAQ:EGLT) Awarded Grant

Egalet Corp (NASDAQ:EGLT)

Shares of Egalet Corp (NASDAQ:EGLT) gained 1.49% after the company received a grant for the development of a novel oral delivery system for targeting therapeutic areas outside of pain. The grant from InnoBooster is for the development of a delivery system using the company’s Guardian technology.

Egalet Corp (NASDAQ:EGLT)

InnoBooster Grant Award

According to the Chief Executive Officer, Karsten Lindhardt, the grant provides non-dilutive funds for the research project. The funds will cover most of the external expenses needed for the preclinical stage of development.

“We believe the grant from InnoBooster demonstrates the breadth of applications of our Guardian Technology. This provides a fantastic opportunity for us to use a novel approach to potentially develop oral formulations of products that would normally be delivered via injection,” said Mr. Lindhardt.

Egalet Corp (NASDAQ:EGLT) continues to trade in a downtrend despite receiving support from a string of positive news in recent weeks. The specialty pharmaceutical company has shed more than 80% in market value since the start of the year. EGLT stock is currently languishing near its all-time lows and in dire need of a catalyst to motivate buyers .

Egalet-002 Development

Investor sentiments in the stock recently received a boost after the company reported topline results from a Phase 3 safety study evaluating safety of Egalet-002. The company is investigating Egalet-002 as an abuse deterrent using its proprietary Guardian Technology.

Trial results indicate that the abuse deterrent formulation was well tolerated. Adverse events reported were consistent with outcomes expected following treatment with oxycodone formulation.

“We believe the positive phase 3 safety study result validates this unique application of our Guardian Technology which was used to develop our abuse-deterrent, extended-release oxycodone, Egalet-002Given the ongoing issues of chronic pain and prescription abuse, we continue to believe there is a need for products like Egalet-002,” said CEO, Bob Radie.

In addition, Egalet Corp (NASDAQ:EGLT) is evaluating the safety and efficacy of Egalet-002 in patients with moderate-to severe chronic pain. The specialty pharmaceutical company exited the quarter with cash and cash equivalent of $102.1 million. According to the Chief Executive Officer, the cash balance and increased focus on non-narcotic innovative treatments strategically positions the company to play an important role in the prescription abuse crisis.

Separately, Egalet Corp (NASDAQ:EGLT) reported a net loss of (-$18.9) million or (-$0.46) a share for the three months ended September 30, 2017 compared to a net loss of (-$26.9) million reported last year. Net revenue in the quarter increased to $6.7 million from $4.7 million as of Q3 2016.

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.

Don’t miss out! Stay informed on $EGLT and receive breaking news on other hot stocks by signing up for our free newsletter!

About the author: Monica has an undergraduate degree in Accounting and an MBA she earned – with Honors. She has six years of experience in the financial markets and has been an analyst for the past two years.

Egalet Corp (NASDAQ:EGLT)

Egalet Corp (NASDAQ:EGLT) Moves on Topline Trial Results

Egalet Corp (NASDAQ:EGLT)

Egalet Corp (NASDAQ:EGLT) was a big mover after announcing top-line trial results from a phase 3 safety study of its abuse-deterrent oxycodone formulation Egalet-002. Shares of the company gained 38.55% after it emerged the formulation was well tolerated, and adverse events reported were consistent with expected outcomes.

Egalet Corp (NASDAQ:EGLT)

Egalet-002 Top Line Results

According to the Chief Executive Officer, Bob Radie, the positive Phase 3 safety study results validates the company’s Guardian technology, which is being used to develop abuse-deterrent formulations of prescription medications.

Last year, Egalet Corp (NASDAQ:EGLT) reported positive top-line result from a category 3 intranasal human abuse potential study of Egalet. The formulation is currently in late-stage development for the management of pain severe enough to require daily, long-term opioid treatment for which other treatment options are inadequate.

Despite the 38% rally, Egalet Corp (NASDAQ:EGLT) continues to trade in a downtrend after underperforming the overall industry for the better part of the year. The stock has shed more than 80% in market value since the start of the year and is currently trading near all-time lows. Shares of the company closed at $1.15, last year they were trading at $5.58 a share.

Despite the underperformance, the Chief Executive Officer remains bullish about the company’s long-term prospects as they move to address the prescription abuse crisis.

“With 124% prescription growth and 41% revenue growth for our marketed products over last year’s third quarter, we continue to grow our business With a cash position of $102.1 million and the increased focus on non-narcotic and innovative treatments to alleviate pain,” said Mr. Radie

For the three months ended September 30, 2017, Egalet Corp (NASDAQ:EGLT) registered a 101% increase in Nasal Spray prescriptions over the third quarter of 2016. The company also partnered Ascend Therapeutics to begin promotion of SPRIX Nasal Spray to over 11,000 target women healthcare providers.

Egalet Q3 Financial Results

Net product sales for the third quarter came in at $6.7 million compared to $4.7 million reported last year. Cost of sales was $1.2 million up from $914,000 as of last year and reflected the average cost of inventory produced and dispensed to patients. General and Administrative expenses dropped to $6.8 million from $8 million as of the corresponding period last.

Egalet Corp (NASDAQ:EGLT) generated a net loss of (-$18.9) million in Q3 2017 or (-$0.46) a share, compared to a net loss of (-$26.9) million or (-$1.10) reported last year. The earnings exceeded Wall Street expectations as analysts were expecting a net loss of (-$0.47) cents a share. The integrated specialty pharmaceutical company exited the quarter with cash and cash equivalent of $102.1 million.

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.

Don’t miss out! Stay informed on $EGLT and receive breaking news on other hot stocks by signing up for our free newsletter!

About the author: Monica has an undergraduate degree in Accounting and an MBA she earned – with Honors. She has six years of experience in the financial markets and has been an analyst for the past two years.

Egalet Corp (NASDAQ:EGLT) Tablets Receives Coverage

Egalet Corp (NASDAQ:EGLT)

Egalet Corp (NASDAQ:EGLT) gained 7.81% after announcing that a large payer will provide coverage of ARYMO ER oral use tablets, for its Medicare Part D members. The new coverage which will target about 1.4 million patients, will include all Egalet Brands, and takes immediate effect.

Egalet Corp (NASDAQ:EGLT) Tablets Receives Medicare Coverage

According to Chief Commercial Officer, Patrick Shea, providing coverage is important, given the high incidence of chronic pain in the population. Arymo ER is an extended morphine product with abuse-deterrent features for severe pain management, requiring constant opioid treatment.

“Formulary coverage within this particular payer’s Medicare Part D population comes sooner than we had expected, and is a promising development at this stage of our commercial launch of our abuse-deterrent, ER morphine, ARYMO ER,” said Mr. Shea.

Egalet Corp (NASDAQ:EGLT) has underperformed the specialty pharmaceutical space this year. The stock is down by more than 80% for the year, as it continues to trade in a downtrend. However, senior Biotechnology analysts at Zack’s Research, John Vandermosten, remains optimistic about EGLT’s prospects amidst the stock’s sell-off.

Analyst’s Focus

Analysts initiated coverage of the stock with a price target of $6, based on estimates of three key growth products. According to the analyst, Egalet Corp (NASDAQ:EGLT)’s pain management products have the potential to generate substantial value in the $24 to $40 billion opioid pain relief market.

According to the analyst, an 81% increase in second-quarter revenue provides an insight of what could be at stake with the three products. Vandermosten and his team expect double-digit growth over the next few years to drive revenues to over $100 million. The increase should lead to first positive earnings.

Egalet Corp (NASDAQ:EGLT) has also forged a number of relationships – including one with a payor with over 24 million clients and another one with Ascend Therapeutics. These partners are expected to lead to high growth rates going forward.

Egalet Corp (NASDAQ:EGLT) has the financial muscle needed to accelerate sales of its three primary products. The specialty pharmaceutical company exited the second quarter with $87 million in its cash balance after it conducted an equity offering where it raised $30 million. The current cash levels are more than sufficient to support the business until 2020.

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.
Don’t miss out! Stay informed on $EGLT and receive breaking news on other hot stocks by signing up for our free newsletter!

About the author: Monica has an undergraduate degree in Accounting and an MBA she earned – with Honors. She has six years of experience in the financial markets and has been an analyst for the past two years.

Egalet Corp (NASDAQ:EGLT)

Egalet Corp (NASDAQ:EGLT) Financial Health In Doubt

Egalet Corp (NASDAQ:EGLT)

Shares of Egalet Corp (NASDAQ:EGLT) plunged to record lows in Thursday’s trading session after shedding 35.83%, to end the day at $1.63 a share. The sell-off came after the company announced a public offering of its common stock as part of a cash-raising effort.

Financial Health Concerns

Egalet Corp (NASDAQ:EGLT) bills itself as a specialty pharmaceutical company focused on the development, manufacturing, and commercialization of innovative treatments. The company has three approved products in addition to its pipeline of clinical-stage product candidates. Its lead candidate drug, Egalet-002, is a novel treatment for the management of severe pain that may require opioid treatment.

The company appears to be facing financial challenges if the reaction by investors to a proposed public offering of common stock is anything to go by. Egalet plans to issue 16,666,667 shares of its common stock at a public offering price of $1.80 a share. In addition, the company plans to issue warrants for the purchase of its common stock at an exercise price of $2.70 a share.

Egalet Corp (NASDAQ:EGLT) has also granted underwriters a 30-day option for the purchase of an additional 2,500,000 shares of common stock. The company had 25 million outstanding shares as of May 10. Gross proceeds from the offering are expected to be about $30 million before deduction of underwriting discounts, commissions among other expenses.

Egalet Corp (NASDAQ:EGLT) plans to use proceeds from the offering in addition to cash in hand for marketing of its lead drugs ARYMO ER, nasal spray SPRIX and OXAYDO. Part of the funds is also to be used for general corporate purposes among other business development activities.

The stock’s sell off adds fuel to what has been a disappointing year for Egalet. The stock is already down by more than 60% for the year as it closes in on its 52-week low of $1.54 a share.

FDA Complete Response Letter

Compounding the stock’s bearish sentiments among investors is a recent complete response letter from the FDA for the company’s supplement Oxaydo tablets. Approved in 2015, the drug is designed to discourage intranasal abuse. However, the agency has raised concerns over the drug’s inactive ingredients that may cause nasal burning if abused.

Some of the adverse reactions associated with Oxaydo include nausea, constipation vomiting, and headache. Concerns that the drug can lead to addiction if abused or misused with opioids appears to have triggered the FDA Complete Response letter.

“The FDA has requested more information regarding the effect of food on OXAYDO 15 mg and the intranasal abuse-deterrent properties of OXAYDO 10 mg and 15 mg. Egalet will work with the FDA to determine the path forward,” said Egalet Corp (NASDAQ:EGLT) in a statement.

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.

Don’t miss out! Stay informed on $EGLT and receive breaking news on other hot stocks by signing up for our free newsletter!

About the author: Monica has an undergraduate degree in Accounting and an MBA she earned – with Honors. She has six years of experience in the financial markets and has been an analyst for the past two years.

Egalet Corp (NASDAQ:EGLT)

Short Sellers Battling Egalet Corp (NASDAQ:EGLT) News

Egalet Corp (NASDAQ:EGLT)

Egalet Corp (NASDAQ:EGLT) shares are up over 16% in interday trading. Volumes are heavy as the 30-day, daily average volume for EGLT is 322,000 but by 2PM EST over 7.8 million shares of the biotech firm had traded hands. EGLT closed yesterday at $2.33 but jumped on the news that a major provider had agreed to provide payment coverage for Egalet’s pain drug ARYMO ER. ARYMO ER is a morphine sulfate in an extended-release tablet. The coverage is effective immediately and also applies to Egalet’s OXAYDO pain relief tablets and SPRIX nasal spray through 2018.

About

Egalet Corp (NASDAQ:EGLT), headquartered in Wayne, PA, is a specialty pharmaceutical company. Egalet develops, manufactures, and commercializes state-of-the-art pain treatments. The company boasts of its Guardian technology which allows them to develop a pipeline of innovative pain management therapies for which existing treatments are inadequate including daily round-the-clock long-term opioid treatments. The technology can be applied across different pharmacological classes with different release profiles.

A look at the numbers

In 2015, Egalet Corp (NASDAQ:EGLT) shares were trading above $16. Since then investors have shied away from the stock and EGLT hits its 52-week low last week at $2.03 a share. YTD EGLT shares are down almost 70% and are down almost 60% for the year. Today’s news may give pause to the stock’s short sellers – of which make up over 20% of the stock’s float. While short sellers have had, so far, the last laugh on EGLT shares analysts seem to be sticking with the company. Of the four investment firms that cover Egalet Corp (NASDAQ:EGLT), three rate EGLT shares as a “Strong Buy” and one rates the shares as a “Hold”. Their consensus price target is $9.50. In early May, Gabelli & Compa upgraded their rating on EGLT.

Egalet Corp (NASDAQ:EGLT) financials have been decidedly unkind to investors. In 2012 EGLT shareholders had an EPS loss of (-$0.39). That loss profile increased each year and in 2016 the EPS loss had expanded to (-$3.70). Sales have dropped over the last year as well. In 2015 reported sales were $22.8 million, a figure that fell to $17.0 million for 2016. On top of that poor performance, EGLT shares have seen dilution. In 2012 there were 13.9 million shares outstanding. By 2016 the number of outstanding shares had grown to 24.52 million.

A brief look at today’s price action is not any more comforting despite the 15%+ increase. In the first fifteen minutes of trading EGLT shares were trading above $3.40 but they were struggling to stay above $2.80 just a few hours later.

I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. All information, or data, is provided with no guarantees of accuracy.

Don’t miss out! Stay informed on $EGLT and receive breaking news on other hot stocks by signing up for our free newsletter!

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.

Egalet Corp (NASDAQ:EGLT) Q1 Net Loss Widens Revenues Doubles

Egalet Corp (NASDAQ:EGLT)

Egalet Corp (NASDAQ:EGLT) had a disappointing quarter as its Q1, 2017 net loss widened compared to the same period last year. However net revenue doubled thanks to an increase in sales for its lead products. The pain maker also made important developments in its pipeline of drugs having achieved key regulatory approval for one of its candidate drug for pain management.

Q1 Financial Results

Egalet Corp (NASDAQ:EGLT)’s total net revenue in the quarter doubled to $5.4 million compared to $2.7 million as of the same period last year. Net product sales totaled $5.4 million compared to $2.6 million as of Q1 2016. Collaboration revenue, on the other hand, came in at $100,000.

The cost of sales in the quarter totaled $1.3 million, compared to $882,000 as of last year. The cost of sales in the quarter included the cost of inventory produced and dispensed to patients. General and administrative expenses increased to $8.5 million from $6 million. The increase was mainly as a result of an increase in employee salaries as well as benefits in professional and administrative fees.

Research and development expenses came in at $6.5 million from $6.1 million as of the end of Q1 2016. The increase in development costs of Egalet-002 and employee salary benefits are seen as a major cause of the increase. However this was offset by a decrease in developmental costs for OXAYDO and ARYMO ER.

Net revenue doubling could not stop Egalet from posting a net loss of $25.4 million or $1.02 a share, compared to a net loss of $18.5 million as of last year Q1.

During the quarter Egalet Corp (NASDAQ:EGLT) received the Novel Treatment designation from the U.S. Food & Drug Administration (FDA) for ARYMO ER – a severe pain management therapy that requires round the clock opioid treatment.

Corporate Update

The pain medicine maker also expanded and deployed two teams of territory managers. One of the teams has been mandated to promote SPRIX, a nasal spray, with the other will be working on promoting OXAYDO.

Egalet Corp (NASDAQ:EGLT) also grew its SPRIX Nasal Spray and OXAYDO prescriptions by 14% in the quarter having also added over 550 new SPRIX prescribers and 400 new OXAYDO prescribers. The drug maker also received an FDA acceptance of OXAYDO in 10 and 15mg dosage.

“During the first quarter we saw growth continue with both SPRIX and OXAYDO and we believe our new sales force structure that was deployed at the end of the quarter should maximize the potential opportunity for all three of our products,” said Chief Executive Officer Bob Radie

Egalet Corp (NASDAQ:EGLT) stock was up by 10.18% in Friday trading session ending the week at highs of $3.03 a share

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.

About the author: Monica Gray has an undergraduate degree in Accounting and an MBA – earned with Honors. She has six years of experience in the financial markets and has been a securities analyst for the past two years.