Repligen Corp. (NASDAQ: RGEN) stock plummeted in today�s trading after the company announced negative clinical trial results for RG2417 for the treatment of the symptoms of depression associated with bipolar disorder.
The company�s top line data from a phase IIb clinical trial results did not demonstrate a statistically significant improvement in the symptoms of depression in all patients receiving RG2417 when compared to placebo. The phase IIb clinical trial of RG2417 was a double-blind, placebo-controlled trial designed to assess the efficacy of eight weeks of treatment with RG2417 or a placebo on the symptoms of bipolar depression as measured by the Montgomery-Asberg Depression Rating Scale (MADRS). The study enrolled 175 patients at 29 clinical sites within the United States.
The company plans to conduct further evaluation of the data to determine if there is a path forward with RG2417.
The company reported third-quarter revenue of $7,068,000 compared to total revenue of $5,617,000 for the comparable period in previous year, an increase of $1,451,000 or 26%. The bioprocessing product revenue for the third quarter was $3,126,000 as compared to $2,865,000 for the same period prior year, an increase of $261,000 or 9%. The royalty and research revenue including royalty payments from Bristol-Myers Squibb on the U.S. sales of Orencia and research grants was $3,942,000 compared to $2,752,000 for the same quarter in the prior year. This increase was primarily due to $733,000 in grants that Repligen received under the Qualifying Therapeutic Discovery Project Program, which was created in March 2010 as part of The Patient Protection and Affordability Care Act. The operating expenses for the third quarter were $6,771,000 compared to $6,987,000 for the third quarter of fiscal year 2010. The net income was $376,000 or $0.01 per diluted share as compared to a net loss for the third quarter of fiscal year 2010 of $349,000 or $0.01 per diluted share.
For the nine-month period the total revenue was $21,385,000 compared to $16,099,000 for the same period in fiscal year 2010. The operating expenses for the nine-month period were $19,672,000 compared to $20,103,000 for the same period in fiscal year 2010. The net income for the nine-month period was $1,987,000 or $0.06 per diluted share compared to a net loss of $2,435,000 or $0.08 per diluted share for the same period in fiscal year 2010.
The company anticipates $27 million to $28 million in revenues, $60 million in cash and investments, and no debt for fiscal 2011.
Repligen stock is currently trading at $3.54, down 27.90% from its previous close. Repligen shares touched the high of $3.93 and lowest price in today�s session is $3.55. The company stock�s beta is $0.69.
The company stock traded in the range of $3 and $5.36 during the past 52 weeks. The company�s market cap is $111.08 million.
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