On Friday, Shares of Mast Therapeutics Inc (NYSEMKT:MSTX), added 8.91% and closed at $0.110 in the last trading session. The last trading range of the stock ranges between $0.09 and $0.11. Mast Therapeutics, Inc. (NYSE MKT: MSTX) recently offered an update related to its business strategy and the clinical development of its product candidates.
The Company’s cash, cash equivalents, and investment securities were $30.3 million at August 31, 2016.
The Company will focus on clinical development of AIR001 (sodium nitrite solution for intermittent inhalation) for the treatment of heart failure with preserved ejection fraction (HFpEF). Specifically, during 2016 and 2017, the Company will continue to support three ongoing investigator-sponsored Phase 2 clinical studies of AIR001 being conducted at prestigious research institutions.
The Company has begun to wind down its vepoloxamer programs in sickle cell disease and heart failure and anticipates those activities will be accomplished in the fourth quarter of 2016.
While furthering the development of AIR001 through the ongoing Phase 2 clinical studies, the Company is planning to initiate a process to evaluate partnership opportunities for its assets.
As a result of cost savings anticipated by the termination of its vepoloxamer clinical programs and related operations and the prioritization of its AIR001 program, the Company estimates that its operating expenses for 2017 will be in the range of $9 to $10 million, apart from share-based compensation expense. This anticipated level of spend reflects an approximate 70% reduction from estimated operating expenses for 2016 of about $32 to $34 million, apart from share-based compensation expense.
The Company will make the $10 million prepayment on its debt facility triggered by the recently declared results of its Phase 3 study of vepoloxamer in early October 2016. After that prepayment, the principal amount of the Company’s debt will be about $3.5 million, which is planned to be repaid in equal monthly installments of principal and interest through January 1, 2019.
“Following a critical review of our pipeline and opportunities we have determined that a focus on AIR001 will provide for a strong foundation from which we will seek to return value to our stockholders,” stated Brian M. Culley, the Company’s Chief Executive Officer. “However, these decisions likely will have a noteworthyimpact on our talented team members and I want to personally thank those who may be affected for their hard work, dedication and contributions to the vepoloxamer program.”
Facebook Inc (NASDAQ:FB), jumped 0.14% and closed at $128.27 in the last trading session. The last trading range of the stock ranges between $127.45 and $128.59. The company’s Market capitalization is $368.87 Billion with the total Outstanding Shares of 2.32 Billion. Harwood Feffer LLP is investigating potential claims against (“Facebook” or the “Company”) (FB), concerning whether the Company inflated its method of measuring video viewership over the last two years, thereby increasing the amount of funds spent by those advertising on Facebook.
According to The Wall Street Journal, on September 22, 2016, Facebook declared it had exaggerated its “average viewing time” metric by as much as 80% for more than two years. Several weeks before the article was published, Facebook had acknowledged in a post on its Advertiser Assist Center that the metric had not included video views lasting fewer than 3-seconds. The Company said it had informed its clients and that it had introduced a fix to provide a more accurate metric: “Average Watch Time.”
Facebook’s Vice President of Global Marketing Solutions is quoted as having admitted at an Advertising Week New York event: “We should have just said in public that we found this error a month ago and made the correction, and not just called our clients and agencies . . . . Our promise is we will and need to do better.” Noteworthypersons in advertising stated that this error highlighted the need for third-party viewership measurement.