On Friday,Shares of Intra-Cellular Therapies Inc (NASDAQ:ITCI), subtract -1.17% and closed at $15.24 in the last trading session. The last trading range of the stock ranges between $14.44 and $15.87. Shareholder Rights Law Firm Johnson & Weaver, LLP has begind an investigation of Intra-Cellular Therapies, Inc. (ITCI) concerning possible violations of federal securities laws. Intra-Cellular is a biopharmaceutical company that discovers and develops small molecule drugs for the treatment of neuropsychiatric and neurologic disorders within the central nervous system (CNS).
On September 28, 2016, Intra-Cellular declared its phase III trial of its schizophrenia drug was unsuccessful. The drug failed to reduce patients’ schizophrenia symptoms when contrast to a placebo. A third set of patients was given risperidone, an approved schizophrenia drug, and saw their symptoms improve. Specifically, Johnson & Weaver’s investigation seeks to determine whether prior statements regarding the Company’s drug prospects were false and misleading when made.
On the news Intra-Cellular shares were trading down over 65% in early morning trading on September 29, 2016.
KKR & Co. L.P. (NYSE:KKR), jumped 1.49% and closed at $14.26 in the last trading session. The last trading range of the stock ranges between $14.04 and $14.36. The company’s Market capitalization is $11.63 Billion with the total Outstanding Shares of 446.20 million. KKR and Venado Oil and Gas, LLC (“Venado”) recently declared a partnership to consolidate proven assets in the Eagle Ford Shale of South Texas. The partnership is principally funded by KKR’s Energy Income and Growth Fund I (“EIGF”).
Venado is led by CEO Scott Garrick and a core team of individuals who have operated in the Eagle Ford since the play’s inception. Venado intends to apply its expertise to acquire and enhance Eagle Ford assets through a focus on operational efficiency, technical innovation and strong community relations.
David Rockecharlie, Member and Head of Energy Real Assets (“ERA”) for KKR, stated, “We have known Scott for many years and believe he and his team have the experience and differentiated business approach necessary to acquire attractive Eagle Ford assets and enhance long-term value through superior technical and operational execution. KKR has a long history investing in the Eagle Ford, and we look forward to expanding our existing Eagle Ford asset position in partnership with Venado.”
Scott Garrick, CEO of Venado, added, “We are excited to partner with KKR in the Eagle Ford, where we both see the opportunity to build a large scale, long-term business. Both Venado’s administration and KKR have been active in the Eagle Ford since the early phase of development, and we share the same vision of the next phase of its evolution. This provides an ideal foundation for a strong partnership.”