On Wednesday, Shares of Novavax, Inc. (NASDAQ:NVAX), subtract -5.15% and closed at $1.29 in the last trading session. The last trading range of the stock ranges between $1.29 and $1.37. Novavax, Inc., (NVAX) recently declared its financial results for the third quarter and nine months ended September 30, 2016, in conjunction with its Shareholder and Analyst Day update.
The Company presented a restructuring plan designed to meet the following key objectives:
Prioritize development activities to achieve clinical data events within 2017;
Reduce cash burn, extend financial horizon and minimize near-term dilution; and
Maintain operational core competencies to execute development plans.
The restructuring includes an immediate reduction in workforce of about 30%. The Company anticipates to incur one-time restructuring costs of about $3 million to $4 million, counting severance expenses, in the fourth quarter of 2016. In addition, administration has initiated expense reduction measures regardingpre-commercialization activities, capital equipment investments, project specific and general research and development, and general and administrative expenses. As a result of the restructuring, Novavax estimates a reduction in cash burn of $70 million to $100 million in 2017 relative to 2016.
Pfizer Inc. (NYSE:PFE), dropped -0.84% and closed at $31.96 in the last trading session. The last trading range of the stock ranges between $31.93 and $32.33. The company’s Market capitalization is $193.05 Billion with the total Outstanding Shares of 6.07 Billion. Pfizer Inc. (PFE) as of late announced that point by point comes about because of the Phase 3 PALOMA-2 trial were distributed in The New England Journal of Medicine. These information, displayed at the 52nd American Society of Clinical Oncology (ASCO) Annual Meeting in June, assist exhibit the clinical advantage of IBRANCE® (palbociclib) as beginning treatment for postmenopausal ladies with estrogen receptor-positive, human epidermal development consider receptor 2-negative (ER+, HER2-) metastatic bosom disease. The PALOMA-2 contemplate demonstrated the blend of IBRANCE and letrozole amplified movement free survival (PFS), or the measure of time before tumor development, by over 10 months appear differently in relation to letrozole in addition to fake treatment. Advance, the study exhibited that the middle PFS of the IBRANCE and letrozole mix surpassed two years – making it the first and final treatment for this populace of ladies to do as such in a randomized Phase 3 study.1
“The middle PFS of over two years saw in this study is phenomenal for this patient populace,” said Veronique Dieras, M.D., medicinal oncologist and head of clinical research, Clinical Investigational Unit Chef de Service Recherche Clinique, Unité d’Investigation Clinique Department of Medical Oncology, Institut Curie, Paris, France. “Expanding on the Phase 2 PALOMA-1 information, the aftereffects of PALOMA-2 give extra confirmation that the mix of IBRANCE and letrozole is an important progression for these ladies.”
“Since its quickened endorsement in 2015, IBRANCE in mix with letrozole has turned into a standard of nurture the treatment of post-menopausal ladies with ER+, HER2-progressed or metastatic bosom malignancy,” said Hope Rugo, M.D., educator of solution and executive of bosom oncology and clinical trials training at the University of California San Francisco Helen Diller Family Comprehensive Cancer Center. “We now have seen predictable results crosswise over three randomized trials in which the expansion of IBRANCE to an endocrine treatment altogether delayed PFS differentiation to the endocrine treatment alone.”