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Acorda Therapeutics
Nasdaq

Acorda Therapeutics is a biotechnology company developing therapies for spinal cord injury, multiple sclerosis and related nervous system disorders. The Company's marketed products include Zanaflex Capsules(R) (tizanidine hydrochloride), a short-acting drug for the management of spasticity. Acorda's lead clinical product, Fampridine-SR, is in Phase3 clinical trials to evaluate its safety and efficacy to improve walking ability in people with MS. The Company's pipeline includes a number of products in development for the treatment, regeneration and repair of the spinal cord and brain.

http://www.acorda.com



Acorda Therapeutics Reports Fourth Quarter and Full Year 2009 Financial Results 
Announced FDA Approval of AMPYRATM (dalfampridine) Extended Release
Tablets, 10 mg on January 22, 2010 to Improve Walking in People with 
Multiple Sclerosis (MS); Demonstrated by Increase in Walking Speed 
AMPYRA Commercial Launch Expected March 2010 
IND Filing for GGF2 in Heart Failure Expected Early 2010
HAWTHORNE, N.Y., Feb 23, 2010 (BUSINESS WIRE) -- Acorda Therapeutics, Inc. (Nasdaq: ACOR) today announced its financial results for the fourth quarter and full year ended December 31, 2009.
"The FDA approval of AMPYRA represents an important advance in the treatment of MS. It is also a significant step for Acorda toward our goal of becoming a leading innovator in neurology," said Ron Cohen, M.D., President and CEO of Acorda Therapeutics. "We expect commercial supply of AMPYRA to be available beginning in March. As we launch AMPYRA, we also are focusing on advancing our preclinical pipeline to the clinic. We believe GGF2 may have important applications in both cardiac and neurological conditions, and will look to demonstrate proof of concept initially in heart failure. We expect to file an IND for this indication in early 2010." 
Financial Results and Product Update
ZANAFLEX CAPSULES(R) (tizanidine hydrochloride) and ZANAFLEX(R) (tizanidine hydrochloride) tablets gross sales - For the fourth quarter ended December 31, 2009, the Company reported combined gross sales of ZANAFLEX CAPSULES and ZANAFLEX tablets of $14.4 million, compared to combined gross sales of $14.0 million for the same quarter in 2008. For the full year ended December 31, 2009, the Company reported combined gross sales of ZANAFLEX CAPSULES and ZANAFLEX tablets of $58.3 million, compared to combined gross sales of $53.4 million in 2008. 
Gross sales are recognized using a deferred revenue recognition model, meaning ZANAFLEX CAPSULES and ZANAFLEX tablet shipments to wholesalers are recorded as deferred revenue and only recognized as revenue when end-user prescriptions of ZANAFLEX CAPSULES and ZANAFLEX tablets are reported. ZANAFLEX franchise operations were cash flow positive on an operating basis for 2009. 
ZANAFLEX CAPSULES and ZANAFLEX tablets shipments - Total ZANAFLEX CAPSULES and ZANAFLEX tablet shipments for the quarter ended December 31, 2009 were $18.4 million, compared to total shipments of $16.5 million for the same quarter in 2008. For the full year ended December 31, 2009, total ZANAFLEX CAPSULES and ZANAFLEX tablet shipments were $66.7million, compared to total shipments of $62.9 million in 2008. 
License Revenue - For the quarter ended December 31, 2009, the Company reported license revenue of $2.4 million, a portion of the $110 million received from Biogen Idec International GmbH (Biogen Idec), a subsidiary of Biogen Idec Inc., for the collaboration agreement entered into on June 30, 2009. For the full year ended December 31, 2009, the Company reported license revenue of $4.7 million. The balance of this payment will be recognized as revenue ratably over the remainder of the estimated term of the collaboration agreement.

 


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