Search This Blog

Thursday, March 23, 2023

Cidara's Lower Than Expected Q4 Earnings Overshadows FDA Nod For Antifungal

 

  • While the EMA accepted the marketing authorization application for rezafungin in August 2022, it is still under review for potential approval in Europe.
  • Last year, Melinta Therapeutics acquired the rights to commercialize Rezzayo in the U.S.
  • Cidara retains the rights to rezafungin in Japan and has licensed the commercial rights to Melinta Therapeutics in the U.S. and Mundipharma in all other geographies.
  • The FDA approval was based on clinical data from Cidara's global ReSTORE Phase 3 trial and supported by the STRIVE Phase 2 clinical trial and extensive non-clinical development program. 
  • In clinical studies, Rezzayo demonstrated statistical non-inferiority versus caspofungin, a current once-daily standard of care.
  • This approval enables Cidara to receive a $20.0 million regulatory milestone payment under the terms of our agreement with Melinta Therapeutics," said Jeffrey Stein, Ph.D., president and chief executive officer of Cidara.
  • The company reported a Q4 EPS loss of $(0.19) and revenues of $10.22 million, below the consensus of $(0.17) and $10.57 million, respectively.

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.