Reports Q1 revenue $77.83M, consensus $55.79M. Cash, cash equivalents, restricted cash, and short-term investments were $1.64B as of March 31, compared to $1.81B as of December 31, 2018.
https://thefly.com/landingPageNews.php?id=2907275
Thursday, May 9, 2019
Deciphera reports Q1 EPS ($1.25), consensus (84c)
As of March 31, 2019, cash, cash equivalents and marketable securities were $262.3 million, compared to cash and cash equivalents of $293.8 million as of December 31, 2018. Deciphera expects its current cash, cash equivalents and marketable securities will enable the Company to fund its operating, capital expenditures and debt service payments into the second half of 2020.
https://thefly.com/landingPageNews.php?id=2907281
https://thefly.com/landingPageNews.php?id=2907281
Philips to collaborate with Medtronic on image-guided treatment of afib
Philips’ integrated solution will combine the unique KODEX-EPD dielectric imaging and navigation system, dielectric imaging sensors, clinical software, and services to support cryoablation procedures performed with the Medtronic Arctic Front Advance™ cryoablation technology
Royal Philips (NYSE: PHG, AEX: PHIA) today announced a collaboration with Medtronic to further advance treatment of paroxysmal atrial fibrillation (PAF), a common heart rhythm disorder. Through the agreement, Medtronic will facilitate sales of products on behalf of Philips to provide an innovative, integrated image guidance solution for cryoablation procedures. Philips will bring to market the novel KODEX-EPD cardiac imaging and navigation system with cryoablation specific features to enable electrophysiologists to perform cryoablation procedures with reduced need for X-ray imaging.
OrthoPediatrics selloff today a buying opportunity, says Piper Jaffray
Piper Jaffray analyst Matt O’Brien recommends using the post-earnings selloff today in shares of OrthoPediatrics as an opportunity to build upon existing positions. The company’s Q1 results were in-line and its reaffirmed fiscal 2019 guidance is achievable if not beatable, O’Brien tells investors in a research note. The company did experience a slight slowdown in market volumes for elective deformity correction procedures during the quarter, but management believes there were attributable to temporary factors, adds the analyst. He raised his price target for OrthoPediatrics to $48 from $45 and keeps an Overweight rating on the shares.
Axcella indicated to open at $15.00, IPO priced at $20.00
Axcella (AXLA) priced 3.57M shares at $20.00. The deal priced at the low end of $20.00-$22.00 range. JPMorgan, Goldman Sachs and SVB Leerink are acting as joint book running managers for the offering.
Johnson & Johnson loses request to transfer talc cases
Johnson & Johnson lost its emergency request to transfer its 2,400 state-court talc baby-powder lawsuits to Delaware, Bloomberg reports. U.S. District Judge Maryellen Noreika did not explain why she rejected the request, according to Bloomberg.
Merck to Invest $1 Billion in Virginia Facility, Add 100 Jobs
Merck & Company is planning a $1 billion expansion to its manufacturing facility in Elkton, Va. over the course of the next three years that will include the addition of approximately 100 new jobs, the office of the governor of Virginia announced Wednesday.
Merck will add 120,000 square feet to its existing 1.1 million-square-foot operation in Elkton in order to increase the production of its Human Papillomavirus (HPV) vaccines.
For Merck, the expanded focus on the HPV vaccine comes about a month after the company announced a collaboration with Tessa Therapeutics. The companies will pair Tessa’s armored human papillomavirus-specific T cell (HPVST) therapy with Merck’s vaunted checkpoint inhibitor, Keytruda as a potential treatment for patients with recurrent or metastatic HPV 16 and 18-positive cervical cancer.
Merck has operated its Elkton manufacturing plant in Rockingham County for over 75 years and currently employs approximately 900 workers at the site. This the latest expansion for the Merck site. In 2016, the company invested $170 million into an expansion of the facility.
Merck’s expansion of the manufacturing facility is supported, in part, by state-funded grants that will support stormwater and infrastructure upgrades that are necessary to support the expansion of the facility. The company is also eligible to receive Sales and Use tax exemptions on manufacturing equipment, as well as a Major Business Facility Job Tax Credit for new, full-time jobs created, the office of the governor said.
Gov. Ralph Northam said the billion dollar investment in Rockingham County is a symbol of the global pharma giant’s commitment to the region and will support further economic growth in the area.
“Merck has long been a valued employer and important corporate steward in Virginia that continues to play a vital role in advancing the 21st-century manufacturing sector in our commonwealth,” Northam said.
Sanat Chattopadhyay, president of Merck Manufacturing Division, said the company is grateful for its partnership with the local and commonwealth governments. That partnership will help Merck sustain its commitment to the area’s economic growth, Chattopadhyay said in a brief statement.
In addition to the expansion of the facility, Merck will also form a partnership with Blue Ridge Community College and James Madison University to groom potential future employees for the company. The partnership is aimed at addressing short- and long-term employment needs at the company. BRCC and JMU will establish a pipeline of biotechnology engineering and computer science talent that will allow the Shenandoah Valley to accommodate the future growth of Merck and other life science industries and manufacturers in the region. Northam said the collaboration between Merck and the academic programs will ensure we have a pipeline of skilled talent in the Shenandoah Valley for decades to come.
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