Savient (SVNT) Shares Hit as BioCryst (BCRX) Gets FDA Guidance for Gout Treatment Approval
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Shares of Savient Pharmaceuticals (Nasdaq: SVNT) were slammed early Monday following quarterly numbers and an operational update from peer BioCryst Pharmaceuticals (Nasdaq: BCRX).
BioCryst reported a narrower-than-expected first-quarter loss of 13 cents per share on strong revenue. In the report, BioCryst said: "We just completed our end of Phase 2 meeting with the FDA regarding our gout program. The agency provided clear and informative guidance regarding the path to approval for BCX4208, and we are now incorporating this advice into the Phase 3 plan." BCX4208 is a purine nucleoside phosphorylase (PNP) inhibitor in development as a once-daily oral, chronic treatment for gout.
Currently, Savient markets KRYSTEXXA, a therapy for RCG (refractory chronic gout).
Shares of Savient are over 14 percent lower Monday.
BioCryst reported a narrower-than-expected first-quarter loss of 13 cents per share on strong revenue. In the report, BioCryst said: "We just completed our end of Phase 2 meeting with the FDA regarding our gout program. The agency provided clear and informative guidance regarding the path to approval for BCX4208, and we are now incorporating this advice into the Phase 3 plan." BCX4208 is a purine nucleoside phosphorylase (PNP) inhibitor in development as a once-daily oral, chronic treatment for gout.
Currently, Savient markets KRYSTEXXA, a therapy for RCG (refractory chronic gout).
Shares of Savient are over 14 percent lower Monday.
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