Option Trading Partners
The clinical stage biopharmaceutical firm develops oral small molecule drugs to fill significant unmet medical needs. Its pipeline includes Phase 3-stage azeliragon(TTP488) for the treatment of Alzheimer’s (AD), Phase 2b-stage TTP399 and Phase 2-stage TTP273 for type 2 diabetes, the anti-inflammatory HPP737 and HPP971 for chronic diseases associated with oxidative stress.
Azeliragon has a novel mechanism of action for treating AD. It inhibits the receptor for advanced glycation endproducts (RAGE), an immunoglobulin supergene family member that is upregulated in AD. RAGE-ligand interactions lead to sustained inflammatory states that play a key role in chronic diseases like AD, inflammation and diabetes. RAGE is believed to contribute to AD pathology by promoting vascular leakage and the influx of peripheral amyloid-beta into the brain. A Phase 3 trial, STEADFAST, is currently enrolling up to 800 patients. The estimated study completion date is March 2018.
Cautionary note: the company has a complicated corporate structure. Its dominant shareholder is MacAndrews & Forbes, wholly owned by leveraged-buyout dealmaker Ronald O. Perelman, which controls 76% of the voting power of the outstanding common stock.
2014 Financials ($M): Operating Expenses: 30.4 (-17.4%); Net Loss: (36.1) (+25.1%); Cash Burn: (30.8) (+26.1%).
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