Onconova Therapeutics Inc. (NASDAQ: ONTX)
Onconova Therapeutics (ONTX) a clinical stage biopharmaceutical company reports second quarter 2015 financial results. The company also announced they will move forward with their phase 3 trial for IV rigosertib, in addition their phase 2 trial of oral rigosertib is approaching full enrollment.
Onconova Therapeutics Earnings and Outlook
Cash, cash equivalents, and marketable securities as of June 30, 2015 totaled $25.4 million, compared to $33.7 million as of March 31, 2015. Total net revenue was $0.1 million for the second quarter of 2015 and $0.2 million for the six months ended June 30, 2015, compared to $0.1 and $0.6 million for the comparable periods in 2014. Research and development expenses were $6.5 million for the second quarter of 2015 and $16.0 million for the six months ended June 30, 2015, compared to $12.9 and $27.2 million for the comparable periods in 2014. General and administrative expenses were $2.6 million for the second quarter of 2015 and $5.5 million for the six months ended June 30, 2015, compared to $4.0 and $8.9 million for the comparable periods in 2014. Globe Newswire
Onconova Therapeutics CEO’s Comments
“Following receipt of regulatory guidance, we have completed the design of a proposed Phase 3 pivotal trial for IV rigosertib in patients with higher-risk myelodysplastic syndrome (HR-MDS) after failure of hypomethylating agent (HMA) therapy. We are finalizing our IND submission for the trial and intend to initiate enrollment in this study in the second half of 2015,” said Ramesh Kumar, Ph.D., President and CEO of Onconova. “In addition, a Phase 2 trial of oral rigosertib in combination with azacitidine in MDS and AML is approaching full enrollment. We expect to present data from this study later this year.” Globe Newswire
“We are pleased to achieve this important milestone, which positions rigosertib back on an approval track in HR-MDS,” said Ramesh Kumar, Ph.D., President and CEO of Onconova. “We plan to submit Clinical Trial Applications (CTAs) in several European countries shortly.” Globe Newswire
ONTX gapped up in price today to $3.84 up from yesterday’s close of $1.98 which is a 94 % increase in price based on positive news. Taking a look at the daily chart we have to go back to Feb 2 when it traded at $4.01 to see a price above today’s gap up level. On Feb2 the stock tanked on heavy volume and the stock was trading at $2.55 on Feb3. So we can see the stock has shown volatility in the past. To get another point of resistance for the stock we have to go back to Jan 8 when the stock traded at a $4.41. The stock has a low float of 12.67 million shares and is trading on heavy volume today making it a ripe candidate for the gap and go strategy. For trading purposes I would use $4.00 as my entry price looking for a run to $4.40. My stop loss would be $3.80 a little below the gap up in price. I am a little concerned at these levels the stock might be overextended so I would have a quick trigger with the stop loss.
Onconova Therapeutics, Inc., a clinical-stage biopharmaceutical company, focuses on discovering and developing small molecule drug candidates to treat cancer. The companys clinical-stage product candidates include Rigosertib IV, which is in Phase III clinical trials for patients with higher risk myelodysplastic syndromes (MDS); Rigosertib oral in combination with azacitidine that is in Phase II clinical trials for patients with MDS and acute myelogenous leukemia; and Rigosertib oral, which is in Phase II clinical trials for patients with lower risk MDS. Its clinical-stage product candidates also comprise Briciclib, which is in Phase I multisite dose-escalation trial for patients with advanced solid tumors; and Recilisib that has completed four Phase I clinical trials for patients with acute radiation syndromes. In addition, the company has various product candidates that target kinases, cellular metabolism, or cell division in preclinical development. It has a development and license agreement with Baxter Healthcare SA; and a license agreement with SymBio Pharmaceuticals Limited. The company was founded in 1998 and is headquartered in Newtown, Pennsylvania. Yahoo Finance