Five Prime Therapeutics, Inc. (NASDAQ: FPRX)
FPRX continued to climb higher Friday, gaining another 13.32%. The stock continued its momentum following Thursday’s news it has entered into an exclusive licensing and collaboration deal with Bristol-Myers Squibb (BMY) to develop and market Five Prime’s colony stimulating factor 1 receptor (CSF1R) antibody program. Yahoo Finance
FPRX CEO Comments
“We believe this transformational collaboration with Bristol-Myers Squibb for our CSF1R antibody program represents the best of both worlds in terms of maximizing the potential of FPA008,” said Lewis T. “Rusty” Williams, M.D., Ph.D., president and chief executive officer of Five Prime Therapeutics. “Bristol-Myers Squibb has undisputed leadership in the immuno-oncology landscape, deep clinical development and regulatory expertise, and an established commercial infrastructure to deliver important new therapies to patients. Bristol-Myers Squibb also has a rich pipeline of clinical candidates and approved products, a number of which may have therapeutic synergy when coupled with FPA008, given the potential of CSF1R inhibition to suppress the activity and survival of tumor associated macrophages. At the same time, Five Prime will continue to conduct trials in pigmented villonodular synovitis (PVNS) and immuno-oncology with FPA008, which is a product of our proprietary protein platform and our discovery of IL-34, one of the two ligands for CSF1R that FPA008 blocks.” Five Prime
FPRX gapped up in price Thursday over 60% to $27.93, an increase of almost $11.00. The trend continued on Friday, as news kept the stock trading with a high volume of 2.6 million (over 4 times normal volume) and a closing price of $31.65, $3.72 higher than previous day’s close. This represents a new 52 week high for the stock price as the closest it has come to this price range was on December 29th, 2014 when it reached $27.71. FPRX also crossed over its 50 and 200 day moving averages this week.
Five Prime Therapeutics, Inc. Recent Financials
On 08/06/2015 Five Prime released their 2nd quarter financial results.
Cash, cash equivalents and marketable securities totaled $207.4 million on June 30, 2015 compared with $149.1 million on December 31, 2014. Collaboration and license revenue for the second quarter of 2015 increased by $1.3 million, or 26%, to $6.3 million from $5.0 million in the second quarter of 2014, primarily due to the $1.5 million upfront license payment from bluebird bio. Net loss for the second quarter of 2015 was $11.5 million, or $0.45 per basic and diluted share, compared with a net loss of $9.9 million, or $0.46 per basic and diluted share, for the second quarter of 2014. Five Prime
Five Prime Therapeutics, Inc. (Five Prime), incorporated on December 20, 2001, is a clinical-stage biotechnology company focused on discovering and developing protein therapeutics. The Company’s product candidates include FPA008, FPA144 and FP-1039/GSK3052230. The Company’s partner, GlaxoSmithKline (GSK), is conducting a Phase Ib clinical trial of FP-1039 in combination with several chemotherapies in patients with FGFR1 gene-amplified or FGF-2 over-expressing tumors. The company is headquartered in San Francisco, CA. Reuters