Business briefs, May 28
BioCryst’s stock climbs on preliminary study results
DURHAM – Durham-based BioCryst Pharmaceutical’s stock price climbed nearly 11 percent Tuesday on positive preliminary results of a test for its experimental treatment for hereditary angioedema, a genetic condition that causes severe swelling.
The company announced the results Tuesday from a trial that examined the responses of 24 patients who have the condition and who received the drug for 28 days.
The study found a lower per-week average attack rate in patients on the drug compared to patients on a placebo. In addition, it found that the drug was “generally safe and well-tolerated.”
The company’s stock price was up almost 11 percent to $9.99 on the results of the Phase 2a trial, which is planned to be followed with a Phase 2b trial as well as a Phase 3 test.
The company’s stock price got a boost earlier this year on the news that another one of its drug candidates, a flu treatment called peramivir, was allowed to move forward in the regulatory approval process.
Also on Tuesday, BioCryst announced that an offer to sell $100 million’s worth of common stock in an underwritten public offering. It also planned to grant the underwriters a 30-day option to an additional $15 million in common stock.
Durham online patient payment company raises $2.5 million
DURHAM – Durham-based PatientPay, a start-up patient billing and payment software company, has raised $2.5 million from investors.
The money was raised in a fundraising round led by the San Francisco-based venture capital firm Mosaik Partners.
With the new investment dollars, the company has now raised $6 million.
PatientPay CEO Thomas Furr said the company has already put $3.5 million in to secure its intellectual property, to get partnerships, and to build out its platform.
Now he said it will use the $2.5 million for sales, marketing and business development.
The company launched its cloud-based payment and billing software this year, he said. The company’s strategy is to partner with other providers of practice management software to provide the platform to doctor’s offices, he said.
He said he expects to see growing demand for the product as patients shift toward insurance plans with higher deductibles, which he said will shift some of the burden of collecting payments to practices.
“The old, traditional way of paper (billing) is expensive and time-consuming,” he said.
The company employs 12 people at its office on Slater Road.
Chimerix completes secondary offering
DURHAM – Durham-based Chimerix announced Tuesday that it saw gross proceeds of $119.4 million from a recent underwritten public offering.
That’s the total in gross proceeds before accounting for underwriting discounts, commissions and other costs.
That is from the sale of 8.395 million shares of stock, including 1.095 million shares sold to its underwriters through a fully exercised option to buy additional shares.
The shares were offered by Chimerix at a price of $14.22 per share. The company plans to use the proceeds to pay for research and development efforts and for other costs.