Vertex (VRTX) update #29
Posted by intelledgement on Wed, 05 Aug 09
Vertex Pharmaceuticals (VRTX), our biopharma spec play with the killer hepatitis C drug candidate, announced their 2Q09 results today. Thanks to a spate of one-time expenses relating to the retirement of founder and CEO Joshua Boger, the note exchange, and a restructuring charge, losses nearly doubled to $171 million compared to $91 million in 2Q08. The company ended 2Q09 with $754 million in their coffers, and are anticipating collecting $105 million more due to a restructuring of their agreement with Mitsubishi Tanabe Pharma—who have the distribution rights for telaprevir in Asia Pacific (sans Australia)—announced last week.
Phase 3 trials of telaprevir proceed apace; we are on track for a second-half 2010 application by Vertex to the FDA for USA approval (about a year later than we originally projected when we made bought VRTX stock, but such is to be expected when speculating in biotechs). For more details, check out the press release.
Previous VRTX-related posts:
- BUY Vertex Pharmaceuticals (VRTX)—Hepatitis C Play (17 Apr 07)
- Vertex (VRTX) update—PROVE 1 trial news and 2Q07 results (25 Jul 07)
- Vertex (VRTX) update #2—down 13% on good boceprevir (SGP) results (18 Oct 07)
- Vertex (VRTX) update #3—3Q07 results (30 Oct 07)
- Vertex (VRTX) update #4—concerns about telaprevir Phase 3 trial delay and competition (5 Nov 07)
- Vertex (VRTX) update #5—still no word on start of telaprevir Phase 3 trial (9 Jan 08)
- Vertex (VRTX) update #6—down 10% on apparent FDA preference for 48-week Phase 3 (23 Jan 08)
- Vertex (VRTX) update #7—4Q07 results (11 Feb 08)
- Vertex (VRTX) update #8—Seven million shares sold to raise cash (19 Feb 08)
- Vertex (VRTX) update #9—up 8% on good Phase 2 results for cystic fibrosis drug (27 Mar 08)
- Vertex (VRTX) update #10—up 28% on excellent Phase 2 results for telaprevir (31 Mar 08)
- Vertex (VRTX) update #11—more good telaprevir Phase 2 data and 1Q08 results (27 Apr 08)
- Vertex (VRTX) update #12—up 13% on Cowens upgrade; still more good telaprevir Phase 2 data (9 Jun 08)
- Vertex (VRTX) update #13—down 5% on unattractive FDA Phase 3 parameter preferences (24 Jun 08)
- Vertex (VRTX) update #14—2Q08 results (1 Aug 08)
- Vertex (VRTX) update #15—telaprevir Phase 3 trial for SOC-resistant patients launched (19 Aug 08)
- Vertex (VRTX) update #16—nine million shares sold to raise cash (22 Sep 08)
- Vertex (VRTX) update #17—up 16% on Phase 2 results showing 2x daily telaprevir works (24 Sep 08)
- Vertex (VRTX) update #18—final Phase 2a trial results on VX-770 (CF)…on to Phase 3! (20 Oct 08)
- Vertex (VRTX) update #19—3Q08 results (27 Oct 08)
- Vertex (VRTX) update #20—up 5% on fresh telaprevir Phase 2 results (3 Nov 08)
- Vertex (VRTX) update #21—down 11% on concerns about Obama’s drug reimbursement policies (21 Nov 08)
- Vertex (VRTX) update #22—Vertex founder Joshua Boger to retire (5 Feb 09)
- Vertex (VRTX) update #23—4Q08 results (9 Feb 09)
- Vertex (VRTX) update #24—ten million shares sold to raise cash (18 Feb 09)
- Vertex (VRTX) update #25—Vertex to acquire ViroChem Pharma for ten million shares (3 Mar 09)
- Vertex (VRTX) update #26—1Q09 results (16 Apr 09)
- Vertex (VRTX) update #27—seven million shares exchanged for notes (8 Jun 09)
- Vertex (VRTX) update #28—sale of future JNJ milestone payments (12 Jul 09)
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