Versartis misses by $0.41, retains Cowen to assist in evaluating possible strategic transactions
- Reports Q3 (Sep) loss of $1.40 per share, $0.41 worse than the Capital IQ Consensus of ($0.99).
- Corporate Update
- Analysis of VELOCITY Phase 3 trial results continues in order to assess the viability of further development of somavaratan for growth hormone deficiency (GHD)
- All ongoing clinical trials of somavaratan will conclude by the end of 2017; the VISTA long-term safety study in pediatric GHD will conclude at the end of October; further clinical development of somavaratan in adult GHD is on hold
- Dialogue ongoing with Teijin, Versartis' partner for Japan, as data are analyzed further; J14VR5 Phase 3 study in Japan is being discontinued
- Completed reduction in work force of approximately two thirds and further cost-cutting measures underway to preserve cash
- Cash and cash equivalents were $118.8 million as of September 30, 2017.
- The co announced that it has retained Cowen to assist in evaluating possible strategic transactions. The process is aimed at identifying opportunities to diversify the Versartis pipeline, including through potential strategic combinations, in order to leverage the company's expertise and resources and create value for shareholders.
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