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As of 8:10 PM 08/22/14 All times are local (Market data is delayed by at least 15 minutes).

acorda therapeutics inc (ACOR) Key Developments

Acorda Therapeutics, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Reaffirms Sales Guidance for the Year 2014; Plans to Begin Phase III Clinical Trial

Acorda Therapeutics, Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter the company reported GAAP net income of $4.7 million for the second quarter of 2014 or $0.11 per diluted share against $3.9 million, or $0.09 per diluted share a year ago. Non-GAAP net income was $17.7 million, or $0.42 per diluted share. Non-GAAP net income in the same quarter of 2013 was $14.1 million, or $0.34 per diluted share. Total revenues were $97.1 million against $87.1 million reported last year. Operating income was $11 million against $8.7 million a year ago period. Income before income taxes was $10.7 million against $8.2 million reported last year. Net revenue was $87.4 million compared to $77.8 million for the same quarter in 2013. For the six months, the company reported total revenues of $177.6 million compared to $158.9 million reported in the same period a year ago. Net income was $5.4 million or $0.13 per diluted share against net income of $2.8 million or $0.07 per diluted share reported a year ago. Non-GAAP net income was $26.5 million or $0.63 per diluted share against net income of $15.4 million or $0.37 per diluted share reported last year. Operating income was $14.4 million against $6.2 million reported last year. Income before income taxes was $14.2 million against $5.2 million reported a year ago. The company reiterates 2014 AMPYRA net sales guidance of $328 million to $335 million. The company announced that it expects to begin a Phase III clinical trial by the end of the year, studying the use of dalfampridine, which is the active ingredient in AMPYRA, twice-daily to improve walking in people who've experienced a stroke in the past. This formulation was used in its proof-of-concept study, for which the company announced positive results in 2013. But it is working on a new once-daily or QD formulation, which depending on when the company complete development, could potentially be introduced into the Phase III program later.

Acorda Therapeutics, Inc., Q2 2014 Earnings Call, Jul 31, 2014

Acorda Therapeutics, Inc., Q2 2014 Earnings Call, Jul 31, 2014

Acorda Therapeutics, Inc. to Initiate Phase 3 Clinical Trial, Studying Use of Dalfampridine Administered Twice Daily to Improve Walking in People Who Experienced Stroke

Acorda Therapeutics, Inc. expects to initiate a Phase 3 clinical trial by the end of this year studying the use of dalfampridine administered twice daily (BID) to improve walking in people who have experienced a stroke. The company has been exploring a once-daily (QD) formulation of dalfampridine for use in the post-stroke clinical program. Based on the results of an in-vitro alcohol dose dumping study and a subsequent fed-fasted study, the company has determined that the current QD formulation is not practical for further testing. The company is working with external partners to develop a new QD formulation that could be included in future post-stroke clinical trials.

Acorda Therapeutics Seeks Acquisitions

Acorda Therapeutics, Inc. (NasdaqGS:ACOR) seeks acquisitions. Acorda Therapeutics intends to offer $300 million principal amount of convertible senior notes due 2021 and grant the underwriter an option to purchase up to an additional $45 million principal amount. Acorda Therapeutics plans to use the net proceeds from the offering for general corporate purposes, to fund possible acquisitions of, or investments in, complementary businesses, products and technologies.

Acorda Therapeutics Considers Acquisitions

Acorda Therapeutics, Inc. (NasdaqGS:ACOR) to considers acquisitions. Michael Rogers, Chief Financial Officer of Acorda, said, "We are in a very strong financial position and we would like to fill in our pipeline of products with later stage products, potentially even an in-market product. So we are spending a good deal of our time looking at assets to in-license or acquire, both in neurology and potentially slightly outside of neurology. We think we've got a very good specialty commercial organization. Our focus is in neurology, but we are looking as well outside."

 

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