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What: Shares of biotech Inhibitex
So what: Inhibitex reported top-line safety and antiviral data from its ongoing clinical trial that evaluates the drug administered in monotherapy or in combination with ribavirin for seven days. When used in combination, INX-189 demonstrated potent synergistic antiviral activity and did not result in any serious adverse side effects.
Now what: As a result, the company is seeking regulatory FDA approval to expand a mid-stage trial. The company will also expand a shorter early-stage trial of INX-189 to include 200 mg and 300 mg doses, compared to the 100 mg doses currently used. In order to finance the phase 2 program, Inhibitex has sold about 1.9 million shares of stock at an average price of $10.25 and received roughly $19.4 million in net proceeds after commissions.
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Fool contributor Evan Niu holds no position in any company mentioned. Click here to see his holdings and a short bio. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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