Key Developments For Corcept Therapeutics Inc
Corcept Therapeutics Inc (CORT.O) (Consolidated Issue listed on NASDAQ Capital Market)
Corcept Therapeutics Incorporated Announces Pricing of Private Placement
Corcept Therapeutics Incorporated announced that it has entered into a definitive agreement with certain existing investors, including Longitude Capital Management, Sutter Hill Ventures and Alta Partners, and new investors including Federated Kaufmann Funds to raise approximately $18 million in gross proceeds in a private placement through the sale of shares of its common stock and warrants. Corcept intends to use the net proceeds from the offering to fund the completion of enrollment in its Phase 3 trial of CORLUXCopyright for Cushing's Syndrome and the submission of its Cushing's Syndrome NDA, as well as for general corporate purposes, including working capital. Corcept has entered into a securities purchase agreement pursuant to which it has agreed to sell an aggregate of up to approximately 12.6 million units for $1.43 per unit. The units purchased will consist of one share of Corcept's common stock and one warrant to purchase 0.35 shares of Corcept's common stock at a per share exercise price of $1.66. Units will not be issued or certificated. The shares of common stock and the warrants are immediately separable and will be issued separately, but will be purchased together in this offering. The warrants will have a three year term. The closing of the transaction is expected to occur on or about October 16, 2009. Thomas Weisel Partners LLC acted as exclusive placement agent for the offering.
Corcept Therapeutics Incorporated Announces Data Demonstrates Metabolic Benefits Of Adding CORLUX To Treatment With Risperdal
Corcept Therapeutics Incorporated announced additional positive results from a clinical study that tested whether CORLUX mitigates the weight gain and other metabolic effects associated with Risperdal. The Company previously announced top-line data demonstrating that adding CORLUX to Risperdal treatment in healthy subjects resulted in a statistically significant reduction in weight gain compared to that seen in subjects receiving Risperdal alone. Analysis of key secondary endpoints demonstrates that the addition of CORLUX to Risperdal also results in less abdominal fat, lower fasting insulin levels and lower triglyceride levels, all of which were statistically significant compared to treatment with Risperdal alone. The data announced demonstrated benefits of adding CORLUX to treatment with Risperdal, beyond the mitigation of weight gain. The results from this study confirmed results previously reported from a similar clinical study of CORLUX when added to treatment with Zyprexa, which demonstrated statistically significant mitigation of Zyprexa-associated weight gain, as well as a favorable impact on metabolic markers.
Corcept Therapeutics Incorporated Announces Positive Results From CORLUX Clinical Study
Corcept Therapeutics Incorporated announced positive results from a clinical study that tested whether CORLUX mitigates the weight gain associated with Risperdal. The data demonstrated that adding CORLUX to Risperdal treatment in healthy subjects resulted in a statistically significant reduction in weight gain compared to that seen in subjects receiving Risperdal alone. Risperdal, a leading antipsychotic for the treatment of schizophrenia and bipolar disorder, is marketed by Johnson & Johnson. CORLUX is the Company's late-stage GRII receptor antagonist, which the company is also evaluating in ongoing Phase 3 trials for psychotic depression and Cushing's Syndrome. The data announced today confirmed results previously reported from similar clinical studies of CORLUX which demonstrated statistically significant mitigation of Zyprexa associated weight gain. Subjects in the Risperdal alone group gained an average of 9.2 pounds, compared to a gain of 5.1 pounds in the Risperdal plus CORLUX group. This difference was highly statistically significant (p < 0.0001). Additional metabolic parameters, including fasting insulin, triglycerides and abdominal fat, are being analyzed. Consistent with prior studies, CORLUX appeared to be well tolerated.
Corcept Therapeutics Incorporated Announces Trials Show GRII Receptor Antagonist Prevents And Reverses Weight Gain
Corcept Therapeutics Incorporated announced the results from two preclinical studies conducted as part of its collaboration with Eli Lilly and Company. The data demonstrate that CORT 108297 has the potential to both reduce weight gain caused by olanzapine and to prevent weight gain caused by initiation of treatment with olanzapine. Olanzapine is the active ingredient in Eli Lilly and Company's Zyprexa, which is indicated for the treatment of schizophrenia and bipolar disorder. The two studies were conducted in a rat model of olanzapine induced weight gain. The data confirmed results previously reported from similar studies of CORLUX, Corcept's late stage GRII receptor antagonist, which Corcept is evaluating in two ongoing Phase 3 trials for psychotic depression and Cushing's Syndrome. Study Design: Six groups (n = 12 per group) of rats were allowed to eat a normal diet for 56 days. Five groups were dosed orally with olanzapine daily. The sixth group received placebo. At day 35, the five groups receiving olanzapine had gained a statistically significant amount of weight compared to the group receiving placebo. The five olanzapine groups then began to receive daily oral doses either of CORT 108297 (at one of three dose levels), CORLUX, or placebo through day 56.
Corcept Therapeutics Incorporated Appoints Caroline M. Loewy As Chief Financial Officer
Corcept Therapeutics Incorporated announced the appointment of Caroline M. Loewy to the position of Chief Financial Officer.
