As Stock Recovers, Duke University Spinout Aerie Expands R&D Into Research Triangle Park
July 17, 2015
By Mark Terry, BioSpace.com Breaking News Staff
Aerie Pharmaceuticals, Inc. , headquartered in Bedminster, N.J., but with operations in the Research Triangle Park, N.C. area, has announced it is expanding its RTP operations. The company is leasing a 20,000-square-foot facility for office and laboratories in the Exchange Place building at Imperial Center business park in Durham.
Aerie focuses on treatments for glaucoma and other eye diseases. On June 15, Aerie indicated that it had received communications from the U.S. Food and Drug Administration (FDA) that it could move the primary endpoint range of its second Phase III trial of Rhopressa. The initial range for intraocular pressures (IOPs) was above 20 mmHg (millimeters of mercury) to below 26 mmHg. The new range is above 20 mmHg to below 25 mmHg.
“We are extremely pleased with the outcome of our communications with the FDA,” said Vicente Anido, Jr., chair and chief executive officer of Aerie in a statement. “If Rocket 2 results resemble those of Rocket 1, we believe we may have a much greater opportunity for success in meeting the clinical endpoint of non-inferiority to timolol. ...Looking ahead, we expect to commence our next Phase III registration trial for Rhopressa, named Rocket 4, in the third quarter of 2015. Rocket 4 is expected to be established with a primary endpoint range of above 20 mmHg to below 25 mmHg.”
The company also expects to start its first Phase II registration trial for Roclatan. Rhopressa is a novel triple-action eye drop to treat glaucoma. Roclatan is a once-daily eye drop also used to treat glaucoma.
is rebounding after a big fall in April. On April 23, 2015, shares traded for $35.39. On May 1, 2015, shares dropped to $9.37. They currently trade for $18.78. Almost a year ago, on Aug. 27, 2014, shares traded for $17.19.
Zacks recently ranked the company at “4” and gave it a “sell” rating for the short term. Four other analysts rated it as a “strong buy.” Needham rates Aerie as “Buy,” a shift from a “Hold” rating. The company’s short-term price target, according to Insider Trading Report is $33.50 per share. The higher price target is $50 and the lower is $24, based on six analysts.
On April 14, 2015, company director Mehra Anand sold 425,000 shares at an average of $33.76 per share for a total value of $14,348,000.
Aerie is a spinout of Duke University. The original research began at Proctor & Gamble under Mitch DeLong. In 2006, after the research seemed to hit a dead end, the research was gifted to Duke. The company went public in October 2013 and raised about $60 million.
As New Jersey Biotech Booms, Will It Overtake Other States As Prime Location?
A week after Celgene Corporation announced it is officially the mystery buyer of Merck & Co. ’s former 1 million-square-foot R&D site in Summit, N.J., it quickly became our most popular story last week.
The company announced last Wednesday that it is buying the space, ending months of speculation about what Big Pharma company might move into the neighborhood.
The Summit, N.J. site is zoned research/office. The New Jersey site would put operations closer to some of the major biotech and pharmaceutical hubs on the East Coast.
But, by far, the most tempting part of doing business in the state remains New Jersey’s operating tax credit, which allows companies to sell their net operating losses to the New Jersey Treasury. One of the state’s most recognizable biotechs, Celgene, used the program until it became profitable, which was key to it staying in the state, said local officials.
That has BioSpace is wondering if New Jersey is becoming the new face of biotech. What do you think? Can the Garden State compete with other longtime stalwarts like California or Boston?