ARCA Biopharma (ABIO) topped the list of biggest percentage price gainers among common stocks on the Nasdaq Friday. The co.’s shares more than doubled in value with a 250% gain to $9.23 after the biotech company said the U.S. Patent and Trademark Office had issued a patent protecting its heart-failure treatment methods.
BW: “We believe that a new heart failure therapy that includes a simple test to identify a substantial subpopulation of patients more likely to benefit has the potential to help alleviate some of the problems encountered with the current standard of practice,” ARCA Chief Executive Michael Bristow said in a statement.
On March 25, 2010, ARCA submitted a revised clinical study protocol for review under the U.S. Food and Drug Administration’s (FDA) Special Protocol Assessment (SPA) process for the design of a clinical trial to assess the safety and efficacy of Gencaro [ARCA’s experimental drug bucindolol hydrochloride which treats chronic heart failure) in approximately 3,200 patients with chronic heart failure who have the genotype that appears to respond most favorably to Gencaro.”
According to Bristow, if approved for marketing, the patent will provide Gencaro market exclusivity into 2025.
Stats-wise ; ARCA’s negative operating cash flow currently stands at nearly $42 million. Its current ratio is above 5 while book value/p/sh is at 0.97.
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