Acorda Therapeutics Inc (NASDAQ:ACOR) posted revenues of $26.1 million and $4.7 million from Ampyra and INBRIJA in Q2 2020. CEO of Acorda, Ron Cohen, said the company reported better revenues for INBRIJA despite COVID-19 pandemic disruptions in Q2 2020. He said new prescription requests for INBRIJA is rebounding after a decline in March 2020.
Ron said the company incurred higher Medicare rebates in H1 2020. As a result, it suffered a drop in Q2 2020 revenues. He expects Medicare rebates will be lower in H2 2020. Acorda focuses on developing therapies to restore normal function and improve the lives of patients who suffer from neurological disorders.
Levi & Korsinsky issues an alert to shareholders
Levi & Korsinsky alerted the shareholders on the possible breaches of fiduciary duty by certain directors and officers of Acorda. The company began investigating the irregularities at Acorda.
Adjourns shareholders meeting
In a special meeting convened on July 31, 2020, Acorda received shareholders’ approval for implementing reverse stock split. The meeting is adjourned to give time to the investors to give a nod for increasing authorized shares. It will reconvene the special meeting of shareholders on August 28, 2020.
Ampyra is used to treat people who have difficulty walking because of multiple sclerosis. Acorda also sells FDA approved Zanaflex tablets and capsules to manage Qutenza and spasticity. It markets a dermal patch to control neuropathic pain related to post herpetic neuralgia (post-Shingles pain).
Acorda also offers various neurological therapies to treat migraines, Parkinson’s disease, and multiple sclerosis. Inhaled formulation of levodopa – CVT-301 is also available from this company to cure Parkinson’s disease.
Acorda investigated a 5HT6/2A antagonist – SYN120 to treat dementia caused by Parkinson’s disease. A Phase 2 exploratory trial conducted in 2017 demonstrated no effects on the secondary and primary endpoints. But the tests are favorable towards the drug compared to the placebo. Acorda will not conduct any further tests on this drug and available for out-licensing.
CGF2 (Cimaglermin alfa), which belongs to the neuregulin factor series, provides recovery after suffering from neurological injury. The Phase 1 clinical study also demonstrated positive effects on cardiac functioning.