ProQR Therapeutics N.V. (PRQR), a biopharmaceutical company, has seen an increase of 19.68% in the aftermarket trading session. As a result, PQRQ stock is trading at $8.15 at the time of this writing. The increase has come as a result of its Axiomer RNA Editing Licensing and Research Collaboration with Lilly. On Wednesday, PRQR stock closed the day at $6.81.
PRQR collaboration with Lilly
Yesterday, PRQR announced to enter into a global licensing and research collaboration with Lilly, a company focused on development of potential medicines to cure genetic disorders. The companies said that via utilizing the Axiomer RNA editing platform, they would progress new drug targets toward the stage of development and commercialization. Axiomer® platform technology edits single nucleotides in RNA in a highly specific manner. Mainly, the technology is based upon the Editing Oligonucleotides (EONs). The companies vowed to collaborate for the development of 5 different targets. The agreement said that PRQR would receive $50 million and an upfront amount of $20 million. Daniel A. de Boer, Founder and CEO of ProQR, highlighted the importance of collaboration for both the companies and said that the partnership has the potential to improve condition for both the companies.
Q2 2021 financial results
On the 5th of August, PRQR reported the quarterly results for the second quarter of 2021, which ended on 30th June 2021. According to the results, the company had cash and cash equivalents of €139.4 million. The research and development expenses bore by the company during three months stood at€9.7 million, as compared to €8.6 million during the equivalent period of 2020. The general and administrative costs during the quarter stood at€4.1 million, as compared to €3.4 million during equivalent period of 2020. The net loss for three month period was €15.8 million, or €0.24 per diluted share. In comparison to that, the net loss for equivalent period of 2020 stood at €4.1 million, or €0.08 per diluted share. Commenting on the performance, Daniel A. de Boer said that during the quarter, the company created significant momentum in its performance on financial performance. He hoped that the company would utilize that momentum to boost its results in the future as well.
In-licensing for rights of ASO
On 4th of May, PRQR and RTW Investments, LP, an investment firm, announced that Yarrow Biotechnology Inc., has in-licensed the exclusive rights to PRQR’s antisense oligonucleotide technology (ASO). The move was meant for the development and commercialization of therapies for a non-ophthalmic target. Under the agreement, PRQR had to receive up to $115 million of upfront and milestone payments. Besides that, it was also eligible to receive single-digit percentage royalties for net sales of products. Daniel A. De Boer expressed his pleasure over the agreement and said that the agreement would result in wealth and value generation for all of the stakeholders.
What’s ahead for PRQR?
Past indicators reveal a very positive picture of PRQR stock. During previous quarter, it has increased by 5.42%, while during the previous half-year; it has increased a mammoth 43.37%. Based on these statistics, it’s not hard to say that PRQR stock is worth investing in during times ahead. So, potential investors should keep a close watch on PRQR stock.
