Cyclerion Therapeutics Inc. (CYCN) shares jumped 6.52% in after-hours on Thursday, July 8, 2021, and closed the trading at $3.91 per share. Earlier in the morning session on Thursday, CYCN’s stock gained 1.38% to close the session at $3.68 per share. CYCN shares have fallen 35.44% over the last 12 months, and they have moved down 5.64% in the past week. Over the past three months, the stock has gained 29.12%, while over the past six months, it has declined18.33%.
Let’s see why CYCN performed well on Thursday?
Partnership with Beacon Biosignals
On July 8, 2021, Cyclerion Therapeutics, Incand Beacon Biosignals announced an extended and expanded strategic partnership between the two companies. This collaboration is expected to identify disease-relevant biomarkers to refine patient selection and endpoints to guide the clinical development of Cyclerion’s investigational therapeutics for neurological diseases associated with cognitive impairment.
The global licensing agreement with Akebia Therapeutics
On June 04, 2021, Cyclerion Therapeutics, Inc entered into an exclusive, global license agreement with Akebia Therapeutics, Inc for the development and commercialization of praliciguat, an oral sGC stimulator.
The total agreement value is up to $585 million and Cyclerion is eligible to receive up to $225M in pre-commercial milestones, including up to $15M in the first 18 months.
$18 Million Private Placement announcement
On June 04, 2021, Cyclerion Therapeutics, Inc announced a direct private sale of approximately $18 million of Cyclerion shares of common stock to EcoR1 Capital, LLC, Slate Path Capital LP, MFN Partners, LP, Invus, Peter Hecht, Ph.D., Lincoln Park Capital Fund, LLC and Polaris Partners.
Publication of CY6463 Preclinical Data
OnMay 27, 2021, Cyclerion Therapeutics, Inc announced the publication of preclinical data of CY6463 in Frontiers in Pharmacology.
What is CY6463?
CY6463, an oral, first-in-class, central nervous system (CNS)-penetrant sGC stimulator, for neurological diseases associated with cognitive impairment, including Alzheimer’s disease with vascular pathology (ADv), Mitochondrial Encephalomyopathy, Lactic Acidosis and Stroke-like episodes (MELAS), as well as Cognitive Impairment Associated with Schizophrenia (CIAS) which Cyclerion is developing.
Recent participation in the health conference
Cyclerion Therapeutics recently participated at the Jefferies Virtual Healthcare Conference which held on Tuesday, June 1, 2021. The company’s management presented a corporate overview of the company.
Exceptional share purchased by Cyclerion CEO
On May 9, 2021, the news came to the market that the CEO & Director of Cyclerion, Peter Hechtrecently bought a whopping US$1.7m worth of stock, at US$2.43, boosting their holding by 309%.
New Board member
On April 26, 2021, Cyclerion Therapeutics, Inc appointed Errol De Souza, Ph.D., to its board of directors.
Conclusion
The expansion and extension of the partnership with Beacon Biosignals was the reason behind its good performance on Thursday and it can continue its surge on the last trading day of the week.
