Orphazyme A/S (ORPH) is a global late clinical-stage biotherapeutics business engaged in the development of arimoclomol for patients with Niemann-Pick disease type C.
The price of ORPH stock during the regular trading of March 10, 2022, was $1.26 with a gain of 5.88%. At the last of the aftermarket, the company’s stock nose-dived by 36.5%.
ORPH: Events and Happenings
On March 10, 2022, ORPH reported about the decision made by the company’s BoDs following the receiving of the adverse Trend Vote and because of its financial situation to file a petition for its intra-court restructuring. The company will also reduce up to 50% of its international employees.
On February 23, 2022, ORPH updated on the review of the Marketing Authorisation Application for arimoclomol by the European Medicines Agency’s Committee for Medicinal Products. The company was informed of a negative trend vote on the MAA for arimoclomol in NPC.
On February 18, 2022, ORPH announced the issuance of shares from February 11-17, 2022 due to the use of its US At-the-Market Offering Platform with Cowen and Company, LLC. A total of 360,000 ordinary shares each of DKK 1, represented by ADSs, had been issued and sold by Cowen at a market price in agreement with the company’s Articles of Association. On February 11, 2022, ORPH informed the press about the protocol and projected timelines for its FDA’s resubmission for NDA for arimoclomol.
ORPH: Key Financials
On August 31, 2021, ORPH released its interim financial statement for the first half of 2021 ended June 30, 2021. Some of the significant updates are as follows.
Revenue
Net revenues in H1 2021 were DKK 13.1 million compared to no revenues reported in the same period of 2020.
EPS
Net loss basic and diluted per share during H1 2021 was DKK 463.7 million or DKK 13.27 in comparison to DKK 251.4 million or DKK 9.77 in the same period of 2020. The company noted a considerable increase in its losses over the year.
Conclusion
ORPH stock was hit hard in the pandemic as its stock price dropped considerably by 90% in the last year. Currently, its stock plunged in Thursday’s aftermarket trading as the company announced the beginning of its intra-court restructuring procedures.
