Shares of PTC Therapeutics Inc. (PTCT, Financial) jumped on Monday on positive results from its open-label FIREFISH study evaluating risdiplam (RG7916) in babies with type 1 spinal muscular atrophy. Over 90% of the babies treated with risdiplam, a splicing modifier that targets the survival motor neuron 2 RNA, achieved more than a four-point increase in a test of motor skills called CHOP-INTEND. The median increase was 5.5 points.
"We are delighted that up to 6.5-fold increase of protein production has translated into clinical impact for these babies in the FIREFISH study," CEO Stuart W. Peltz, Ph.D., said. "The survival data and CHOP-INTEND scores are very promising, since babies with Type 1 SMA typically do not experience functional motor milestone improvement based on natural history."Â
Dr. Giovanni Baranello of Fondazione Instituto Neurologico Carlo Besta in Milan, Italy also weighed in on the results.Â
"I am impressed by the clinical data and the changes reported by the patients' families. Data on motor function seem more encouraging when we consider that we are seeing motor function improvements and milestones achievement at this early stage of the study, which was essentially a dose-finding study and most of the infants included have received their first dose after the age of 5 months. It is exciting to see evidence of clinical benefit from a systemic oral treatment for SMA."
Baytex Energy Corp. (BTE, Financial) advanced on the news it will acquire Raging River Exploration (TSX:RRX, Financial) in an all-stock deal valued at 2.8 billion Canadian dollars ($2.13 billion). The deal allows the company to expand into Alberta's Duvernay shale field.
Raging River shareholders will receive 1.36 Baytex shares for each share owned. The combined company is expected to have annual production of 100,000 to 105,000 barrels of oil equivalent per day.
Raging River Chairman and CEO Neil Roszell will become the combined entity's chairman and Baytex President and CEO Edward LaFehr will become president and CEO.
“We are uniting two strong oil companies with exceptional people and assets," Roszell said. "This combination creates a diversified, well-capitalized oil producer that has an impressive suite of high-quality producing assets and the ability to materially advance our East Duvernay Shale light oil opportunity, while continuing to develop our Eagle Ford, Viking, Peace River and Lloydminster core assets."Â
Disclosure: The author holds no positions in any stocks mentioned.
