Welcome to our dedicated page for Acorda Therapeutics news (Ticker: ACOR), a resource for investors and traders seeking the latest updates and insights on Acorda Therapeutics stock.
Acorda Therapeutics, Inc. (Nasdaq: ACOR) is a biotechnology company committed to developing therapies to restore neurological function and improve the lives of individuals with neurological disorders. Founded in 1995, Acorda has evolved from a small network of scientists and medical professionals into a commercial-stage company known for its innovative products. The company's core offerings include INBRIJA® (levodopa inhalation powder) and AMPYRA® (dalfampridine) Extended Release Tablets. INBRIJA is approved for the treatment of OFF episodes in adults with Parkinson’s disease on carbidopa/levodopa therapy, while AMPYRA helps improve walking in adults with multiple sclerosis (MS).
Acorda's commitment to research and development, as well as its close collaborations with patient, medical, and scientific communities, has driven its success. The company has earned accolades for being one of the best workplaces in New York over the past five years due to its dynamic environment and strong corporate culture.
In recent financial updates, Acorda reported a Q2 2023 U.S. net revenue of $8.3 million for INBRIJA, reflecting a 12% increase from Q2 2022. AMPYRA's Q2 2023 net revenue stood at $16.9 million, a 7% decrease from the previous year. Despite financial challenges, including not expecting to be cash flow neutral in 2023, Acorda continues to revise and manage operating expenses efficiently.
The company has also regained compliance with Nasdaq after a 1-for-20 reverse stock split. Acorda announced a new board member, Tom Burns, and has continuously worked on strategic partnerships to enhance its global footprint. Notably, Biopas Laboratories has filed for the approval of INBRIJA in six Latin American countries, with more filings expected in Chile, Mexico, and Brazil in the near future.
Despite a recent Chapter 11 bankruptcy filing and plans to sell its assets to Merz Therapeutics, Acorda reassures stakeholders that patient access to INBRIJA and AMPYRA will continue uninterrupted. The decision for bankruptcy was the outcome of a strategic review, aiming to maximize asset value through a competitive auction process.
Acorda's mission remains steadfast in innovating and providing effective therapies for those affected by neurological disorders. The company continues to focus on maintaining its operations and achieving its financial goals during this transitional period.
Acorda Therapeutics, Inc. (Nasdaq: ACOR) has revised its long-term financial guidance, correcting overstatements of projected Adjusted EBITDA and cash balances from 2022 to 2027. The adjustments reflect actual financial results from late 2022 and do not alter previously reported financial results or U.S. net revenue guidance for Inbrija. The Finnish government will waive approximately $27 million in loans, enhancing net income. Acorda anticipates continued growth for Inbrija, despite AMPYRA losing market share. The company aims for cash-flow positivity in 2023.
Acorda Therapeutics (NASDAQ: ACOR) has received notice from Nasdaq that its stock is subject to delisting due to failing to maintain a minimum price of $1.00. The company plans to request a hearing within seven days to potentially postpone delisting actions. Acorda intends to present a compliance plan at the hearing, and if granted an extension, may consider a reverse stock split if compliance isn't regained by June 17, 2023. CEO Ron Cohen emphasized a preference for organic stock price growth over reverse stock splits.
Acorda Therapeutics (NASDAQ: ACOR) announced a cash interest payment of approximately $6.2 million on December 1, 2022, under its Convertible Senior Secured Notes Indenture. This payment was made using cash in escrow, reported as restricted cash on the balance sheet, thereby preventing shareholder dilution. Acorda specializes in therapies for neurological disorders, including its products INBRIJA® and AMPYRA®.
Acorda Therapeutics, Inc. (Nasdaq: ACOR) reported that its shareholders approved a reverse stock split at a ratio of nearly 2.5 to 1 during a Special Meeting. This strategic move aims to prevent potential delisting from Nasdaq, as noted by CEO Ron Cohen. He expressed gratitude for shareholder support and emphasized the company's recent arbitration award and disciplined financial management, positioning Acorda to execute a robust long-term business plan.
Acorda Therapeutics held a Special Meeting of Stockholders on
Acorda Therapeutics reported its Q3 2022 financial results, showing a net revenue increase for both INBRIJA and AMPYRA. INBRIJA U.S. sales reached $7.8 million, up 1% year-over-year, while AMPYRA revenue rose 5% to $21.1 million. The company secured a $16.5 million arbitration award from Alkermes, relieving it from royalty payments on AMPYRA. A special stockholders meeting is scheduled for November 4, 2022, to authorize a reverse stock split to avoid Nasdaq delisting. The 2022 guidance remains unchanged, with projected AMPYRA revenue between $68-78 million.
Acorda Therapeutics announced a long-term business plan focused on increasing shareholder value through the growth of INBRIJA and AMPYRA, alongside operational efficiencies. The company expects to be cash-flow positive in 2023, bolstered by a recent arbitration ruling and improved liquidity. Key initiatives include expanding INBRIJA's market share and launching brand campaigns. Financial guidance for 2022-2027 indicates rising revenues, despite AMPYRA facing market share loss. Shareholder approval for a reverse stock split is critical for executing the outlined business strategy.
Acorda Therapeutics (NASDAQ: ACOR) announced a webcast for its third quarter 2022 update and financial results on November 1, 2022, at 4:30 p.m. ET. Participants can register via a provided link and submit questions for the Q&A session. The call will be available for replay from 7:30 p.m. ET on the same day until December 1, 2022. Acorda specializes in therapies for neurological disorders, including INBRIJA for Parkinson's disease and AMPYRA for multiple sclerosis. The company faces risks regarding product sales, competition, and regulatory compliance.
Acorda Therapeutics will host a virtual Q&A session with CEO Dr. Ron Cohen on October 28, 2022, at 1:00pm ET. Shareholders can submit questions live as they discuss items on the ballot for the upcoming Special Meeting on November 4, 2022. Participation is available via video or phone, and shareholders are encouraged to vote for the Reverse Split proposal. Acorda develops therapies for neurological disorders, including the approved INBRIJA for Parkinson's disease and AMPYRA for multiple sclerosis.
Acorda Therapeutics has announced it will not pay the $6.2 million interest due on December 1, 2022, using its common stock, as stipulated in its Convertible Senior Secured Notes Indenture. This decision allows the company to avoid diluting share value. Furthermore, the company is focused on marketing its neurological therapies, including INBRIJA for Parkinson’s disease and AMPYRA (dalfampridine) for multiple sclerosis. Continued uncertainties related to product sales and management retention present potential risks for investors.
FAQ
What is the market cap of Acorda Therapeutics (ACOR)?
What does Acorda Therapeutics, Inc. do?
What are the main products of Acorda Therapeutics?
What recent financial achievements has Acorda reported?
What significant business update did Acorda announce regarding Nasdaq compliance?
What recent strategic partnerships has Acorda entered into?
What is the status of Acorda's Chapter 11 bankruptcy filing?
Will the bankruptcy filing affect patient access to Acorda's medications?
Why did Acorda file for Chapter 11 bankruptcy?
Who has recently joined Acorda's Board of Directors?
What is Acorda's mission?
