ATNX - ATNX STOCK NEWS

Athenex, Inc. (NASDAQ: ATNX) reported a 27% increase in product sales for Q4 2022, totaling $21.8 million, and a 33% increase for the full year, reaching $90.9 million. Despite these gains, the company recorded a net loss of $34.2 million, or $4.28 per diluted share, in Q4 2022. Cash and cash equivalents stood at $35.6 million at year-end. Clinical updates include a hold on the KUR-501 study due to serious adverse events, while KUR-502 data is anticipated in 2H 2023. A 20:1 reverse stock split executed in February 2023 helped Athenex regain Nasdaq compliance. Ongoing strategic alternatives to improve financial stability were emphasized.

Athenex, Inc. (NASDAQ: ATNX) announced a 1-for-20 reverse stock split effective February 15, 2023, following stockholder approval on November 22, 2022. The move aims to comply with Nasdaq's $1.00 minimum bid price requirement, which the company must meet by March 14, 2023, by achieving a closing bid price of at least $1.00 for ten consecutive business days. The reverse split will not change stockholders' ownership percentages or result in fractional shares being rounded up. The total number of authorized shares will be proportionately reduced. For more details, refer to Athenex's SEC filings.

Athenex, Inc. (NASDAQ: ATNX) announced that its Oral Paclitaxel formulation for metastatic breast cancer was denied approval by the UK’s MHRA due to chemistry, manufacturing, and control (CMC) issues. The decision did not arise from any clinical efficacy or safety concerns. Athenex plans to request an independent review of this decision, viewing the CMC issues as addressable. The company aims to incorporate safety data from the iSPY 2 study into its NDA and to explore further development opportunities in the neoadjuvant breast cancer setting.

Athenex, Inc. (NASDAQ: ATNX) announced the successful graduation of its oral paclitaxel combination regimen in a Phase 2 trial focused on the triple-negative breast cancer subgroup. Conducted by the Quantum Leap Healthcare Collaborative, the study revealed that oral paclitaxel was linked to reduced neuropathy and did not increase febrile neutropenia compared to intravenous paclitaxel. These results are anticipated to be presented at national meetings in Q2 2023, reinforcing Athenex's commitment to innovative cancer treatments.

Athenex, Inc. (NASDAQ: ATNX) has announced its exit from the 503B sterile compounding business, which contributed approximately 19% to total product sales in Q3 2022. The company maintains a full-year 2022 product sales growth guidance of 20-25% year-over-year. This strategic decision aims to refocus resources on its cell therapy pipeline and monetize non-core assets, enhancing value for stakeholders. CEO Dr. Johnson Lau emphasized the importance of this strategy in optimizing the company’s direction and resources.

Athenex, Inc. (NASDAQ: ATNX) held a Special Stockholder Meeting on November 22, 2022, where shareholders approved all three proposals presented. The proposals included increasing the total number of authorized shares of common stock, authorizing a reverse stock split aimed at raising the stock price and ensuring Nasdaq compliance, and increasing share availability under the 2017 Omnibus Incentive Plan. Detailed voting results will be provided in an upcoming Current Report on Form 8-K.

Athenex (NASDAQ: ATNX), a biopharmaceutical company focused on cancer therapies, will participate in the 5th Annual Evercore ISI HealthCONx Conference from November 29 to December 1, 2022. Management, including CEO Dr. Johnson Lau and President Dr. Dan Lang, will engage in a fireside chat on November 30 at 3:05 PM ET. Additionally, they will hold one-on-one investor meetings, available upon scheduling through Evercore ISI representatives. Athenex aims to advance next-generation cell therapy and improve cancer treatment outcomes.

Athenex, Inc. (NASDAQ: ATNX) has received approval from a Nasdaq Hearings Panel to maintain its listing, contingent on meeting the minimum bid price requirement of $1.00 per share by March 14, 2023. The company's common stock must close at or above $1.00 for at least 10 consecutive business days within this timeframe. As a biopharmaceutical company focused on cancer therapies, Athenex aims to enhance treatment accessibility and tolerance for patients.