Corcept Therapeutics Inc. - CORT STOCK NEWS

Corcept Therapeutics (NASDAQ: CORT) announced a settlement with Sun Pharmaceutical Industries, resolving ongoing patent litigation regarding Korlym®, a treatment for Cushing's syndrome. The agreement allows Sun to market a generic version starting October 1, 2034, or earlier under specific circumstances. CEO Joseph K. Belanoff emphasized that this resolution enables the company to focus on growing the Korlym business and advancing its pipeline, including relacorilant. The settlement awaits court approval and must be reviewed by the FTC and DOJ. Related litigation remains pending against two other companies.

Corcept Therapeutics (NASDAQ: CORT) announced Joshua M. Murray's appointment to its Board of Directors. Murray is a seasoned finance executive, currently with Orca Bio, and previously spent 15 years at Goldman Sachs. His expertise is expected to support Corcept in expanding its commercial reach for Korlym^® and advancing its portfolio of selective cortisol modulators. This leadership addition may enhance strategic oversight and foster growth opportunities for the company, especially in navigating challenges within the biopharmaceutical sector.

Corcept Therapeutics (CORT) reported a first quarter 2021 revenue of $79.4 million, down from $93.2 million in the same quarter of 2020, attributed to COVID-19 disruptions. GAAP diluted net income fell to $0.18 per share from $0.25. Non-GAAP diluted income decreased to $0.20 from $0.34. The company has $454.8 million in cash and investments, down from $476.9 million at year-end 2020. Corcept modified its revenue guidance for 2021 to between $355 million and $385 million and is progressing towards a Phase 3 trial for relacorilant in ovarian cancer.

Corcept Therapeutics (NASDAQ: CORT) announced interim findings from a Phase 2 trial of miricorilant for presumed NASH. Initial results led to a suspension of the study due to elevated ALT and AST levels in some patients, though these resolved after discontinuation of the drug. Notably, patients showed significant reductions in liver fat within weeks. The trial aimed to enroll 120 participants to evaluate the efficacy of miricorilant, which may address the lack of approved treatments for fatty liver disease. Further research is needed to confirm safety and effectiveness.

Corcept Therapeutics (NASDAQ: CORT) announced promising results from its Phase 2 trial of relacorilant combined with nab-paclitaxel for patients with platinum-resistant ovarian cancer. Patients receiving 150 mg of relacorilant showed significantly longer progression-free survival (median PFS: 5.6 months) compared to nab-paclitaxel alone (3.8 months), with a hazard ratio of 0.66. A lower dose of relacorilant also demonstrated an increase in PFS, although it was not statistically significant. Safety profiles were comparable to monotherapy. Plans for a pivotal Phase 3 trial are underway.

Corcept Therapeutics (NASDAQ: CORT) will report its first quarter financial results and provide a corporate update on May 6, 2021. A conference call is scheduled for the same day at 5:00 p.m. ET (2:00 p.m. PT). The call will allow participants to discuss the financials and updates directly with the management team. Additionally, a replay of the call will be available until May 20, 2021. Corcept specializes in developing drugs targeting severe metabolic, oncologic, and psychiatric disorders by modulating cortisol effects, with its drug Korlym approved for Cushing’s syndrome.

Corcept Therapeutics (NASDAQ: CORT) announced the enrollment of the first patient in a Phase 1b trial of relacorilant combined with pembrolizumab for patients with adrenal cancer and cortisol excess. The trial, involving 20 patients at five sites in the U.S., aims to assess whether relacorilant can enhance the effectiveness of pembrolizumab by reducing cortisol-induced immunosuppression. Relacorilant, a selective glucocorticoid receptor modulator, is also being studied for Cushing's syndrome and various cancers.

Corcept Therapeutics (NASDAQ: CORT) announced Atabak Mokari as the new Chief Financial Officer, succeeding Charles Robb, who has transitioned to Chief Business Officer. This appointment comes as the company prepares for significant operational challenges in 2021. Mokari brings nearly 20 years of healthcare finance experience, previously serving as CFO at Bellicum Pharmaceuticals and IRIDEX. Corcept focuses on developing drugs to treat disorders by modulating cortisol effects, with Korlym^® being a FDA-approved treatment for Cushing’s syndrome.

Corcept Therapeutics reported 2020 revenue of $353.9 million, up from $306.5 million in 2019. Fourth quarter revenue was $85.7 million, slightly down from $87.9 million in Q4 2019. The company achieved a GAAP net income of $106.0 million for the year compared to $94.2 million in 2019, while Q4 net income was $26.0 million versus $29.4 million in Q4 2019. Corcept reiterated its 2021 revenue guidance of $375 – 405 million, and reported cash and investments of $476.9 million at year-end.