Heron Therapeutics, Inc. - HRTX STOCK NEWS

Heron Therapeutics (NASDAQ: HRTX) announced the appointment of Craig Collard as the new Chief Executive Officer, effective immediately. He succeeds Barry Quart, who has stepped down from both the CEO and Chairman roles. Adam Morgan has been elected as the new Chairman of the Board. Collard brings over 30 years of experience in the pharmaceutical industry, having previously led Veloxis Pharmaceutics. This leadership change is aimed at enhancing the company's focus on commercialization in acute care and oncology products. The board has committed to strong corporate governance by separating the roles of CEO and Chairman, while also reducing the board's size to seven members.

Heron Therapeutics reported a 25% growth in annual net product sales, reaching $107.7 million in 2022. The company launched APONVIE in March 2023 and saw fourth-quarter sales of ZYNRELEF rise 44% to $3.9 million. Notably, oncology care franchise sales increased by 17% to $97.5 million. Although net loss narrowed to $19.9 million in Q4 2022 from $54.6 million in Q4 2021, cash reserves decreased to $84.9 million from $157.6 million. Heron expects ongoing growth in 2023, projecting oncology care sales between $99 million and $103 million.

Heron Therapeutics, Inc. (Nasdaq: HRTX) announced that the Centers for Medicare & Medicaid Services (CMS) has granted transitional pass-through status for its injectable emulsion, APONVIE, effective April 1, 2023. This approval allows APONVIE to be reimbursed separately from the surgical bundle payment in hospital outpatient departments (HOPD) and ambulatory surgical centers (ASC) at Average Sales Price +6%. The pass-through status aims to enhance patient access and streamline billing for outpatient surgeries, given that over 70% of surgeries occur in these settings. APONVIE is specifically indicated for preventing postoperative nausea and vomiting (PONV) in adults, further solidifying its market position.

Heron Therapeutics, Inc. (Nasdaq: HRTX) will host a conference call and live webcast on March 23, 2023, at 4:30 p.m. ET to report its fourth quarter and full year 2022 financial results along with recent business highlights. Investors can access the call by dialing (646) 307-1963 or (800) 715-9871 internationally, using passcode 7469717. A webcast will also be available on the company's website, with an archive accessible for 60 days post-call. Heron focuses on developing innovative treatments addressing significant unmet patient needs, particularly in acute care and oncology.

Heron Therapeutics (HRTX) has launched APONVIE, the first intravenous formulation of aprepitant for preventing postoperative nausea and vomiting (PONV) in adults. This single IV injection rapidly achieves therapeutic levels, offering 48-hour protection, and is expected to significantly impact the 36 million surgical procedures at risk for PONV annually. The launch leverages existing commercial teams and manufacturing efficiencies, with a potential market value in the hundreds of millions. APONVIE is positioned to reduce vomiting rates by about 50% compared to standard treatments, enhancing patient satisfaction and potentially improving healthcare outcomes.

Heron Therapeutics, Inc. (Nasdaq: HRTX) has announced participation in a fireside chat at the 43rd Annual Cowen Healthcare Conference on March 7, 2023, at 2:10 PM ET in Boston, MA. The live webcast will be available on their website. Heron Therapeutics is a commercial-stage biotechnology firm focused on developing innovative treatments to address significant unmet patient needs, particularly in acute care and oncology. The company leverages advanced science and patented technologies to enhance patient care standards. For further details, visit www.herontx.com.

Heron Therapeutics has entered into a cooperation agreement with shareholders Rubric Capital and Velan Capital, leading to the appointment of three independent directors to its board, expanding it to eight members, with seven being independent. The new directors include Craig Collard, Adam Morgan, and Kevin Kotler, while outgoing directors Stephen Davis and Kimberly Manhard will depart. Additionally, Heron will separate the roles of Chairman and CEO following the 2023 Annual Meeting. The company highlights growth expectations for its products ZYNRELEF and APONVIE, indicating confidence in enhancing shareholder value.

Heron Therapeutics reported remarkable growth with 2022 net product sales reaching $106.7 million, a 24% increase from 2021. Fourth-quarter sales for ZYNRELEF rose by 40% to approximately $3.8 million. The oncology care franchise achieved full-year 2022 sales of around $96.6 million, surpassing guidance. For 2023, guidance suggests sales of $99 million to $103 million. The submission of a supplemental NDA for ZYNRELEF aims to expand its indications further, while new product APONVIE is set to launch soon.

Heron Therapeutics (HRTX) submitted a supplemental New Drug Application (sNDA) to broaden the indication for ZYNRELEF in soft tissue and orthopedic procedures. This aims to significantly increase its target surgical procedures to 14 million. The recently passed omnibus spending bill, effective January 1, 2025, will provide separate reimbursement for non-opioid treatments like ZYNRELEF, extending until December 31, 2027. These developments position ZYNRELEF for greater uptake in hospital systems, enhancing postoperative pain management while reducing opioid reliance.