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Reata Pharmaceuticals Shares Rise 22% After Fourth Quarter Earnings -Breaking

by Mike Robinson

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© Reuters.

Sam Boughedda

Investing.com — Reata Pharmaceuticals Inc (NASDAQ:) announced its fourth-quarter and full-year earnings Monday. Stock rose by 22.46% following the publication.

Analysts predicted that the per-share loss would be $2.26. However, it came in at $1.59. Revenue came in at $0.93million, which was below the $1.63 million forecast.

Additionally, the company stated that its cash and cash equivalents would be able fund operations up to 2024.

Warren Huff, Reata’s CEO stated: “We have made significant progress in our efforts towards advancing omaveloxolone treatment for Friedreich’s ataxia (‘FA’) which includes receiving Fast Track Designation by the U.S. Food and Drug Administration and initiating rolling submit of our New Drug Application. 

It also stated that the recent NDA submission for omaveloxolone was submitted. This drug is potentially used to treat Friedreich’s Ataxia. The NDA will be processed by Q1 2022. To confirm the next steps of its Alport syndrome research program, it plans to partner with FDA.

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