On Friday, Shares of Keryx Biopharmaceuticals (NASDAQ:KERX), gained 8.54% to $4.32.
Keryx Biopharmaceuticals, declared that it has reached a contract to raise $125 million through the private placement of Convertible Senior Notes (the “Notes”), due 2020, with funds managed by The Baupost Group, L.L.C. With the additional capital, Keryx has a pro-forma cash position of about $225 million as of September 30, 2015. In conjunction with the financing, Keryx will improvement the number of directors on its Board to eight, as Baupost will have the right to appoint a director to Keryx’s Board by the end of 2015. Baupost will also appoint an observer to Keryx’s board.
The company also declared the implementation of a cost reduction plan to re-align its operating expense structure. The plan is predictable to significantly decrease the company’s cash operating expenses, not taking into account cost of goods sold, in 2016 to between $87 million and $92 million. Keryx plans to provide further 2016 financial guidance in early 2016.
“We have a note worthy opportunity with Auryxia and, as we formerly outlined, have adapted our strategy to improve the launch of Auryxia in the U.S., counting the planned improvement of our field-based sales force by about 50 percent,” said Greg Madison, chief executive officer of Keryx. “We continue to be focused on critical activities to drive raised revenue from Auryxia and to advance our label expansion efforts, with data predictable early in the second quarter of 2016 from our phase 3 trial in pre-dialysis patients with iron deficiency anemia.”
Keryx Biopharmaceuticals, Inc., a biopharmaceutical company, focuses on providing therapies for patients with renal disease in the United States. Its lead product Auryxia (ferric citrate), an oral, ferric iron-based compound that has the capacity to bind to phosphate in the gastrointestinal tract and form non-absorbable complexes, in addition to treats iron deficiency anemia. Auryxia is also used to control serum phosphorus levels in patients with chronic kidney disease on dialysis.
Shares of BB&T Corporation (NYSE:BBT), declined -1.06% to $36.49, during its last trading session.
BB&T Corporation, stated quarterly earnings for the third quarter of 2015. Net income available to common shareholders was $492 million , contrast to $512 million earned in the third quarter of 2014. Earnings per diluted common share totaled $0.64 for the quarter, contrast to $0.70 for the third quarter of last year. Not Taking Into Account merger-related and restructuring charges, net income available to common shareholders was $539 million , up 4.5% contrast to $516 million earned in the third quarter of 2014. Adjusted earnings per diluted share was $0.70 contrast to $0.71 in the earlier quarter.
“We are happy to report strong results for the quarter, driven by healthy organic loan and deposit growth and the acquisition of Susquehanna Bancshares,” said Chairman and Chief Executive Officer Kelly S. King . “We also declared a contract to acquire National Penn, of Allentown, Pennsylvania . These acquisitions will significantly expand our presence in the mid-Atlantic region and vault us to #4 deposit market share in Pennsylvania .
“I am excited to share that the successful acquisition of Susquehanna , coupled with organic balance sheet growth, has pushed us above $200 billion in assets, which is a noteworthymilestone.
BB&T Corporation operates as a financial holding company that provides various banking and trust services for retail and commercial clients. It operates in six segments: Community Banking, Residential Mortgage Banking, Dealer Financial Services, Specialized Lending, Insurance Services, and Financial Services.
Finally, Shares of American International Group Inc (NYSE:AIG), ended its last trade with 1.34% gain, and closed at $60.00.
American International Group, declared new leadership appointments in its Commercial Insurance business, counting Commercial Chief Underwriting Officer, in addition to the newly established roles of Global Head of Cyber, and Presidents of Credit Lines and Portfolio Solutions.
- Madhu Tadikonda, who had served as Commercial Chief Science Officer, has assumed the role of Commercial Chief Underwriting Officer
- Tadikonda succeeds Tim Carter, who has assumed the role of President, Portfolio Solutions
- Tracie Grella has been named Global Head of Cyber
- Donna DeMaio has been named President, Credit Lines
“Madhu brings new thinking and a fresh science-based perspective to our underwriting efforts, while Tim, Donna and Tracie are seasoned executives with deep experience in underwriting and leading global businesses,” said John Doyle, Commercial Insurance CEO. “They all understand that the closer AIG is to its clients, the greater value we bring to them as an insurer and planned partner.”
American International Group, Inc. provides insurance products and services for commercial, institutional, and individual customers in the United States, the Asia Pacific, and internationally. The company’s Commercial Insurance segment offers general liability, commercial automobile liability, workers’ compensation, excess casualty, and crisis administration causality insurance products; commercial, industrial, and energy-related property insurance products; aerospace, environmental, political risk, trade credit, surety, and marine insurance products, in addition to various insurance products for small and medium sized enterprises; and professional liability insurance products for a range of businesses and risks.
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