On Tuesday, Shares of AgroFresh Solutions, Inc. (NASDAQ:AGFS), lost -28.07% to $5.15.
AgroFresh Solutions, declared financial results for the three and nine months ended September 30, 2015. AgroFresh became a stand-alone company upon closing of a transaction with The Dow Chemical Company on July 31, 2015.
Three Months Ended September 30, 2015
For the three months ended September 30, 2015, net sales declined 0.4% on a constant currency basis contrast to the prior year period. Stated net sales were $61.8 million contrast to $66.2 million in the prior year period. The change in net sales on a constant currency basis was primarily driven by raised penetration of SmartFresh™, offset by a smaller apple crop in North America, a late harvest in Europe, and a change in our distributor relationship in South Korea that caused revenue to be recognized earlier in the year, which influenced comparative sales in the Asia Pacific region.
In the three months ended September 30, 2015, cost of sales was $46.2 million. Not Taking Into Account the amortization of inventory step-up adjustments of $38.7 million, cost of sales was $7.5 million, down from $10.4 million in the three months ended September 30, 2014, resulting in improved gross profit.
AgroFresh Solutions, Inc. provides data-driven specialty chemical solutions. Its solutions enable growers and packers of fresh produce to preserve and enhance the freshness, quality, and value of fresh produce. The company offers SmartFresh Quality System, a freshness protection technology that maintains firmness, texture, and appearance of fruits during storage and transport.
Shares of Protalix BioTherapeutics, Inc. (NYSEMKT:PLX), remained unchanged to $1.01, during its last trading session.
Protalix BioTherapeutics, declared that it recently held an End-of-Phase II meeting with the U.S. Food and Drug Administration (FDA) to discuss the Company’s projected BLA plan for PRX-102 for the treatment of Fabry disease. Official FDA meeting minutes indicate the FDA’s acceptance of the Company’s path forward for a phase III clinical trial to support a full BLA approval.
The phase III clinical trial will be a randomized, multi-center, placebo-controlled, safety and efficacy study in treatment-naive Fabry patients evaluating the 1 mg/kg dose of PRX-102. The Company anticipates a small sample size of patients will be needed to achieve statistical significance with a study duration of about six months. The primary endpoint will be Gastrointestinal Symptoms, with key secondary endpoints counting renal function.
In the official FDA meeting minutes, the FDA noted that the Company stated interim analysis results from its phase I/II clinical trial of PRX-102 that preliminarily show a favorable trend in the severity and frequency of abdominal pain and frequency of diarrhea after six months of treatment with PRX-102. According to the FDA, during a recent ERT (enzyme replacement therapy) shortage, patients who reduced or suspended ERT dosing developed worsening of GI signs and symptoms within a few weeks to months.
Protalix BioTherapeutics, Inc., a biopharmaceutical company, together with its partner, Protalix Ltd., focuses on the development and commercialization of recombinant therapeutic proteins based on its proprietary ProCellEx protein expression system in Israel and internationally.
Finally, Rackspace Hosting, Inc. (NYSE:RAX), ended its last trade with -3.72% loss, and closed at $26.17.
Rackspace Hosting, declared the pricing of an offering of $500 million aggregate principal amount of 6.500 percent senior notes due 2024 (the “Notes”). The offering size was raised to $500 million from $350 million. The Notes are being offered to qualified institutional buyers following Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and outside the United States to non-U.S. persons following Regulation S under the Securities Act. The sale of the Notes is predictable to close on November 25, 2015, subject to the satisfaction of customary closing conditions. Interest on the Notes will be payable in cash semi-annually in arrears, starting on July 15, 2016.
Rackspace intends to use a portion of the net proceeds from the offering to repay all outstanding amounts under its senior revolving credit facility. Rackspace intends to use the remaining net proceeds from the offering for general corporate purposes, which may comprise share repurchases following its formerly declared $1 billion share buyback authorization.
Rackspace Hosting, Inc., through its auxiliaries, provides cloud computing services and managing Web-based IT systems for small and medium-sized businesses and large enterprises worldwide. The company’s service offering combines hosting on dedicated hardware and on multi-tenant pools of virtualized hardware in a way that suits each customer’s requirements. Its public cloud services refer to pooled computing resources delivered on-demand over the Internet.
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