On Thursday, Shares of Rite Aid Corporation (NYSE:RAD), lost -3.59% to $8.60.
Synergy Pharmaceuticals, declared positive top-line results from the first of two pivotal phase 3 clinical trials evaluating the efficacy and safety of two different plecanatide treatment doses (3.0 mg and 6.0 mg), taken as a tablet once-a-day, in 1,346 adult patients with chronic idiopathic constipation (CIC).
Preliminary analysis of the data indicates that both plecanatide 3.0 mg and 6.0 mg doses met the study’s primary endpoint and demonstrated statistical significance in the proportion of patients in the intention-to-treat population who were durable overall responders contrast to placebo during the 12-week treatment period (21.0% in 3.0 mg and 19.5% in 6.0 mg dose groups contrast to 10.2% in placebo; p<0.001 for both doses). The durable overall responder endpoint is the current FDA endpoint required for US approval in CIC. Plecanatide would be the first drug approved for CIC using the more stringent regulatory requirement for durability in the response. Notably, plecanatide was safe and well tolerated at both doses; the most common adverse event was diarrhea, which occurred in 5.9% of patients in 3.0 mg and 5.5% of patients in 6.0 mg dose groups contrast to 1.3% of placebo-treated patients.
“We are very happy with these results and how well they confirm earlier plecanatide data observed in the phase 2b/3 trial,” said Gary S. Jacob, Ph.D., Chairman and CEO of Synergy. “These results strengthen our belief that plecanatide has the potential to not only effectively treat constipation but with a durability and tolerability profile that is ideal for chronic use. We look forward to the results of our second pivotal trial in the coming weeks.”
Synergy Pharmaceuticals Inc., a biopharmaceutical company, focuses on the development of drugs to treat gastrointestinal (GI) disorders and diseases. Its lead product candidate is plecanatide, a guanylyl cyclase C receptor agonist that is in Phase III clinical trials to treat chronic idiopathic constipation GI disorders; and for the treatment of constipation-predominant irritable bowel syndrome GI disorders.
Shares of SeaDrill Limited (NYSE:SDRL), declined -3.72% to $10.87, during its last trading session.
Seadrill Limited, declared that it has reached a contract with Seadrill Operating LP, the 58% owned partner of Seadrill Partners LLC, following which Seadrill Operating will acquire all of the shares of Seadrill Polaris Ltd., the entity that owns and operates the drillship, the West Polaris from Seadrill. The Polaris Acquisition is predictable to close within 7 days.
The West Polaris is a 6th generation, dynamically positioned drillship delivered from the Samsung shipyard in 2008. The West Polaris is predictable to carry out operations in Angola until the end of its contract with ExxonMobil in March 2018.
The total consideration for the Polaris Acquisition is comprised of $204 million in cash and $336 million of debt outstanding under the existing facility financing the West Polaris. Seadrill Operating will fund the balance of the purchase price with a seller`s credit of $50 million due in 2021 that carries an interest rate of 6.5% per annum.
Seadrill Limited, an offshore drilling contractor, provides offshore drilling services to the oil and gas industry worldwide. The company operates through Floaters and Jack-up Rigs segments. The Floaters segment provides drilling, completion, and maintenance services for offshore exploration and production wells.
Finally, Williams Companies, Inc. (NYSE:WMB), ended its last trade with 0.87% gain, and closed at $48.97.
Williams Partners L.P. (WPZ) declared its Geismar, Louisiana olefins plant is approaching its full expanded production rate. As of June 17, the plant’s ethylene production rate was at 4.63 million pounds per day, 87 percent of its full expanded production rate. It should also be noted that the plant is now maximizing propylene production. With the repairs made after a local electrical outage, an expansion plant transformer re-installed and the expansion equipment now online, the plant continues to make progress each day toward its full expanded production rate.
“Our primary objective this year is to once again be a reliable supplier of olefins to our customers and we are very happy to be progressing toward expanded production at the plant,” said John Dearborn, senior vice president, NGL & Petchem Services. “We continue our emphasis on operational discipline and maintaining the excellent safety performance demonstrated by our Geismar team throughout this expansion process.”
The expanded ethylene production capacity at the plant is 1.95 billion pounds per year. Williams Partners’ share of the total capacity of the expanded plant is about 1.7 billion pounds per year.
Williams Partners (WPZ) is an industry-leading, large-cap natural gas infrastructure master limited partnership with a strong growth outlook and major positions in key U.S. supply basins and also in Canada. Williams Partners has operations across the natural gas value chain from gathering, processing and interstate transportation of natural gas and natural gas liquids to petchem production of ethylene, propylene and other olefins.
The Williams Companies, Inc. operates as an energy infrastructure company primarily in the United States. The company operates in three segments: Williams Partners, Access Midstream, and Williams NGL & Petchem Services.
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