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Wednesday, March 22, 2023

Minerva Neurosciences, Inc. (NERV) Is Rising in Premarket Today – What’s Driving It Higher?

Minerva Neurosciences, Inc. (NERV) has seen a push of 6.52% in the premarket today. However, the last trading session closed at $1.84 with an incline of 9.52%.

Appointment of Dr. Ramana Kuchibhatla as Senior Vice President and Head of Research & Development

NERV announced the appointment of Dr. Ramana Kuchibhatla on 8th September 2-2021. Dr. Ramana Kuchibhatla’s is appointed as Senior Vice President and Head of Research and Development.

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Firstly, Dr. Kuchibhatla has over 35 years of expertise in the life sciences and biotechnology sectors. This includes drug development, regulatory, biostatistical, and operations leadership. He comes to Minerva from PRA Health Sciences Inc, where he was the Executive Director of Global Drug Development. Secondly, Dr. Kuchibhatla previously worked at Melior Pharmaceuticals Inc. as the Senior Vice President of Clinical Development and Biostatistics.

Thirdly, he previously created QED Pharmaceutical Services, a contract research business specialized in clinical and data services, and worked at Targacept Inc as Senior Director of Clinical R&D. Last but not least, he held several positions of increasing significance within GlaxoSmithKline Inc’s neurology and psychiatry department, where he was engaged in the submission of NDAs for Zyban and Lamictal.

NERV announces Second Quarter 2021 Financial Results

NERV published second quarter 2021 financial results on 2 August 2021. In the second quarter of 2021, the company lost $10.6 million, or $0.25 per basic and diluted share. For the six months ended June 30, 2021, net loss was $19.4 million, or $0.45 basic and diluted net loss per share.

The Company’s decision to opt-out of its collaborative development agreement with Janssen Pharmaceutica resulted in reductions in net income for both the three and six months ended June 30, 2021. The Company recognized $41.2 million in collaboration revenue immediately as a result of opting out of the agreement.

Results of the Phase 3 Trial of Roluperidone

NERV reported the findings of roluperidone’s phase 3 study on 11 May 2021. The study declared for the treatment of negative symptoms (NS) of schizophrenia’s 40-week open-label extension (OLE). Moreover, 333 individuals took part in the OLE study over the course of 40 weeks, with 166 receiving the 32 mg dosage and 167 receiving the 64 mg dose. The 32 mg arm had a 6.8 point improvement in negative symptoms, whereas the 64 mg arm saw a 7.5 point improvement. Lastly, the PSP total score increased by an average of 12.3 points in the 32 mg arm and 14.5 points in the 64 mg arm, indicating better function.

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