Cempra(CEMP) dropped 57.38% after received CRL from FDA

By:    Updated: December 30,2016

On December 29, 2016 – Cempra, Inc.(NASDAQ:CEMP) announced that the company has received a Complete Response Letter (CRL) from the U.S. FDA relating to the company's NDAs for oral and intravenous solithromycin for the treatment of community-acquired bacterial pneumonia (CABP) in adults.

Stock Drop

Cempra has dropped from $6.10 to $2.60, down 57.38% on the day.

Cash Flow

As of December 29, 2016, Cempra has more than $225 million of cash on hand.

About Cempra, Inc.

Cempra, Inc. is a clinical-stage pharmaceutical company focused on developing antibiotics to meet critical medical needs in the treatment of bacterial infectious diseases. Cempra's two lead product candidates are currently in advanced clinical development. Cempra was founded in 2006 and is headquartered in Chapel Hill, N.C. For additional information about Cempra please visit www.cempra.com

About Solithromycin

Solithromycin has been successfully evaluated in two Phase 3 clinical trials for community-acquired bacterial pneumonia (CABP). Cempra is currently seeking approval for both intravenous and oral capsule formulations from the FDA and the EMA. Solithromycin is licensed to strategic commercial partner Toyama Chemical Co., Ltd., a subsidiary of FUJIFILM Holdings Corporation, for certain exclusive rights in Japan. Solithromycin is also in a Phase 3 clinical trial for uncomplicated urogenital urethritis caused by Neisseria gonorrhoeae or chlamydia. Cempra is contracted with BARDA for the development of solithromycin for pediatric use and has commenced enrollment in a global Phase 2/3 trial to evaluate the safety and efficacy of solithromycin versus standard of care antibiotics in children and adolescents from two months to 17 years of age.

About Fusidic acid

Fusidic acid is Cempra's second product candidate, which has completed enrollment of an initial Phase 3 trial comparing fusidic acid to linezolid in patients with acute bacterial skin and skin structure infections (ABSSSI). Cempra also has an ongoing exploratory study of fusidic acid for chronic oral treatment of refractory infections in bones and joints.

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Sources
  • https://www.sec.gov/Archives/edgar/data/1461993/000119312516806126/d315961dex991.htm
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