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Corcept expects fourth quarter revenues to come around $1.4 million, up 27.3% from the third quarter.
Revenues for 2012 are projected at $3.3 million. Corcept expects to end 2012 with a cash balance of $93.0 million, down 8.5% from the third quarter level.
The cash balance is expected to double from Dec 2011.
In Apr 2012, Corcept began offering its first product, Korlym (mifepristone) 300 mg tablets after getting approval from the U.S Food and Drug Administration (FDA) in Feb 2012.
We note that mifepristone is a potent glucocorticoid receptor II (GR-II) antagonist.
Korlym is approved in the US as a once-daily oral medication for treatment of hyperglycemia secondary to hypercortisolism in adults suffering from endogenous Cushing’s syndrome who have type II diabetes or glucose intolerance.
Corcept currently has an ongoing phase III study of mifepristone, the active ingredient in Korlym, for the treatment of psychotic depression.
Corcept also discovered three series of novel selective GR-II antagonists in 2012 and plans to develop it further in 2013 for human use.
We note that Corcept enjoys orphan drug designations for Korlym from the FDA for the approved indication.
Korlym was also approved by the European Commission for the treatment of endogenous Cushing’s syndrome in Oct 2011.
The key objective in 2013 will be the successful commercialization of Korlym.
Corcept currently carries a Zacks Rank #3 (Hold). Pharma stocks, which are currently well placed include Bayer (BAYRY - Analyst Report), Eli Lilly and Company (LLY - Analyst Report) and Avanir Pharmaceuticals Inc (AVNR - Snapshot Report) with a Zacks Rank #2 (Buy).
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