In today’s Bulldog wrapup of life science news:
- NephroGenex is restructuring
- INC forecasts topping $1 billion in revenue
- PRA International says growth surges
- NephroGenex eyes possible “strategic transaction”
Durham-based life science firm NephroGenex (Nasdaq: NRX) has stopped a clinical research program for a possible treatment of diabetic nephropathy – and much more.
The company says it is restructuring its operations and considering a “strategic transaction.”
“The Company’s Board of Directors has determined to explore strategic alternatives available to the Company, including a potential reverse merger transaction,” NeproGenex said. “The Company has engaged MTS Health Partners, L.P. to assist in evaluating these alternatives. In light of these announcements, the Company has cancelled its planned conference call and webcast to discuss its fourth quarter and full year 2015 financial results, previously scheduled to take place on Thursday, February 25.”
NephroGenex says it has $11.5 million in cash and eqivalents.
- INC Research eyes $1 billion in revenue
INC research (nasdaq: INCR) is forecasting its revenue will top $1 billion in 2016.
On Thursday, INC reported net income of $30.7 million, turning around a loss reported a year ago.
The earnings of 53 cents per share topped Street expectations by 4 cents.
After a quarterly revenue of $241 million, which also topped expectations, INC forecast revenue of between $1 billion and $1.02 billion this year.
- PRA International revenue surges
PRA Health Sciences (Nasdaq: PRAH) says fourth-quarter revenue surged 11.9 percent from a year ago to $362.3 million.
“We entered 2015 positioned for growth and are delighted to have delivered double digit constant currency revenue growth and bottom line results that exceeded expectations,” said Colin Shannon, PRA’s Chief Executive Officer. “Our strong financial performance highlights the continued efforts of our employees and the confidence our clients have in our ability to deliver innovative and high quality services.”
“We are well positioned for the coming year, as evidenced by our record level of new business awards and backlog, we continue to stay focused on our key strategic objectives, and we look forward to delivering strong results in 2016.”