Atea Pharmaceuticals Inc. (NASDAQ: AVIR) stock plunged by 1.22% at last close while the AVIR stock price declines by 11.44% in the after-hours trading session. Atea Pharmaceuticals is a clinical-stage pharmaceutical business focusing on finding, producing, and commercializing oral treatments to treat patients with life-threatening illnesses who have unmet medical needs.
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Atea Pharmaceuticals has revealed that the strategic agreement with Roche, under which it was producing AT-527 for the cure of COVID-19, is coming to an end. The rights and licenses given by Atea to Roche under the cooperative agreement will be restored to Atea upon closure, and Atea will have complete rights to pursue clinical research and commercialization of AT-527 around the world.
On February 10, 2022, the strategic relationship with Roche, which included cooperative development, would come to an end.
Atea had $839.7 million in cash and cash equivalents as of September 30, 2021, with a financial runway into 2023.
Jean-Pierre Sommadossi, CEO and Founder of Atea Pharmaceuticals commented,
With its distinctive dual method of action, antiviral effectiveness against the primary variants of concern, and market opportunity given the need for new COVID-19 treatment alternatives, they are confident in AT-527’s viability. They have the economic means and talent to independently advance the Phase 3 MORNINGSKY clinical trial program, and data from this trial is expected in the second half of 2022. They’re excited about the prospect of moving forward with complete ownership, which will provide them the freedom to bring AT-527 to market quickly.
Janet Hammond, Chief Development Officer of Atea Pharmaceuticals, stated,
They’re working hard to get the recently unveiled Phase 3 MORNINGSKY modification to worldwide health authorities as soon as possible. Atea has a well-established development team with substantial global clinical trial experience, as well as external resources that they continue to use. As COVID-19 evolves, they remain committed to creating and delivering AT-527 as an oral antiviral that will meet patients’ health requirements.
