Amicus Therapeutics, Inc. (NASDAQ:FOLD) were up 1.79% on Wednesday and down 1.41% in after-hours trading to $5.68. The company has a market cap of $701.53 million at 127.05 million shares outstanding. Shares have been trading in a 52-week range of $4.98 to $18.83, which means that stock prices are currently near support.
Amicus Therapeutics is a biopharmaceutical company that is focused on the discovery and development of therapies to treat a range of rare and orphan diseases. The company has recently expanded its biologics pipeline with a new preclinical program for cyclin-dependent kinase-like 5 (CDKL5) deficiency. This is a rare and devastating genetic neurological disease for which there is no currently approved treatment.
The CDKL5 program fits perfectly with our vision to build a leading global biotechnology company focused on rare and devastating diseases,” said Amicus Therapeutics CEO John Crowley.
Crowley also mentioned that the Amicus Therapeutics continues to focus on its primary product Galafold, but that they recognized that the CDKL5 program is an important investment in their strategy to expand their biologics pipeline. He explained that CDKL5 is a rare and devastating disease with no approved treatment and that most children with this disease suffer frequent seizures that begin shortly after birth. As a result, they experience severe impairment in neurological development, rendering most unable to walk, talk, or care for themselves.
Amicus Therapeutics has received rights and related intellectual property to a preclinical CDKL5 program with its acquisition of MiaMed earlier in a transaction amounting to $6.5 million, comprised of $1.8 million in cash and $4.7 million in stock. Doctors and NGO foundation heads have noted that there is an urgent need to develop treatment for CDKL5 as the number of patients diagnosed has been increasing rapidly, and further progress in these clinical trials could provide upside for Amicus shares.
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