Despite positive data, Corcept ends lower

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By Patrick Crutcher   
Monday, 27 December 2010 01:02
icon_watchlistOn Wednesday, Corcept Therapeutics Inc.(NASDAQ: CORT) reported positive results from their Phase 3 trial in Cushing’s syndrome. Management also announced that they expect to file an NDA sometime in Q1 2011 and will seek a 6 month priority review. Despite the positive results and cialis for women outlook, the stock has continued a downward trend, maybe in part to lack of safety and viagra prescription secondary endpoint data. This data should be coming over the next 1-2 months. While that data wasn’t there, we still think Corcept could offer appreciable gains in 2011.

Their Phase 3 study evaluated the response of two patient groups receiving CORLUX, those patients who were glucose intolerant and cialis professional no prescription those who were hypertensive. Corcept saw statistically significant improvements in the primary endpoint for both groups, with 60% responding in the glucose intolerant group and similar cialis 43% in the hypertensive group. CORLUX was well-tolerated and cialis delivered overnight appears to offer these patients some hope. Note that 90% of the patients who completed the Phase 3 study opted to enter the long-term extension study. Data on the secondary endpoint(global clinical improvement) is expected to be available in the first quarter of 2011. For orphan diseases like Cushing’s, secondary endpoints are very important and cialis non prescription if CORLUX still demonstrates efficacy, it will lower the regulatory risk and viagra sales canada make their program much more attractive.

Joseph Belanoff, M.D., Chief Executive Officer of Corcept said, “We remain on track to submit a New Drug Application (NDA) to the FDA for CORLUX in Cushing’s Syndrome by the end of the first quarter of 2011 and continue to work toward our goal of making CORLUX available to patients with this severe disease.”

CORLUX was granted Orphan Drug Designation by the FDA for the treatment of endogenous Cushing's Syndrome in 2007. With Orphan Drug Designation, Corcept will have seven years of marketing exclusivity from the date of drug approval and cialis online ordering other economic benefits that will help them out a great deal. Reuters reported that Corlux could see $230 to $300 million in peak sales of Corlux, based on estimates from Global Hunter Securities' Kimberly Lee and us discount viagra overnight delivery Stifel Nicolaus' Annabel Samimy. Corcept will also be able to charge a premium for CORLUX and has little competition, since Novartis’ drug had some serious metabolic side effects(see link) that will likely end that program. Safety data wasn’t available with the topline results, but it’s positive to hear that most “of the serious adverse events (SAEs) reported in the study were not related to CORLUX treatment, as determined by the clinical investigators.” We will have to wait and cialis usa see the complete safety analysis until then.

CORT has a shelf registration statement to raise up to $100 million, which we think could come sometime after the NDA is filed, in order to support commercialization activities in Cushing's. They also plan on seeking out a partner for Europe over the next few months; if they can strike a deal over the next few months, the shelf may not be needed. We will be watching this over the coming months in hopes of positive news like a partnership and cialis in australia the secondary endpoint/completed safety data.

Disclosure: No position

Our report on CORT - http://biomedreports.com/2010121661518/interview-with-corcept-about-corlux.html

CORT Releases Positive Phase 3 Study Results for CORLUX - http://bit.ly/dQx08J

Corcept hormone disorder drug meets main trial goal - http://reut.rs/fFtUOs

Novartis SOM230 results - http://bit.ly/cT7eU7




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