Mast Therapeutics Inc (NYSEMKT:MSTX) updated that it would release its financial results for the 3Q2016, on November 8. In addition to this, the company would also host a conference call to discuss the results, at 4:30 pm, ET, on the same date. The conference call would also include a business update from Mast Therapeutics. Investors have the option to hear the call, through a live webcast, on the company’s website.
Earlier, the company had announced that its wholly owned subsidiary, Aires Pharmaceuticals Inc, has signed a collaboration agreement with Phillips Respironics Inc. The agreement requires Phillips to supply the Phillips’ I-neb, an adaptive aerosol delivery device. The company stated that it plans to use the device, with its lead product candidate, AIR001. The product itself is a solution of sodium nitrate, for intermittent inhalation and the the I-neb would provide a nebulized delivery of the drug.
MSTX claimed that the I-neb is a hand held, silent vibrating mesh device, which delivers accurate and reproducible doses of drugs. Moreover, the technology is much faster than current ultrasonic and jet nebulizers. The CEO of Mast Therapeutics, Brian M. Culley, reminded shareholders that they were currently accelerating activities, with respect to AIR001, phase-2 clinical studies, being conducted at three separate institutions. He went on to claim that the collaboration agreement was a part of this commitment.
Mr. Culley further announced that the agreement not only covers 2 of 3 studies, but also all future studies of the drug as well. The agreement is valid until October 2020, provided that it is not replaced by a commercial supply agreement. It should be noted here that AIR001is a potential heart failure, with preserved ejection fraction treatment. MSTX had earlier announced that it plans to continue its support for a total of three investigator sponsored, phase-2 trials, in the FY2016 and FY2017.
Mast Therapeutics Inc (NYSEMKT:MSTX) recorded a decline of 6.01% in its share value, to close at $0.072 per share, at a trade volume of 6.38 million.