Corcept Therapeutics, Inc. (CORT)

[Thurly]

On April 28, 2015 Bloomberg reported Corcept withdrew Korlym's marketing application in the EU.



I asked Corcept about the withdrawal and Corcept's CFO, Charles Robb responded. He said, Corcept withdrew Korlym for strategic reasons.

If approved in the EU, Korlym would be tied to the price of Mifepristone when used as an abortifacient — at about 1/4 the price Corcept charges in the USA for Cushing's.

If Corcept's new compound, 125134 were then later approved for Cushing's, 125134's price would be tied to the lower EU price for Korlym.

By withdrawing Korlym, if and when 125134 is approved for Cushing's, there will be less for the EU to use to limit the sales price of 125134.

By withdrawing Korlym, Corcept can fully enroll the trials for 125134 in the EU, without cannibalizing paying patients.

I didn't ask whether or not the withdrawl would affect their revenue guidance for the year but during the conference call, Corcept reaffirmed their earlier guidance $47–53M.