ARYX - took a position today
The drop in the stock price today due to the tecarfarin failure was enough to compel me to add the stock to my biofolio. ARYX now represents a bit more than 15% of my biofolio and I was able to get in at $2.15/share. Note that my interest in the stock has nothing at all to do with tecarfarin and is mostly due to budiodarone and, to a lesser extent, the rest of the pipeline.
In particular, I would just point out that CRME trades at about a $240 million market cap and almost all of that market cap is attributable to 1 AF compound in 2 dosing formulations (oral and I.V.). While CRME already has an established partner in MRK for their AF compound and it has apparently successfully completed Phase 3 in the I.V. dosing regimen, I would submit that ARYX has demonstrated PoC with budiodarone, its own AF compound, in Phase 2 trials and trades at only a $65 million market cap. And budiodarone is designed after amiodarone, the drug of choice for AF despite its side effects, with the goal of retaining amiodarone's efficacy while eliminating its side effects. I think an equally important point is that ARYX appears to have much more of a pipeline than CRME. The key value driver for ARYX will be to sign a lucrative deal for budiodarone. The CEO indicated that he expects a partnership to be finalized this summer and, if so, I think that event could put the stock on the road to recovery.
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