Acorda Therapeutics Announces Repayment of Convertible Senior Notes
June 16 2021 - 7:00AM
Business Wire
Acorda Therapeutics, Inc. (Nasdaq: ACOR) today announced that on
June 15, 2021, it repaid in full its 1.75% Convertible Senior Notes
due 2021. Prior to their maturity and repayment, there were $69.0
million aggregate principal amount of 2021 notes outstanding. The
2021 notes were repaid using cash on hand.
“The repayment of the 2021 notes removes an overhang on the
company and is another important milestone in our strategy,
following the sale of our manufacturing operations earlier this
year. We are focused on accelerating the growth of INBRIJA,
continuing to maintain the strength of AMPYRA, and optimizing the
company’s financial structure,” said Ron Cohen, M.D., Acorda’s
President and Chief Executive Officer. “We have maintained cost
discipline since our restructuring announcement in February and are
continuing to drive toward cash flow breakeven.”
About Acorda Therapeutics Acorda Therapeutics develops
therapies to restore function and improve the lives of people with
neurological disorders. INBRIJA® is approved for intermittent
treatment of OFF episodes in adults with Parkinson’s disease
treated with carbidopa/levodopa. INBRIJA is not to be used by
patients who take or have taken a nonselective monoamine oxidase
inhibitor such as phenelzine or tranylcypromine within the last two
weeks. INBRIJA utilizes Acorda’s innovative ARCUS® pulmonary
delivery system, a technology platform designed to deliver
medication through inhalation. Acorda also markets the branded
AMPYRA® (dalfampridine) Extended Release Tablets, 10 mg.
Forward-Looking Statements This press release includes
forward-looking statements. All statements, other than statements
of historical facts, regarding management's expectations, beliefs,
goals, plans or prospects should be considered forward-looking.
These statements are subject to risks and uncertainties that could
cause actual results to differ materially, including: we may not be
able to successfully market AMPYRA, INBRIJA or any other products
under development; the COVID-19 pandemic, including related
quarantines and travel restrictions, and the potential for the
illness to affect our employees or consultants or those that work
for other companies we rely upon, could have a material adverse
effect on our business operations or product sales; our ability to
raise additional funds to finance our operations, repay outstanding
indebtedness or satisfy other obligations, and our ability to
control our costs or reduce planned expenditures; risks associated
with the trading of our common stock and our reverse stock split;
risks related to our workforce, including our ability to realize
the expected benefits of our corporate restructuring; risks
associated with complex, regulated manufacturing processes for
pharmaceuticals, which could affect whether we have sufficient
commercial supply of INBRIJA to meet market demand; our reliance on
third-party manufacturers for the production of commercial supplies
of AMPYRA and INBRIJA; third-party payers (including governmental
agencies) may not reimburse for the use of INBRIJA or our other
products at acceptable rates or at all and may impose restrictive
prior authorization requirements that limit or block prescriptions;
competition for INBRIJA, AMPYRA and other products we may develop
and market in the future, including increasing competition and
accompanying loss of revenues in the U.S. from generic versions of
AMPYRA (dalfampridine) following our loss of patent exclusivity;
the ability to realize the benefits anticipated from acquisitions,
among other reasons because acquired development programs are
generally subject to all the risks inherent in the drug development
process and our knowledge of the risks specifically relevant to
acquired programs generally improves over time; the risk of
unfavorable results from future studies of INBRIJA (levodopa
inhalation powder) or from our other research and development
programs, or any other acquired or in-licensed programs; the
occurrence of adverse safety events with our products; the outcome
(by judgment or settlement) and costs of legal, administrative or
regulatory proceedings, investigations or inspections, including,
without limitation, collective, representative or class-action
litigation; failure to protect our intellectual property, to defend
against the intellectual property claims of others or to obtain
third-party intellectual property licenses needed for the
commercialization of our products; and failure to comply with
regulatory requirements could result in adverse action by
regulatory agencies.
These and other risks are described in greater detail in our
filings with the Securities and Exchange Commission. We may not
actually achieve the goals or plans described in our
forward-looking statements, and investors should not place undue
reliance on these statements. Forward-looking statements made in
this press release are made only as of the date hereof, and we
disclaim any intent or obligation to update any forward-looking
statements as a result of developments occurring after the date of
this press release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210616005216/en/
Tierney Saccavino (914) 326-5104 tsaccavino@acorda.com
Acorda Therapeutics (NASDAQ:ACOR)
Historical Stock Chart
From Mar 2024 to Apr 2024
Acorda Therapeutics (NASDAQ:ACOR)
Historical Stock Chart
From Apr 2023 to Apr 2024