Feb 19 (Reuters) - Shares of ARYx Therapeutics Inc fell as much as 45 percent to a new year-low, a day after the company said it is exploring strategic options after advanced talks over the licensing of its oral antiarrythmic agent, budiodarone, fell through.
The license fees through partnership were expected to play an important role in funding the company, as the near-term receipt of these fees is no longer anticipated, the company is exploring strategic options, Wedbush analyst Duane Nash wrote in a note to clients.
Nash, who believe that the drug deserves a lucrative license, said the timing of any budiodarone licensing agreement now appears distant and may bring in less favorable terms given the company's current financial condition.
He expects ARYx to partner single or multiple programs at a discount or sell the company or particular assets.
Shares of the company were down 42 percent at $1.65 Friday morning on Nasdaq. They earlier touched a low of $1.55.
(Reporting by Anand Basu in Bangalore; Editing by Jarshad Kakkrakandy) Keywords: ARYX/SHARES (anand.basu@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging:anand.basu.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The license fees through partnership were expected to play an important role in funding the company, as the near-term receipt of these fees is no longer anticipated, the company is exploring strategic options, Wedbush analyst Duane Nash wrote in a note to clients.
Nash, who believe that the drug deserves a lucrative license, said the timing of any budiodarone licensing agreement now appears distant and may bring in less favorable terms given the company's current financial condition.
He expects ARYx to partner single or multiple programs at a discount or sell the company or particular assets.
Shares of the company were down 42 percent at $1.65 Friday morning on Nasdaq. They earlier touched a low of $1.55.
(Reporting by Anand Basu in Bangalore; Editing by Jarshad Kakkrakandy) Keywords: ARYX/SHARES (anand.basu@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging:anand.basu.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.