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Acorda Therapeutics, Inc. (Nasdaq: ACOR) has revised its long-term financial guidance, correcting overstatements of projected Adjusted EBITDA and cash balances from 2022 to 2027. The adjustments reflect actual financial results from late 2022 and do not alter previously reported financial results or U.S. net revenue guidance for Inbrija. The Finnish government will waive approximately $27 million in loans, enhancing net income. Acorda anticipates continued growth for Inbrija, despite AMPYRA losing market share. The company aims for cash-flow positivity in 2023.
Acorda Therapeutics (NASDAQ: ACOR) has received notice from Nasdaq that its stock is subject to delisting due to failing to maintain a minimum price of $1.00. The company plans to request a hearing within seven days to potentially postpone delisting actions. Acorda intends to present a compliance plan at the hearing, and if granted an extension, may consider a reverse stock split if compliance isn't regained by June 17, 2023. CEO Ron Cohen emphasized a preference for organic stock price growth over reverse stock splits.
Acorda Therapeutics (NASDAQ: ACOR) announced a cash interest payment of approximately $6.2 million on December 1, 2022, under its Convertible Senior Secured Notes Indenture. This payment was made using cash in escrow, reported as restricted cash on the balance sheet, thereby preventing shareholder dilution. Acorda specializes in therapies for neurological disorders, including its products INBRIJA® and AMPYRA®.
Acorda Therapeutics, Inc. (Nasdaq: ACOR) reported that its shareholders approved a reverse stock split at a ratio of nearly 2.5 to 1 during a Special Meeting. This strategic move aims to prevent potential delisting from Nasdaq, as noted by CEO Ron Cohen. He expressed gratitude for shareholder support and emphasized the company's recent arbitration award and disciplined financial management, positioning Acorda to execute a robust long-term business plan.
Acorda Therapeutics held a Special Meeting of Stockholders on November 4, 2022, to discuss a Reverse Stock Split proposal. The meeting was adjourned to November 11, 2022, allowing additional time for stockholder votes. At the initial meeting, over 49% of shares supported the proposal, but fell short of the majority needed for approval. Stockholders are urged to vote promptly, especially those eligible as of the record date September 9, 2022.
Acorda Therapeutics reported its Q3 2022 financial results, showing a net revenue increase for both INBRIJA and AMPYRA. INBRIJA U.S. sales reached $7.8 million, up 1% year-over-year, while AMPYRA revenue rose 5% to $21.1 million. The company secured a $16.5 million arbitration award from Alkermes, relieving it from royalty payments on AMPYRA. A special stockholders meeting is scheduled for November 4, 2022, to authorize a reverse stock split to avoid Nasdaq delisting. The 2022 guidance remains unchanged, with projected AMPYRA revenue between $68-78 million.
Acorda Therapeutics announced a long-term business plan focused on increasing shareholder value through the growth of INBRIJA and AMPYRA, alongside operational efficiencies. The company expects to be cash-flow positive in 2023, bolstered by a recent arbitration ruling and improved liquidity. Key initiatives include expanding INBRIJA's market share and launching brand campaigns. Financial guidance for 2022-2027 indicates rising revenues, despite AMPYRA facing market share loss. Shareholder approval for a reverse stock split is critical for executing the outlined business strategy.
Acorda Therapeutics (NASDAQ: ACOR) announced a webcast for its third quarter 2022 update and financial results on November 1, 2022, at 4:30 p.m. ET. Participants can register via a provided link and submit questions for the Q&A session. The call will be available for replay from 7:30 p.m. ET on the same day until December 1, 2022. Acorda specializes in therapies for neurological disorders, including INBRIJA for Parkinson's disease and AMPYRA for multiple sclerosis. The company faces risks regarding product sales, competition, and regulatory compliance.
Acorda Therapeutics will host a virtual Q&A session with CEO Dr. Ron Cohen on October 28, 2022, at 1:00pm ET. Shareholders can submit questions live as they discuss items on the ballot for the upcoming Special Meeting on November 4, 2022. Participation is available via video or phone, and shareholders are encouraged to vote for the Reverse Split proposal. Acorda develops therapies for neurological disorders, including the approved INBRIJA for Parkinson's disease and AMPYRA for multiple sclerosis.
Acorda Therapeutics has announced it will not pay the $6.2 million interest due on December 1, 2022, using its common stock, as stipulated in its Convertible Senior Secured Notes Indenture. This decision allows the company to avoid diluting share value. Furthermore, the company is focused on marketing its neurological therapies, including INBRIJA for Parkinson’s disease and AMPYRA (dalfampridine) for multiple sclerosis. Continued uncertainties related to product sales and management retention present potential risks for investors.