Roivant Sciences Stock Price, News & Analysis

Lokavant, the clinical trial intelligence platform, has reached significant milestones following a $21 million Series A funding round. Within three months, it has expanded its customer base threefold and increased employee growth by 53%. The platform improves clinical trial efficiency by integrating over 2,000 trials’ data, resulting in a 70x improvement in enrollment forecast accuracy, saving over $1 million per trial. Notably, Lokavant is now a standalone entity under Roivant Sciences and has made key leadership hires to support its rapid growth.

BOSTON, March 28, 2023 — Covant Therapeutics has announced an exclusive research collaboration with Boehringer Ingelheim focusing on its ADAR1 program to develop a small molecule immunotherapy for cancer patients. Covant's platform accelerates drug discovery for challenging targets like ADAR1. The partnership aims to create an ADAR1 inhibitor to enhance the efficacy of existing immunotherapies. Covant will receive an upfront payment of $10 million and has the potential to earn up to $471 million in milestones along with royalties on global sales. This collaboration highlights ADAR1’s potential to improve cancer treatments and reflects confidence in Covant's innovative approach.

Dermavant Sciences, a Roivant Sciences company, announced positive results from the ADORING 2 Phase 3 trial evaluating VTAMA cream for atopic dermatitis. The study demonstrated that 46.4% of subjects using VTAMA achieved the primary endpoint of clear or almost clear skin, significantly outperforming the vehicle group (18.0%, P<0.0001). Key secondary endpoints were also met, including a 59.1% improvement in EASI scores. The trial showed a rollover rate of 92.4% into a long-term safety study, indicating strong patient retention. VTAMA is already approved for plaque psoriasis, providing a potential advantage in treatment regimens for both children and adults.

Roivant Sciences (Nasdaq: ROIV) announced an investor call on March 15, 2023, to discuss topline results from its ADORING 2 study, a Phase 3 clinical trial for atopic dermatitis. This study is one of two replicate trials designed to evaluate the effectiveness of a potential treatment. The call will be accessible via a registration link provided in the announcement, with a webcast available later on the investor section of Roivant's website. The company is focused on enhancing healthcare delivery and developing transformative medicines through innovative approaches.

Proteovant Therapeutics, a company under Roivant Sciences (ROIV), has achieved significant milestones by nominating PVTX-321 and PVTX-405 as development candidates. These drugs target previously challenging proteins, with PVTX-321 showing impressive tumor growth inhibition in preclinical models and PVTX-405 demonstrating robust IKZF2 degradation. The company will present these findings at major upcoming conferences in Boston and London. This progress in the development pipeline reflects Proteovant's commitment to advancing therapeutic options for patients with life-altering diseases.

Covant Therapeutics, incubated by Roivant Sciences (ROIV), has established a Scientific Advisory Board (SAB) to enhance its therapeutic development pipeline. The SAB comprises renowned experts, including Dr. Alan D’Andrea from Harvard, Dr. Bernhard Küster from the Technical University of Munich, and Dr. Malcolm MacCoss from the University of Oxford. Their expertise spans DNA repair pathways, proteomics, and drug interaction analysis, positioning Covant to innovate in covalent therapeutics against challenging oncology targets. Dr. Ivan Cornella, Chief Scientific Officer, expressed enthusiasm for the board's contribution to Covant’s mission.

Roivant Sciences (Nasdaq: ROIV) announced the resignation of founder Vivek Ramaswamy from its board of directors to focus on his U.S. presidential campaign. Ramaswamy founded Roivant in 2014, leading to six FDA approvals for drugs developed by the company, including VTAMA in 2022. He transitioned out of his CEO role in January 2021 and served as Chairman until February 20, 2023. CEO Matt Gline expressed gratitude for Ramaswamy's contributions and emphasized the company's mission to transform drug development remains intact.

Roivant Sciences reported $9.2 million in net product revenue from VTAMA for Q3 2022, with nearly 100,000 prescriptions written by 8,600 prescribers since its launch. 57% of commercial lives are now covered for VTAMA. The company has fully enrolled two Phase 3 trials for tapinarof and established a partnership with Pfizer to develop RVT-3101, showing statistically significant efficacy in treating ulcerative colitis. Following strong investor demand, Roivant upsized its primary equity offering to $230 million, enhancing its cash runway into 2H 2025. As of December 31, 2022, cash and equivalents stood at $1.5 billion, which will be bolstered by upcoming asset sales.

Roivant Sciences (Nasdaq: ROIV) has announced the pricing of an upsized public offering of 26,666,666 common shares at $7.50 each, aiming for gross proceeds of approximately $200 million. The offering will close on February 7, 2023, subject to standard conditions. An additional 3,999,999 shares may be acquired by underwriters within 30 days. The shares are offered under a previously filed registration statement with the SEC, which was declared effective on October 3, 2022. This move is part of Roivant's strategy to enhance its capital position to support ongoing operations and development.