Why Is Fatty-Liver Drug Developer Inventiva Stock Trading Higher On Monday?
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Inventiva SA (NASDAQ:IVA) stock traded higher on Monday, with a strong session volume of 8.55 million compared to an average volume of 9.91k, according to data from Benzinga Pro.
The company announced it has secured financing of immediately 94.1 million euros ($99.36 million) and up to 348 million euros ($379.55 million) to fund the completion of the Phase 3 NATiV3 MASH trial and preparation for the potential filing for marketing approval and commercialization of lanifibranor.
The Transaction was led by New Enterprise Associates, BVF Partners LP, and Samsara BioCapital, with the participation of additional existing and new investors.
Also Read: Why Is Inventiva’s Stock Trading Higher on Monday?
Pursuant to the Transaction and subject to shareholder approval at the next general meeting to be convened by December 16, 2024, the company appointed Mark Pruzanski as Chairman and Srinivas Akkaraju as director.
Each of the other four largest investors is to name up to four additional directors, of whom at least two will qualify as independent and would replace existing directors (excluding Frederic Cren, Mark Pruzanski, and Srini Akkaraju).
The company also estimates that, before the Transaction, it would need approximately 250 million euros to finance its activities until the topline results from its NATiV3 trial, targeted for the second half of 2026.
This estimate includes an estimated 130 million-135 million euros needed to finance the company’s activities over the next 12 months mentioned above.
In February, Inventiva announced it stopped enrolling new patients in the NATiV3 Phase 3 trial for lanifibranor in non-alcoholic steatohepatitis (NASH) due to a reported serious adverse reaction. This reaction involved elevated liver enzymes in a patient undergoing treatment.
In March, the company lifted the previously disclosed voluntary pause on screening and randomization of its NATiV3 clinical trial, and sites are resuming screening activities.
Price Action: At last check on Monday, IVA stock was up 31.20% at $2.48.
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This article Why Is Fatty-Liver Drug Developer Inventiva Stock Trading Higher On Monday? originally appeared on Benzinga.com
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