Unicycive Therapeutics, Inc. (UNCY) has seen a decline of 0.39% in the aftermarket. However, the last trading session closed at $2.59 with an increase of 1.57%.
Third Quarter 2021 Financial Results – How was the quarter?
UNCY revealed third quarter 2021 financial results on 11th November 2021. According to the report, research & development costs were $3.8 million, $0.3 million more than the third quarter of 2020. This was primarily attributable to a one-time $2.2 million increase in non-cash expenditure owing to the issuance of common shares in accordance with the anti-dilution provision in the Renazorb licensor’s purchase of in-process R&D technology. This is the last anti-dilution share issue by the licensor.
Moreover, UNCY reported $0.9 million in general and administrative costs, $0.3 million more than the third quarter of 2020. The majority of the increase was due to a $0.3 million rise in directors’ and officers’ insurance expenses. Last but not least, the cash and cash equivalents came out to be $18 million.
Views of Experts on Third Quarter 2021
The experts said that in the last quarter, the company has achieved significant business progress to increase Unicycive’s interest and visibility within the investing community. This is done by being included in the Russell Microcap Index and participating in conferences. They are also thrilled to have biopharmaceutical executive Douglas Jermasek on board, whose extensive knowledge with renal disease medicines has already proven invaluable.
UNCY Executive Vice President
On 26th October 2021, UNCY announced that Douglas Jermasek has been named Executive Vice President of Corporate Strategy by the company. Mr. Jermasek will be in charge of Unicycive’s retail and corporate plan as well as business development operations in this position. Moreover, he has over 25 years of expertise in the biopharmaceutical business. He was most recently Senior Vice President of Marketing and Strategy at Akebia Therapeutics, a position he took after the company merged with Keryx Biopharmaceuticals.
He worked with Genzyme for almost a decade, rising to the position of Senior Vice President and General Manager, Head of Renal Global Business Unit. Furthermore, he achieved “blockbuster” status internationally in that role. He drove sales of over $1 billion and established Renvela as the standard of care for the treatment of hyperphosphatemia in patients. Lastly, Mr. Jermasek has also held management roles at Prometheus Laboratories, and the Head of North America at Intercept Pharmaceuticals.
All About UNCY
UNCY is a biotech business that is working on new kidney disease medicines. Renazorb, Unicycive’s primary medication, is a new phosphate-binding agent under development for hyperphosphatemia therapy. For the treatment of acute renal damage, UNI-494 is a patent-protected novel chemical compound in late preclinical development.
