ACOR Acorda Therapeutics Inc.

4.43
-0.06  -1%
Previous Close 4.49
Open 4.45
52 Week Low 2.5344
52 Week High 9.84
Market Cap $42,034,480
Shares 9,488,596
Float 9,314,936
Enterprise Value $178,741,796
Volume 88,175
Av. Daily Volume 172,447
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Drug Pipeline

Drug Stage Notes
Tozadenant
Parkinson’s disease (PD)
Phase 3
Phase 3
Noted November 15, 2017 seven cases of sepsis, five of which were fatal. Company noted November 20, 2017 that program will be discontinued.
INBRIJA (CVT-301)
OFF episodes of Parkinson’s disease (PD)
Approved
Approved
FDA Approval announced December 22, 2018.
Dalfampridine
Post stroke deficits
Phase 3
Phase 3
Phase 3 data released November 21, 2016 - failed to show efficacy, development to be discontinued.

Latest News

  1. Acorda Therapeutics, Inc. (NASDAQ:ACOR) will host a conference call and webcast in conjunction with its first quarter 2021 update and financial results on Thursday, May 6 at 4:30 p.m. ET.

    To participate in the Webcast/Conference Call, please note there is a new pre-registration process.

    Once you have registered, you will receive a confirmation email with Webcast/Conference Call details. For the Webcast you will receive…

    Acorda Therapeutics, Inc. (NASDAQ:ACOR) will host a conference call and webcast in conjunction with its first quarter 2021 update and financial results on Thursday, May 6 at 4:30 p.m. ET.

    To participate in the Webcast/Conference Call, please note there is a new pre-registration process.

    Once you have registered, you will receive a confirmation email with Webcast/Conference Call details. For the Webcast you will receive an email 2 hours prior to the start of the call with the link to join. The presentation will be available on the Investors section of www.acorda.com.

    A replay of the call will be available from 7:30 p.m. ET on May 6, 2021 until 11:59 p.m. ET on June 3, 2021. To access the replay, please dial (800) 585-8367 (domestic) or (416) 621-4642 (international); reference code 2996776. The archived webcast will be available in the Investor Relations section of the Acorda website at www.acorda.com.

    About Acorda Therapeutics

    Acorda Therapeutics develops therapies to restore function and improve the lives of people with neurological disorders. INBRIJA® (levodopa inhalation powder) is approved for intermittent treatment of OFF episodes in adults with Parkinson's disease treated with carbidopa/levodopa. INBRIJA is not to be used by patients who take or have taken a nonselective monoamine oxidase inhibitor such as phenelzine or tranylcypromine within the last two weeks. INBRIJA utilizes Acorda's innovative ARCUS® pulmonary delivery system, a technology platform designed to deliver medication through inhalation. Acorda also markets the branded AMPYRA® (dalfampridine) Extended Release Tablets, 10 mg.

    Forward-Looking Statements

    This press release includes forward-looking statements. All statements, other than statements of historical facts, regarding management's expectations, beliefs, goals, plans or prospects should be considered forward-looking. These statements are subject to risks and uncertainties that could cause actual results to differ materially, including: we may not be able to successfully market AMPYRA, INBRIJA or any other products under development; the COVID-19 pandemic, including related quarantines and travel restrictions, and the potential for the illness to affect our employees or consultants or those that work for other companies we rely upon, could have a material adverse effect on our business operations or product sales; our ability to raise additional funds to finance our operations, repay outstanding indebtedness or satisfy other obligations, and our ability to control our costs or reduce planned expenditures and take other actions which are necessary for us to continue as a going concern; risks associated with the trading of our common stock and our reverse stock split; risks related to our workforce, including our ability to realize the expected benefits of our corporate restructuring; risks associated with complex, regulated manufacturing processes for pharmaceuticals, which could affect whether we have sufficient commercial supply of INBRIJA to meet market demand; our reliance on third-party manufacturers for the production of commercial supplies of AMPYRA and INBRIJA; third party payers (including governmental agencies) may not reimburse for the use of INBRIJA or our other products at acceptable rates or at all and may impose restrictive prior authorization requirements that limit or block prescriptions; competition for INBRIJA, AMPYRA and other products we may develop and market in the future, including increasing competition and accompanying loss of revenues in the U.S. from generic versions of AMPYRA (dalfampridine) following our loss of patent exclusivity; the ability to realize the benefits anticipated from acquisitions, among other reasons because acquired development programs are generally subject to all the risks inherent in the drug development process and our knowledge of the risks specifically relevant to acquired programs generally improves over time; the risk of unfavorable results from future studies of INBRIJA (levodopa inhalation powder) or from our other research and development programs, or any other acquired or in-licensed programs; the occurrence of adverse safety events with our products; the outcome (by judgment or settlement) and costs of legal, administrative or regulatory proceedings, investigations or inspections, including, without limitation, collective, representative or class action litigation; failure to protect our intellectual property, to defend against the intellectual property claims of others or to obtain third party intellectual property licenses needed for the commercialization of our products; and failure to comply with regulatory requirements could result in adverse action by regulatory agencies.

    These and other risks are described in greater detail in our filings with the Securities and Exchange Commission. We may not actually achieve the goals or plans described in our forward-looking statements, and investors should not place undue reliance on these statements. Forward-looking statements made in this press release are made only as of the date hereof, and we disclaim any intent or obligation to update any forward-looking statements as a result of developments occurring after the date of this presentation.

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  2. "This is my party, but you are invited," says Chef Zarela

    Culinary icon Zarela Martinez and Acorda Therapeutics (NASDAQ:ACOR) have partnered to launch "A Taste for Life with Zarela" to celebrate Parkinson's Awareness Month. The video series showcases Zarela's inspirational "building blocks" for living well with Parkinson's disease (PD) and for healthy and delicious eating. The site can be reached at www.ATasteForLifeWithZarela.com.

    Zarela, a native of Mexico, opened her eponymous restaurant in 1987, featuring traditional regional Mexican cuisine -- the first of its kind in Manhattan. Since then, she's authored three cookbooks and hosted her own show on PBS, elevating her to celebrity status. In 2013 she was named to the James Beard "Who's…

    "This is my party, but you are invited," says Chef Zarela

    Culinary icon Zarela Martinez and Acorda Therapeutics (NASDAQ:ACOR) have partnered to launch "A Taste for Life with Zarela" to celebrate Parkinson's Awareness Month. The video series showcases Zarela's inspirational "building blocks" for living well with Parkinson's disease (PD) and for healthy and delicious eating. The site can be reached at www.ATasteForLifeWithZarela.com.

    Zarela, a native of Mexico, opened her eponymous restaurant in 1987, featuring traditional regional Mexican cuisine -- the first of its kind in Manhattan. Since then, she's authored three cookbooks and hosted her own show on PBS, elevating her to celebrity status. In 2013 she was named to the James Beard "Who's Who in Food and Wine." The same year, Radcliffe/Harvard's Schlesinger Library acquired her personal and professional papers.

    "A Taste for Life with Zarela" features videos of Zarela preparing some of her most versatile recipes while also sharing her recipe for living well with Parkinson's. She was formally diagnosed in 2004, after decades of living with symptoms of the disease. Consistent with her fiery spirit, she tackled this new challenge head-on. In addition to her medications, she stayed socially active and used nutrition and exercise to help control her Parkinson's symptoms. Zarela also began taking INBRIJA® (levodopa inhalation powder) shortly after it was launched in 2019, to help manage her OFF periods.

    INBRIJA is the first and only inhaled levodopa. It is a prescription medicine used for the return of Parkinson's symptoms (known as OFF episodes) in adults treated with carbidopa/levodopa medicine. INBRIJA does not replace regular carbidopa/levodopa medicine. OFF periods are characterized by the return of Parkinson's symptoms despite underlying baseline therapy.

    "It's easy for people with Parkinson's to become isolated – you just don't feel like yourself anymore. However, it's crucial that you find something you are passionate about – something you cannot live without doing – and for me that is cooking…and socializing and exercise and creativity! In this video series, I want to share my ‘building blocks' for living a vibrant life with Parkinson's – as well as my ‘building blocks' for healthy, delicious meals," Zarela says, "As my PD progressed, my medication stopped working as well in between scheduled doses, and my symptoms would come back. I talked to my doctor, and he prescribed INBRIJA. And for me, INBRIJA is an important part of how I manage my Parkinson's."

    About Zarela Martinez

    Zarela grew up on a cattle ranch in Chihuahua, Mexico. After she married and settled in El Paso, Texas, she started her own catering business. She was later discovered by Chef Paul Prudhomme, who recognized Zarela's talent and invited her to cook alongside him at an event at Tavern on the Green in New York City. Shortly after, she moved to New York and opened her own restaurant.

    Zarela quickly became renowned for her sophisticated Mexican cuisine. Three cookbooks and a PBS series, "Zarela! La Cucina Veracruzana" followed. In 2004 she was labeled one of seven individuals that redefined the American culinary landscape in the last half of the twentieth century by the U.S. State Department.

    Today, she co-hosts a podcast, "Cooking in Mexican from A to Z," on the Heritage Radio Network. Along with her son, Chef Aarón Sánchez, she explores the food, flavors, and history of Mexico through lively conversations with their guests.

    About Parkinson's Disease and OFF Periods

    Parkinson's is a progressive neurodegenerative disorder resulting from the gradual loss of certain neurons in the brain. These neurons are responsible for producing dopamine and that loss causes a range of symptoms including impaired movement, muscle stiffness and tremors. As Parkinson's progresses, people are likely to experience OFF periods, which are characterized by the return of Parkinson's symptoms, which can occur despite underlying baseline therapy. Approximately one million people in the U.S. and 1.2 million Europeans are diagnosed with Parkinson's; it is estimated that approximately 40 percent of people with Parkinson's in the U.S. experience OFF periods. Patients and care partners should remember to talk with their healthcare provider about diet and exercise.

    About INBRIJA (levodopa inhalation powder)

    INBRIJA is the first and only inhaled levodopa. It is a prescription medicine used for the return of Parkinson's symptoms (known as OFF episodes) in adults treated with carbidopa/levodopa medicine. INBRIJA does not replace regular carbidopa/levodopa medicine. INBRIJA is not to be used by patients who take or have taken a nonselective monoamine oxidase inhibitor such as phenelzine or tranylcypromine within the last two weeks. INBRIJA utilizes Acorda's innovative ARCUS® platform for inhaled therapeutics.

    Additional Important Safety Information (U.S.)

    Before using INBRIJA, patients should tell their healthcare provider about all their medical conditions, including:

    • asthma, chronic obstructive pulmonary disease (COPD), or any chronic lung disease
    • daytime sleepiness, sleep disorders, sleepiness/drowsiness without warning or us of medicine that increases sleepiness including antidepressants or antipsychotics
    • dizziness, nausea, sweating, or fainting when standing up
    • abnormal movement (dyskinesia)
    • mental health problem such as hallucinations or psychosis
    • uncontrollable urges like gambling, sexual urges, spending money, or binge eating
    • glaucoma
    • pregnancy or plans to become pregnant. It is not known if INBRIJA will harm an unborn baby.
    • breastfeeding or plans to breastfeed. Levodopa (the medicine in INBRIJA) can pass into breastmilk and it is unknown if it can harm the baby.

    Patients should tell their healthcare provider if they take:

    • MAO-B inhibitors
    • dopamine D2 receptor antagonists (including phenothiazines, butyrophenones, risperidone, metoclopramide)
    • isoniazid
    • iron salts or multivitamins that contain iron salts

    Patients are not to drive, operate machinery, or do other activities until they know how INBRIJA affects them. Sleepiness and falling asleep suddenly can happen as late as a year after treatment is started.

    Patients should tell their healthcare provider if they experience the following side effects:

    • falling asleep during normal daily activities with or without warning. If patients become drowsy, they should not drive or do activities where they need to be alert. Chances of falling asleep during normal activities increases if patients take medicine that cause sleepiness.
    • withdrawal-emergent hyperpyrexia and confusion (fever, stiff muscles, or changes in breathing and heartbeat) if patients suddenly stop using INBRIJA or carbidopa/levodopa medicines, or suddenly lower their dose of carbidopa/levodopa.
    • low blood pressure when standing up (that may be with dizziness, fainting, nausea, and sweating). Patients should get up slowly after sitting or lying down.
    • hallucinations and other psychosis – INBRIJA may cause or worsen seeing/hearing/believing things that are not real; confusion, disorientation, or disorganized thinking; trouble sleeping; dreaming a lot; being overly suspicious or feeling people want to harm them; acting aggressive, and feeling agitated/restless.
    • unusual uncontrollable urges such as gambling, binge eating, shopping, and sexual urges has occurred in some people using medicine like INBRIJA.
    • uncontrolled, sudden body movements (dyskinesia) may be caused or worsened by INBRIJA. INBRIJA may need to be stopped or other Parkinson's medicines may need to be changed.
    • bronchospasm – people with asthma, COPD, or other lung diseases may wheeze or have difficulty breathing after inhaling INBRIJA. If patients have these symptoms, they should stop taking INBRIJA and seek immediate medical attention.
    • increased eye pressure in patients with glaucoma. Healthcare providers should monitor this.
    • changes in certain lab values including liver tests.

    The most common side effects of INBRIJA include cough, upper respiratory tract infection, nausea, and change in the color of saliva or spit.

    No more than 1 dose (2 capsules) should be inhaled for any OFF period. No more than 5 doses (10 capsules) of INBRIJA should be used in a day.

    Please see the accompanying Full Prescribing Information available at www.INBRIJA.com/prescribing-information.PDF.

    About Acorda Therapeutics

    Acorda Therapeutics develops therapies to restore function and improve the lives of people with neurological disorders. INBRIJA is approved for intermittent treatment of OFF episodes in adults with Parkinson's disease treated with carbidopa/levodopa. INBRIJA is not to be used by patients who take or have taken a nonselective monoamine oxidase inhibitor such as phenelzine or tranylcypromine within the last two weeks. INBRIJA utilizes Acorda's innovative ARCUS® pulmonary delivery system, a technology platform designed to deliver medication through inhalation. Acorda also markets the branded AMPYRA® (dalfampridine) Extended Release Tablets, 10 mg.

    Forward-Looking Statements

    This press release includes forward-looking statements. All statements, other than statements of historical facts, regarding management's expectations, beliefs, goals, plans or prospects should be considered forward-looking. These statements are subject to risks and uncertainties that could cause actual results to differ materially, including: we may not be able to successfully market AMPYRA, INBRIJA or any other products under development; the COVID-19 pandemic, including related quarantines and travel restrictions, and the potential for the illness to affect our employees or consultants or those that work for other companies we rely upon, could have a material adverse effect on our business operations or product sales; our ability to raise additional funds to finance our operations, repay outstanding indebtedness or satisfy other obligations, and our ability to control our costs or reduce planned expenditures; risks associated with the trading of our common stock and our reverse stock split; risks related to our workforce, including our ability to realize the expected benefits of our corporate restructuring; risks associated with complex, regulated manufacturing processes for pharmaceuticals, which could affect whether we have sufficient commercial supply of INBRIJA to meet market demand; our reliance on third-party manufacturers for the production of commercial supplies of AMPYRA and INBRIJA; third party payers (including governmental agencies) may not reimburse for the use of INBRIJA or our other products at acceptable rates or at all and may impose restrictive prior authorization requirements that limit or block prescriptions; competition for INBRIJA, AMPYRA and other products we may develop and market in the future, including increasing competition and accompanying loss of revenues in the U.S. from generic versions of AMPYRA (dalfampridine) following our loss of patent exclusivity; the ability to realize the benefits anticipated from acquisitions, among other reasons because acquired development programs are generally subject to all the risks inherent in the drug development process and our knowledge of the risks specifically relevant to acquired programs generally improves over time; the risk of unfavorable results from future studies of INBRIJA (levodopa inhalation powder) or from our other research and development programs, or any other acquired or in-licensed programs; the occurrence of adverse safety events with our products; the outcome (by judgment or settlement) and costs of legal, administrative or regulatory proceedings, investigations or inspections, including, without limitation, collective, representative or class action litigation; failure to protect our intellectual property, to defend against the intellectual property claims of others or to obtain third party intellectual property licenses needed for the commercialization of our products; and failure to comply with regulatory requirements could result in adverse action by regulatory agencies.

    These and other risks are described in greater detail in our filings with the Securities and Exchange Commission. We may not actually achieve the goals or plans described in our forward-looking statements, and investors should not place undue reliance on these statements. Forward-looking statements made in this press release are made only as of the date hereof, and we disclaim any intent or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release.

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  3. Acorda Therapeutics, Inc. (NASDAQ:ACOR) announced that Ron Cohen, M.D., President and Chief Executive Officer, will present during the March 9th & 10th H.C. Wainwright Global Life Sciences Virtual Conference. For more information about the conference, please visit the event website at https://hcwevents.com/globalconference/.

    About Acorda Therapeutics

    Acorda Therapeutics develops therapies to restore function and improve the lives of people with neurological disorders. INBRIJA® (levodopa inhalation powder) is approved for intermittent treatment of OFF episodes in adults with Parkinson's disease treated with carbidopa/levodopa. INBRIJA is not to be used by patients who take or have taken a nonselective monoamine oxidase inhibitor such as phenelzine…

    Acorda Therapeutics, Inc. (NASDAQ:ACOR) announced that Ron Cohen, M.D., President and Chief Executive Officer, will present during the March 9th & 10th H.C. Wainwright Global Life Sciences Virtual Conference. For more information about the conference, please visit the event website at https://hcwevents.com/globalconference/.

    About Acorda Therapeutics

    Acorda Therapeutics develops therapies to restore function and improve the lives of people with neurological disorders. INBRIJA® (levodopa inhalation powder) is approved for intermittent treatment of OFF episodes in adults with Parkinson's disease treated with carbidopa/levodopa. INBRIJA is not to be used by patients who take or have taken a nonselective monoamine oxidase inhibitor such as phenelzine or tranylcypromine within the last two weeks. INBRIJA utilizes Acorda's innovative ARCUS® pulmonary delivery system, a technology platform designed to deliver medication through inhalation. Acorda also markets the branded AMPYRA® (dalfampridine) Extended Release Tablets, 10 mg.

    Forward-Looking Statements

    This press release includes forward-looking statements. All statements, other than statements of historical facts, regarding management's expectations, beliefs, goals, plans or prospects should be considered forward-looking. These statements are subject to risks and uncertainties that could cause actual results to differ materially, including: we may not be able to successfully market AMPYRA, INBRIJA or any other products under development; the COVID-19 pandemic, including related quarantines and travel restrictions, and the potential for the illness to affect our employees or consultants or those that work for other companies we rely upon, could have a material adverse effect on our business operations or product sales; our ability to raise additional funds to finance our operations, repay outstanding indebtedness or satisfy other obligations, and our ability to control our costs or reduce planned expenditures; risks associated with the trading of our common stock and our reverse stock split; risks related to our workforce, including our ability to realize the expected benefits of our corporate restructuring; risks associated with complex, regulated manufacturing processes for pharmaceuticals, which could affect whether we have sufficient commercial supply of INBRIJA to meet market demand; our reliance on third-party manufacturers for the production of commercial supplies of AMPYRA and INBRIJA; third party payers (including governmental agencies) may not reimburse for the use of INBRIJA or our other products at acceptable rates or at all and may impose restrictive prior authorization requirements that limit or block prescriptions; competition for INBRIJA, AMPYRA and other products we may develop and market in the future, including increasing competition and accompanying loss of revenues in the U.S. from generic versions of AMPYRA (dalfampridine) following our loss of patent exclusivity; the ability to realize the benefits anticipated from acquisitions, among other reasons because acquired development programs are generally subject to all the risks inherent in the drug development process and our knowledge of the risks specifically relevant to acquired programs generally improves over time; the risk of unfavorable results from future studies of INBRIJA (levodopa inhalation powder) or from our other research and development programs, or any other acquired or in-licensed programs; the occurrence of adverse safety events with our products; the outcome (by judgment or settlement) and costs of legal, administrative or regulatory proceedings, investigations or inspections, including, without limitation, collective, representative or class action litigation; failure to protect our intellectual property, to defend against the intellectual property claims of others or to obtain third party intellectual property licenses needed for the commercialization of our products; and failure to comply with regulatory requirements could result in adverse action by regulatory agencies.

    These and other risks are described in greater detail in our filings with the Securities and Exchange Commission. We may not actually achieve the goals or plans described in our forward-looking statements, and investors should not place undue reliance on these statements. Forward-looking statements made in this press release are made only as of the date hereof, and we disclaim any intent or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release.

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    • Sale of Manufacturing Operations to Catalent with net proceeds of ~$74 million
    • Annual operating expenses cut by ~$40 million via sale, restructuring, and other reductions
    • Total 2021 non-GAAP operating expense expected to be $130-$140 million1
    • AMPYRA® (dalfampridine) Extended Release Tablets, 10 mg 2021 net revenue expected to be $75-$85 million
    • INBRIJA® (levodopa inhalation powder) 2020 net revenue $24 million
    • AMPYRA 2020 net revenue $99 million

    Acorda Therapeutics, Inc. (NASDAQ:ACOR) today provided a business update and reported its financial results for the fourth quarter and full year ended December 31, 2020.

    "We have improved our financial position materially through the sale of our manufacturing operations in Chelsea and our…

    • Sale of Manufacturing Operations to Catalent with net proceeds of ~$74 million
    • Annual operating expenses cut by ~$40 million via sale, restructuring, and other reductions
    • Total 2021 non-GAAP operating expense expected to be $130-$140 million1
    • AMPYRA® (dalfampridine) Extended Release Tablets, 10 mg 2021 net revenue expected to be $75-$85 million
    • INBRIJA® (levodopa inhalation powder) 2020 net revenue $24 million
    • AMPYRA 2020 net revenue $99 million

    Acorda Therapeutics, Inc. (NASDAQ:ACOR) today provided a business update and reported its financial results for the fourth quarter and full year ended December 31, 2020.

    "We have improved our financial position materially through the sale of our manufacturing operations in Chelsea and our restructuring, which also have reduced both our annual operating expenses and cost of goods for INBRIJA," said Ron Cohen, M.D., Acorda's President and Chief Executive Officer. "In 2020, we continued to improve access to INBRIJA and saw excellent results from our new patient education and training programs; for example, approximately 1,250 patients who had either never filled or had discontinued their original INBRIJA prescriptions responded to our educational outreach and training by returning to therapy. We also saw quarter over quarter growth in INBRIJA despite the substantial negative impact of COVID-19, and believe we are well-positioned for further growth when the pandemic subsides. We also believe that the reduced cost of goods for INBRIJA will help potentiate commercial partnerships outside the US."

    Fourth Quarter 2020 Financial Results

    For the fourth quarter ended December 31, 2020, the Company reported AMPYRA net revenue of $25.3 million compared to $40.8 million for the same quarter in 2019 and INBRIJA net revenue of $9.3 million compared to $6.1 million for the same quarter in 2019.

    Research and development (R&D) expenses for the quarter ended December 31, 2020 were $4.3 million, including $0.3 million of share-based compensation, compared to $9.0 million, including $0.6 million of share-based compensation, for the same quarter in 2019.

    Sales, general and administrative (SG&A) expenses for the quarter ended December 31, 2020 were $32.9 million, including $1.2 million of share-based compensation, compared to $41.2 million, including $2.0 million of share-based compensation, for the same quarter in 2019.

    Benefit from income taxes for the quarter ended December 31, 2020 was $3.1 million, compared to a benefit from income taxes of $0.8 million for the same quarter in 2019.

    The Company recorded a loss on assets held for sale related to the sale of the manufacturing operations in Chelsea, Massachusetts to Catalent. The Company recorded a loss on the assets held for sale of $57.9 million as of December 31, 2020, which represents the amount by which the carrying value of the assets to be sold exceeds the purchase price less estimated selling costs. The Company segregated the assets held for sale on the balance sheet at the resulting carrying amount of $71.8 million as of December 31, 2020.

    The Company reported GAAP net loss of $83.0 million for the quarter ended December 31, 2020, or $9.82 per diluted share. GAAP net income in the same quarter of 2019 was $65.7 million, or $8.26 per diluted share.

    Non-GAAP net loss for the quarter ended December 31, 2020 was $21.1 million, or $2.50 per diluted share. Non-GAAP net loss in the same quarter of 2019 was $7.1 million, or $0.89 per diluted share. This quarterly non-GAAP net loss measure, more fully described below under "Non-GAAP Financial Measures," excludes share-based compensation charges, non-cash interest charges on our debt, restructuring expenses, changes in the fair value of acquired contingent consideration, losses on assets held for sale, gain on extinguishment of debt, and changes in the fair value of derivative liability related to the 2024 convertible notes. A reconciliation of the GAAP financial results to non-GAAP financial results is included with the attached financial statements.

    Full Year Ended December 31, 2020 Financial Results

    For the full year ended December 31, 2020, the Company reported AMPYRA net revenue of $98.9 million compared to $163.2 million for the full year 2019 and INBRIJA net revenue of $24.2 million compared to $15.3 million for the full year 2019.

    Research and development (R&D) expenses for the full year ended December 31, 2020 were $23.0 million, including $1.7 million of share-based compensation, compared to $60.1 million, including $2.8 million of share-based compensation for the full year 2019.

    Sales, general and administrative (SG&A) expenses for the full year ended December 31, 2020 were $152.6 million, including $6.0 million of share-based compensation, compared to $192.8 million, including $10.8 million of share-based compensation for the full year 2019.

    Benefit from income taxes for the full year ended December 31, 2020 was $8.0 million, compared to a benefit from income taxes of $1.3 million for the full year 2019.

    For the full year ended December 31, 2020, the Company reported GAAP net loss of $99.6 million, or $12.32 per diluted share, compared to a GAAP net loss for the full year 2019 of $273.0 million, or $34.43 per diluted share.

    Non-GAAP net loss for the full year ended December 31, 2020 was $72.9 million, or $9.02 per diluted share. Non-GAAP net loss for the full year ended December 31, 2019 was $81.8 million, or $10.31 per diluted share. This full year non-GAAP net loss measure, more fully described below under "Non-GAAP Financial Measures," excludes share-based compensation charges, non-cash interest charges on our debt, restructuring expenses, changes in the fair value of acquired contingent consideration, asset impairment charges, losses on assets held for sale, gain on extinguishment of debt, and changes in the fair value of derivative liability related to the 2024 convertible notes. A reconciliation of the GAAP financial results to non-GAAP financial results is included with the attached financial statements.

    At December 31, 2020, the Company had cash, cash equivalents, investments, and restricted cash of $102.9 million. Restricted cash includes $31 million in escrow related to the 6% semi-annual interest portion, payable in cash or stock, of the convertible note exchange completed in December 2019. If the Company elects to pay interest due in stock, the restricted cash will be released from escrow.

    Financial Guidance

    • Operating expenses for the full year 2021 are expected to be $130 - $140 million. This guidance is a non-GAAP projection that excludes restructuring costs and share-based compensation as more fully described below under "Non-GAAP Financial Measures."
    • AMPYRA net revenue for the full year 2021 is expected to be $75-$85 million.

    Recent Highlights

    • In February 2021, the Company announced that it has closed the deal to sell its manufacturing operations in Chelsea, Massachusetts to Catalent. Under the terms of the agreement, Catalent has paid Acorda $80 million in cash, resulting in expected net proceeds to Acorda of approximately $74 million after transaction fees and expenses and settlement of customary post-closing adjustments.
    • In connection with the sale, Acorda and Catalent have entered into a long-term global supply agreement under which Catalent will manufacture and package INBRIJA for Acorda, ensuring an uninterrupted drug supply for Acorda's patients and continued adherence to best-in-class manufacturing quality and safety standards.
    • In January 2021, the Company announced a corporate restructuring, reducing its combined Ardsley, Waltham, and field headcount by approximately 16%.
    • The sale of the manufacturing operations, restructuring and other operating expense reductions are expected to reduce annual operating expenses by approximately $40 million.
    • On December 31, 2020, Acorda implemented a 1-for-6 reverse stock split of the Company's shares of common stock and a proportionate reduction in the number of authorized shares of common stock. This was done to regain compliance with the $1.00 per share minimum closing price required to maintain continued listing on the Nasdaq Global Select Market.

    Webcast and Conference Call

    The Company will host a conference call and webcast in conjunction with its fourth quarter/year end 2020 update and financial results today at 4:30 p.m. EST.

    To participate in the Webcast/Conference Call, please note there is a new pre-registration process.

    **When registering please type your phone number with no special characters**

    A replay of the call will be available from 7:30 p.m. EST on March 4, 2021 until 11:59 p.m. EDT on April 4, 2021. To access the replay, please dial (800) 585-8367 (domestic) or (416) 621-4642 (international); reference code 9854802. The archived webcast will be available in the Investor Relations section of the Acorda website at www.acorda.com.

    Non-GAAP Financial Measures

    This press release includes financial results prepared in accordance with accounting principles generally accepted in the United States (GAAP), and also certain historical and forward-looking non-GAAP financial measures. In particular, Acorda has provided non-GAAP net loss, adjusted to exclude the items below, and has provided 2021 operating expense guidance on a non-GAAP basis. Non-GAAP financial measures are not an alternative for financial measures prepared in accordance with GAAP. However, the Company believes that the presentation of non-GAAP net loss, when viewed in conjunction with actual GAAP results, provides investors with a more meaningful understanding of our ongoing and projected operating performance because this measure excludes (i) non-cash compensation charges and benefits that are substantially dependent on changes in the market price of our common stock, (ii) non-cash interest charges related to the accounting for our convertible debt which are in excess of the actual interest expense owing on such convertible debt, as well as non-cash interest related to the Fampyra monetization and acquired Biotie debt, (iii) changes in the fair value of acquired contingent consideration which do not correlate to our actual cash payment obligations in the relevant periods, (iv) asset impairment charges that are not routine to the operation of the business, (v) gain on extinguishment of debt that pertains to an event that is not routine to the operation of the business, (vi) expenses that pertain to our 2019 restructuring, which is not routine to the operation of the business, (vii) changes in the fair value of derivative liability relating to the 2024 convertible notes, which is a non-cash charge and not related to the operation of the business, and (viii) losses on assets held for sale that pertain to a non-routine sale of manufacturing operations. The Company believes its non-GAAP net loss measure helps indicate underlying trends in the Company's business and is important in comparing current results with prior period results and understanding projected operating performance. Also, management uses this non-GAAP financial measure to establish budgets and operational goals, and to manage the Company's business and to evaluate its performance.

    In addition to non-GAAP net loss, we have provided 2021 operating expense guidance on a non-GAAP basis, as the guidance excludes restructuring costs and share-based compensation charges. Due to the forward looking nature of this information, the amount of compensation charges needed to reconcile these measures to the most directly comparable GAAP financial measures is dependent on future changes in the market price of our common stock and is not available at this time. Non-GAAP financial measures are not an alternative for financial measures prepared in accordance with GAAP. However, the Company believes that the presentation of this non-GAAP financial measure, when viewed in conjunction with actual GAAP results, provides investors with a more meaningful understanding of our ongoing and projected operating performance because it excludes (i) expenses that pertain to non-routine restructuring events, and (ii) non-cash charges that are substantially dependent on changes in the market price of our common stock. We believe this non-GAAP financial measure helps indicate underlying trends in the Company's business and is important in comparing current results with prior period results and understanding expected operating performance. Also, management uses this non-GAAP financial measure to establish budgets and operational goals, and to manage the Company's business and to evaluate its performance.

    About Acorda Therapeutics

    Acorda Therapeutics develops therapies to restore function and improve the lives of people with neurological disorders. INBRIJA is approved for intermittent treatment of OFF episodes in adults with Parkinson's disease treated with carbidopa/levodopa. INBRIJA is not to be used by patients who take or have taken a nonselective monoamine oxidase inhibitor such as phenelzine or tranylcypromine within the last two weeks. INBRIJA utilizes Acorda's innovative ARCUS® pulmonary delivery system, a technology platform designed to deliver medication through inhalation. Acorda also markets the branded AMPYRA® (dalfampridine) Extended Release Tablets, 10 mg.

    Forward-Looking Statements

    This press release includes forward-looking statements. All statements, other than statements of historical facts, regarding management's expectations, beliefs, goals, plans or prospects should be considered forward-looking. These statements are subject to risks and uncertainties that could cause actual results to differ materially, including: we may not be able to successfully market AMPYRA, INBRIJA or any other products under development; the COVID-19 pandemic, including related quarantines and travel restrictions, and the potential for the illness to affect our employees or consultants or those that work for other companies we rely upon, could have a material adverse effect on our business operations or product sales; our ability to raise additional funds to finance our operations, repay outstanding indebtedness or satisfy other obligations, and our ability to control our costs or reduce planned expenditures; risks associated with the trading of our common stock and our reverse stock split; risks related to our workforce, including our ability to realize the expected benefits of our corporate restructuring; risks associated with complex, regulated manufacturing processes for pharmaceuticals, which could affect whether we have sufficient commercial supply of INBRIJA to meet market demand; our reliance on third-party manufacturers for the production of commercial supplies of AMPYRA and INBRIJA; third party payers (including governmental agencies) may not reimburse for the use of INBRIJA or our other products at acceptable rates or at all and may impose restrictive prior authorization requirements that limit or block prescriptions; competition for INBRIJA, AMPYRA and other products we may develop and market in the future, including increasing competition and accompanying loss of revenues in the U.S. from generic versions of AMPYRA (dalfampridine) following our loss of patent exclusivity; the ability to realize the benefits anticipated from acquisitions, among other reasons because acquired development programs are generally subject to all the risks inherent in the drug development process and our knowledge of the risks specifically relevant to acquired programs generally improves over time; the risk of unfavorable results from future studies of INBRIJA (levodopa inhalation powder) or from our other research and development programs, or any other acquired or in-licensed programs; the occurrence of adverse safety events with our products; the outcome (by judgment or settlement) and costs of legal, administrative or regulatory proceedings, investigations or inspections, including, without limitation, collective, representative or class action litigation; failure to protect our intellectual property, to defend against the intellectual property claims of others or to obtain third party intellectual property licenses needed for the commercialization of our products; and failure to comply with regulatory requirements could result in adverse action by regulatory agencies.

    These and other risks are described in greater detail in our filings with the Securities and Exchange Commission. We may not actually achieve the goals or plans described in our forward-looking statements, and investors should not place undue reliance on these statements. Forward-looking statements made in this press release are made only as of the date hereof, and we disclaim any intent or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release.

    Financial Statements

    Acorda Therapeutics, Inc.

    Condensed Consolidated Balance Sheet Data

    (in thousands)

     

    December 30,

     

     

    December 31,

     

     

    2020

     

     

    2019

     

     

    (unaudited)

     

     

     

     

     

    Assets

     

     

     

     

     

     

     

    Cash, cash equivalents and short-term investments

    $

    71,369

     

     

    $

    125,839

     

    Restricted cash - short term

     

    12,917

     

     

     

    12,836

     

    Trade receivable, net

     

    20,193

     

     

     

    22,083

     

    Other current assets

     

    16,384

     

     

     

    15,134

     

    Inventories, net

     

    28,677

     

     

     

    25,221

     

    Assets held for sale - current

     

    71,795

     

     

     

     

    Property and equipment, net

     

    7,263

     

     

     

    142,527

     

    Intangible assets, net

     

    366,981

     

     

     

    402,329

     

    Restricted cash - long term

     

    18,609

     

     

     

    30,270

     

    Right of use assets, net

     

    18,481

     

     

     

    23,450

     

    Other assets

     

    11

     

     

     

    29

     

    Total assets

    $

    632,680

     

     

    $

    799,718

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Liabilities and stockholders' equity

     

     

     

     

     

     

     

    Accounts payable, accrued expenses and other current liabilities

    $

    50,322

     

     

    $

    65,335

     

    Current portion of lease liability

     

    7,944

     

     

     

    7,746

     

    Current portion of royalty liability

     

    8,731

     

     

     

    10,836

     

    Current portion of contingent consideration

     

    1,624

     

     

     

    1,866

     

    Current portion of loans payable

     

    68,631

     

     

     

    603

     

    Convertible senior notes non-current

     

    137,619

     

     

     

    192,774

     

    Derivative liability related to conversion option

     

    1,193

     

     

     

    59,409

     

    Non-current portion of acquired contingent consideration

     

    46,576

     

     

     

    78,434

     

    Non-current portion of lease liability

     

    17,200

     

     

     

    22,995

     

    Non-current portion of royalty liability

     

    6,526

     

     

     

    13,565

     

    Non-current portion of loans payable

     

    28,555

     

     

     

    25,495

     

    Deferred tax liability

     

    19,116

     

     

     

    9,581

     

    Other long-term liabilities

     

    688

     

     

     

    259

     

    Total stockholder's equity

     

    237,955

     

     

     

    310,820

     

    Total liabilities and stockholders' equity

    $

    632,680

     

     

    $

    799,718

     

    Acorda Therapeutics, Inc.

    Consolidated Statements of Operations

    (in thousands, except per share amounts)

    (unaudited)

     

    Three Months Ended

     

     

    Twelve Months Ended

     

     

    December 31,

     

     

    December 31,

     

     

    2020

     

     

    2019

     

     

    2020

     

     

    2019

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Revenues:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net product revenues

    $

    34,679

     

     

    $

    47,411

     

     

    $

    124,831

     

     

    $

    180,736

     

    Milestone revenues

     

     

     

     

     

     

     

    15,000

     

     

     

     

    Royalty revenues

     

    3,481

     

     

     

    3,086

     

     

     

    13,136

     

     

     

    11,672

     

    Total net revenues

     

    38,160

     

     

     

    50,497

     

     

     

    152,967

     

     

     

    192,408

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Costs and expenses:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Cost of sales

     

    10,842

     

     

     

    8,666

     

     

     

    33,513

     

     

     

    34,849

     

    Research and development

     

    4,323

     

     

     

    9,023

     

     

     

    23,012

     

     

     

    60,083

     

    Selling, general and administrative

     

    32,876

     

     

     

    41,224

     

     

     

    152,576

     

     

     

    192,846

     

    Amortization of intangible assets

     

    7,691

     

     

     

    7,691

     

     

     

    30,763

     

     

     

    25,636

     

    Asset impairment

     

     

     

     

     

     

     

    4,131

     

     

     

    277,561

     

    Loss on assets held for sale

     

    57,896

     

     

     

     

     

     

    57,896

     

     

     

     

    Change in fair value of derivative liability

     

    361

     

     

     

     

     

     

    (39,959

    )

     

     

     

    Change in fair value of acquired

    contingent consideration

     

    2,566

     

     

     

    (30,593

    )

     

     

    (30,889

    )

     

     

    (86,935

    )

    Total operating expenses

     

    116,555

     

     

     

    36,011

     

     

     

    231,043

     

     

     

    504,040

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Operating (loss) income

    $

    (78,395

    )

     

    $

    14,486

     

     

    $

    (78,076

    )

     

    $

    (311,632

    )

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Gain on extinguishment of debt

     

     

     

     

    55,073

     

     

     

     

     

     

    55,073

     

    Other expense, (net)

     

    (7,764

    )

     

     

    (4,697

    )

     

     

    (29,591

    )

     

     

    (17,689

    )

    Loss (income) before income taxes

     

    (86,159

    )

     

     

    64,862

     

     

     

    (107,667

    )

     

     

    (274,248

    )

    Benefit from income taxes

     

    3,111

     

     

     

    798

     

     

     

    8,073

     

     

     

    1,282

     

    Net (loss) income

    $

    (83,048

    )

     

    $

    65,660

     

     

    $

    (99,594

    )

     

    $

    (272,966

    )

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net (loss) income per common share - basic

    $

    (9.82

    )

     

    $

    8.27

     

     

    $

    (12.32

    )

     

    $

    (34.43

    )

    Net (loss) income per common share - diluted

    $

    (9.82

    )

     

    $

    8.26

     

     

    $

    (12.32

    )

     

    $

    (34.43

    )

    Weighted average common shares - basic

     

    8,454

     

     

     

    7,938

     

     

     

    8,084

     

     

     

    7,927

     

    Weighted average common shares - diluted

     

    8,454

     

     

     

    7,947

     

     

     

    8,084

     

     

     

    7,927

     

    Acorda Therapeutics, Inc.

    Non-GAAP Net (Loss) Income and Net (Loss) Income per Common Share Reconciliation

    (in thousands, except per share amounts)

    (unaudited)

     

    Three Months Ended

     

     

    Twelve Months Ended

     

     

    December 31,

     

     

    December 31,

     

     

    2020

     

     

    2019

     

     

    2020

     

     

    2019

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    GAAP net (loss) income

    $

    (83,048

    )

     

    $

    65,660

     

     

    $

    (99,594

    )

     

    $

    (272,966

    )

    Pro forma adjustments:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Non-cash interest expense (1)

     

    4,203

     

     

     

    3,522

     

     

     

    16,422

     

     

     

    15,724

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Change in fair value of acquired

    contingent consideration (2)

     

    2,566

     

     

     

    (30,593

    )

     

     

    (30,889

    )

     

     

    (86,935

    )

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Restructuring costs (3)

     

     

     

     

    4,401

     

     

     

    343

     

     

     

    4,401

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Loss on assets held for sale (4)

     

    57,896

     

     

     

     

     

     

    57,896

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Asset impairment charge (5)

     

     

     

     

     

     

     

    4,131

     

     

     

    277,561

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Loss (gain) on change in fair value

    of derivative liability (6)

     

    361

     

     

     

     

     

     

    (39,959

    )

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Gain on extinguishment of debt (7)

     

     

     

     

    (55,073

    )

     

     

     

     

     

    (55,073

    )

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Share-based compensation expenses

    included in Cost of Sales

     

    75

     

     

     

    118

     

     

     

    335

     

     

     

    624

     

    Share-based compensation expenses

    included in R&D

     

    327

     

     

     

    609

     

     

     

    1,745

     

     

     

    2,812

     

    Share-based compensation expenses

    included in SG&A

     

    1,187

     

     

     

    2,029

     

     

     

    6,020

     

     

     

    10,814

     

    Total share-based compensation expenses

     

    1,589

     

     

     

    2,756

     

     

     

    8,100

     

     

     

    14,250

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Total pro forma adjustments

     

    66,615

     

     

     

    (74,987

    )

     

     

    16,045

     

     

     

    169,928

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Income tax effect of reconciling items above (8)

     

    4,698

     

     

     

    (2,264

    )

     

     

    (10,634

    )

     

     

    (21,284

    )

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Non-GAAP net loss

    $

    (21,131

    )

     

    $

    (7,063

    )

     

    $

    (72,915

    )

     

    $

    (81,754

    )

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net loss per common share - basic and diluted

    $

    (2.50

    )

     

    $

    (0.89

    )

     

    $

    (9.02

    )

     

    $

    (10.31

    )

    Weighted average common shares - basic and diluted

     

    8,454

     

     

     

    7,938

     

     

     

    8,084

     

     

     

    7,927

     

    (1)

    Non-cash interest expense related to convertible senior notes, Biotie non-convertible and R&D loans and Fampyra royalty monetization.

    (2)

    Changes in fair value of acquired contingent consideration related to the Civitas acquisition.

    (3)

    Costs associated with the 2019 corporate restructuring.

    (4)

    Impairment loss on Chelsea manufacturing assets held for sale at December 31, 2020.

    (5)

    Charges related to the 2020 impairment of BTT1023 acquired in the Biotie acquisition and the 2019 impairment of goodwill associated with the Civitas and Biotie acquisitions.

    (6)

    Changes in the fair value of the derivative liability related to the 2024 convertible senior notes.

    (7)

    Gain on December 2019 extinguishment of a portion of the convertible senior notes due June 2021.

    (8)

    Represents the tax effect of the non-GAAP adjustments.

     

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  4. Acorda Therapeutics, Inc. (NASDAQ:ACOR) will host a conference call and webcast in conjunction with its fourth quarter and year end 2020 update and financial results on Thursday, March 4 at 4:30 p.m. ET.

    To participate in the Webcast/Conference Call, please note there is a new pre-registration process.

    Once you have registered, you will receive a confirmation email with Webcast/Conference Call details. For the Webcast you will receive…

    Acorda Therapeutics, Inc. (NASDAQ:ACOR) will host a conference call and webcast in conjunction with its fourth quarter and year end 2020 update and financial results on Thursday, March 4 at 4:30 p.m. ET.

    To participate in the Webcast/Conference Call, please note there is a new pre-registration process.

    Once you have registered, you will receive a confirmation email with Webcast/Conference Call details. For the Webcast you will receive an email 2 hours prior to the start of the call with the link to join. The presentation will be available on the Investors section of www.acorda.com.

    A replay of the call will be available from 7:30 p.m. ET on March 4, 2021 until 11:59 p.m. ET on April 3, 2021. To access the replay, please dial (800) 585-8367 (domestic) or (416) 621-4642 (international); reference code 9854802. The archived webcast will be available in the Investor Relations section of the Acorda website at www.acorda.com.

    About Acorda Therapeutics

    Acorda Therapeutics develops therapies to restore function and improve the lives of people with neurological disorders. INBRIJA® (levodopa inhalation powder) is approved for intermittent treatment of OFF episodes in adults with Parkinson's disease treated with carbidopa/levodopa. INBRIJA is not to be used by patients who take or have taken a nonselective monoamine oxidase inhibitor such as phenelzine or tranylcypromine within the last two weeks. INBRIJA utilizes Acorda's innovative ARCUS® pulmonary delivery system, a technology platform designed to deliver medication through inhalation. Acorda also markets the branded AMPYRA® (dalfampridine) Extended Release Tablets, 10 mg.

    Forward-Looking Statements

    This press release includes forward-looking statements. All statements, other than statements of historical facts, regarding management's expectations, beliefs, goals, plans or prospects should be considered forward-looking. These statements are subject to risks and uncertainties that could cause actual results to differ materially, including: we may not be able to successfully market AMPYRA, INBRIJA or any other products under development; the COVID-19 pandemic, including related quarantines and travel restrictions, and the potential for the illness to affect our employees or consultants or those that work for other companies we rely upon, could have a material adverse effect on our business operations or product sales; our ability to raise additional funds to finance our operations, repay outstanding indebtedness or satisfy other obligations, and our ability to control our costs or reduce planned expenditures and take other actions which are necessary for us to continue as a going concern; risks associated with the trading of our common stock and our reverse stock split; risks related to our workforce, including our ability to realize the expected benefits of our corporate restructuring; risks associated with complex, regulated manufacturing processes for pharmaceuticals, which could affect whether we have sufficient commercial supply of INBRIJA to meet market demand; our reliance on third-party manufacturers for the production of commercial supplies of AMPYRA and INBRIJA; third party payers (including governmental agencies) may not reimburse for the use of INBRIJA or our other products at acceptable rates or at all and may impose restrictive prior authorization requirements that limit or block prescriptions; competition for INBRIJA, AMPYRA and other products we may develop and market in the future, including increasing competition and accompanying loss of revenues in the U.S. from generic versions of AMPYRA (dalfampridine) following our loss of patent exclusivity; the ability to realize the benefits anticipated from acquisitions, among other reasons because acquired development programs are generally subject to all the risks inherent in the drug development process and our knowledge of the risks specifically relevant to acquired programs generally improves over time; the risk of unfavorable results from future studies of INBRIJA (levodopa inhalation powder) or from our other research and development programs, or any other acquired or in-licensed programs; the occurrence of adverse safety events with our products; the outcome (by judgment or settlement) and costs of legal, administrative or regulatory proceedings, investigations or inspections, including, without limitation, collective, representative or class action litigation; failure to protect our intellectual property, to defend against the intellectual property claims of others or to obtain third party intellectual property licenses needed for the commercialization of our products; and failure to comply with regulatory requirements could result in adverse action by regulatory agencies.

    These and other risks are described in greater detail in our filings with the Securities and Exchange Commission. We may not actually achieve the goals or plans described in our forward-looking statements, and investors should not place undue reliance on these statements. Forward-looking statements made in this press release are made only as of the date hereof, and we disclaim any intent or obligation to update any forward-looking statements as a result of developments occurring after the date of this presentation.

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