In a recent development at BioVie Inc. (NASDAQ:BIVI), Steve Gorlin has stepped down from his role as a director of the company. The resignation took effect on Thursday, July 25, 2024, as disclosed in a filing with the Securities and Exchange Commission.
BioVie, formerly known as NanoAntibiotics Inc., operates from its headquarters in Carson City, Nevada. The company's stock is traded on The Nasdaq Stock Market under the ticker symbol BIVI. As per the company's latest update, there has been no immediate financial impact on the company's stock following the announcement.
In other recent news, BioVie Inc. has reported significant findings from its Phase 2a trial of bezisterim for Parkinson's Disease treatment. The trial data suggested that bezisterim, used in conjunction with levodopa/carbidopa, led to substantial improvements in both motor and non-motor symptoms compared to a placebo. These findings were presented at the XXIX World Congress on Parkinson’s Disease in Lisbon, Portugal.
The trial data indicated a -2.8 point advantage in the Motor Disease Society-Unified Parkinson’s Disease Rating Scale (MDS-UPDRS) Part III (Motor) score for patients treated with bezisterim versus those on placebo. This improvement was more pronounced in patients under 70 years old, with a -4.7 point advantage. Additionally, 30% of patients treated with bezisterim showed improvement in their ability to move before their first morning dose of levodopa/carbidopa.
The company also noted a -2.4 point improvement in the sleep/fatigue domain of the Non-Motor Symptom Scale (NMSS) for bezisterim-treated patients. The findings suggest bezisterim's potential as an adjunct therapy in Parkinson's Disease, particularly for sleep/fatigue and restlessness in the legs. BioVie is planning further clinical investigation of bezisterim in late-phase trials as part of these recent developments.
InvestingPro Insights
Following the recent departure of Steve Gorlin from the board of BioVie Inc. (NASDAQ:BIVI), investors may be seeking additional context on the company's financial health and stock performance. According to InvestingPro data, BioVie holds a market cap of approximately $23.65 million and has a Price / Book ratio as of Q3 2024 of 1.24, suggesting a moderate valuation relative to the company's book value. Despite a challenging period with a one-year price total return of -91.38%, the company has managed a 6.52% price total return in the past week.
In terms of financial stability, one of the key InvestingPro Tips highlights that BioVie currently holds more cash than debt on its balance sheet, which could provide some reassurance to investors regarding the company's ability to meet its short-term obligations. However, another tip points out that BioVie has not been profitable over the last twelve months, and analysts do not expect the company to be profitable this year. This could be a factor for potential investors to consider when evaluating the company's future prospects.
For those interested in a deeper analysis, InvestingPro offers additional insights on BioVie Inc., including a comprehensive list of InvestingPro Tips. To access these tips and more detailed metrics, visit https://www.investing.com/pro/BIVI, and use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription. There are currently 9 additional InvestingPro Tips available that could further inform investment decisions regarding BioVie Inc.
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