Corcept Therapeutics Incorporated (NASDAQ:CORT) a firm engaged in the development, commercialization and discovery of drugs to cure severe oncologic, psychiatric and metabolic disorders by modulating the impacts of the stress hormone cortisol, posted its financial report for the quarter- and year-closed December 31, 2017 and issued interim results from its Phase 2 study of relacorilant to cure patients with hypercortisolism.
Corcept reported that 2017 revenue came at $159.2 million as against revenue of $81.3 million in 2016. Revenue in Q4 2017 came at $53.3 million versus revenue of $23.8 million in Q4 2016. Joseph K. Belanoff, MD, the CEO, expressed that they recorded remarkable performance in 2017 and anticipate robust performance in this year. Physicians are increasingly mindful of the risks of not curing hypercortisolism and are frequently screening people for the disease. For several patients they note, physicians are selecting cortisol modulation as the best medical treatment.
Dr. Belanoff added that the report coming from relacorilant’s Phase II study indicate to a key clinical advance, a medication providing the advantages of potent cortisol modulation, however without serious off-target effects of Korlym. Robert S. Fishman, MD, the Chief Medical Officer of Corcept, expressed that Relacorilant’s activity in these group of individuals is extremely encouraging. The drug’s safety profile was remarkable: no serious adverse events noted and, as anticipated, no indications of progesterone receptor affinity.
Corcept management is pleasantly amazed that even at moderately modest doses given for just 12 weeks, many subjects in the low dose cohort responded. Subjects with hyperglycemia showcased improved glucose tolerance as known by the oral glucose tolerance test. Also, the levels of osteocalcin improved, which is significant because hypercortisolism frequently results in osteoporosis.
In the last trading session, the stock price of Corcept gained more than 1% to close the day at $15.81. The gains came at a share volume of 2.18 million compared to average share volume of 2.53 million.