Trending Stocks: Paragon Offshore PLC (PGN), Idera Pharmaceuticals Inc (IDRA), And StemCells Inc (STEM)
New York, NY – GDP INSIDER – 01/05/2014.
Paragon Offshore PLC (NYSE:PGN) disclosed that it has about $35 million left to shore up its balance sheet through debt retirement. The company’s board had approved $100 million to help with paying down of debts, especially through the repurchase of senior notes. In a recent development, the company revealed repurchasing $25.2 million in principal amount under its senior unsecured notes last month.
With unfavorable oil price environment, Paragon Offshore PLC (NYSE:PGN) is keen to shore up its balance sheet and position itself for growth when the price situation improves. The company expects to record some gains with regards to debt retirement in its 4Q.
Idera Pharmaceuticals Inc (NASDAQ:IDRA) is anticipated to have a great year in 2015 based on various positive drug development projects. First, the company received FDA orphan drug designation for its drug candidate designed to combat Waldenstrom’s macroglobulinemia, the moved has increased investor attention in the stock given its potential.
The FDA issued orphan drug designation for IMO-8400, and the designation comes with various benefits. Such include longer marketing exclusivity period and support through the development and review process of the drug.
Although there are potentially good things ahead for Idera Pharmaceuticals Inc (NASDAQ:IDRA), the company might want to improve its cash position to fund its current activities. However, without a partnership, stock dilution may be inevitable.
It remains to be seen whether StemCells Inc (NASDAQ:STEM) can heal itself following the pulling of a $19.3 million loan from it. In what is turning out to be a controversial move, the California Institute for Regenerative Medicine (CIRM) pulled a funding for Alzheimer’s disease program. The move is attributed to the failure by StemCells to hit a certain milestone.
StemCells Inc (NASDAQ:STEM) had received about $3.8 million from CIRM in initial funding. The final amount of the 10-year loan that is yet to be determined is expected to be forgiven.
The exit of CIRM from funding of StemCells Inc (NASDAQ:STEM) comes in the wake of CIRM’s President, Alan Trounson, joining the board of StemCells.
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