The transaction was executed under a pre-arranged trading plan, compliant with Rule 10b5-1(c) of the Securities Exchange Act of 1934. This sale was part of a plan adopted on August 16, 2024, involving the sale of shares underlying a stock option granted to Baynes on July 19, 2016, which is set to expire on July 19, 2026.Prior to the sale, Baynes exercised stock options to acquire 16,000 shares at a price of $17.50 per share, resulting in a total value of $280,000. Following these transactions, Baynes’ direct ownership of Travere Therapeutics’ common stock stands at 31,000 shares. Discover more comprehensive insights and 12 additional key ProTips about Travere Therapeutics in the detailed Pro Research Report, available exclusively on InvestingPro. Discover more comprehensive insights and 12 additional key ProTips about Travere Therapeutics in the detailed Pro Research Report, available exclusively on InvestingPro.
The transaction was executed under a pre-arranged trading plan, compliant with Rule 10b5-1(c) of the Securities Exchange Act of 1934. This sale was part of a plan adopted on August 16, 2024, involving the sale of shares underlying a stock option granted to Baynes on July 19, 2016, which is set to expire on July 19, 2026.
Prior to the sale, Baynes exercised stock options to acquire 16,000 shares at a price of $17.50 per share, resulting in a total value of $280,000. Following these transactions, Baynes’ direct ownership of Travere Therapeutics’ common stock stands at 31,000 shares.
In other recent news, biopharmaceutical firm Travere Therapeutics has announced plans for an underwritten public offering of its common stock. The details of the offering, including its timing, size, and completion, are dependent on market conditions and the offering is being managed by Jefferies and Leerink Partners. Travere has yet to disclose the intended use of the proceeds from the offering.
In terms of financial performance, Travere reported a significant increase in revenue for the third quarter of 2024, largely driven by the commercial launch of its drug FILSPARI for IgA nephropathy. Total (EPA:TTEF) revenue for the quarter rose to $62.9 million, marking a 69% increase from the same period in 2023. However, the company reported a net loss of $54.8 million, attributed to a one-time gain from a product sale in the previous year.
Travere is also making progress with its sparsentan program for Focal Segmental Glomerulosclerosis, with promising study results and upcoming regulatory discussions. Despite the net loss, the company maintains a strong cash position of $277.4 million. These recent developments underscore Travere’s commitment to its growth strategies and its focus on providing treatments for rare diseases.
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