AXSM - Can Axsome Hold Out Till Depression Drug Becomes a Blockbuster?
2023-04-12 08:35:00 ET
Axsome Therapeutics ' (NASDAQ: AXSM) psychiatric drug Auvelity could reach blockbuster status by the end of the decade -- if the company can pull through its current cash crunch. It had just over $200 million in cash and cash equivalents on hand as of Dec. 31, 2022.
While that's more than double the amount it had on hand the year before, the money has to fund an extremely active research and development (R&D) program and the ongoing market launch of Auvelity.
The New York City-based company transitioned from a biopharmaceutical start-up to a commercial drug manufacturer and marketer last year, with the U.S. Food and Drug Administration's (FDA) approval of Auvelity extended-release tablets to treat major depressive disorder (MDD) in adults. Following the approval, the company hit the ground running and announced Auvelity was commercially available in October.
For further details see:
Can Axsome Hold Out Till Depression Drug Becomes a Blockbuster?