Intec Pharma Ltd. (NTEC) announces the termination of the Feasibility and Option agreement with Novartis

Intec Pharma Ltd. (NASDAQ:NTEC) began its trading with the rate of $0.57 and ended at $0.59 with a score of 4.27%. NTEC shares were traded with a total volume of 370.42K shares, while the average trading volume remained at 1.10 million shares. Its low intraday price was $0.53 and reached the highest price of the day at $0.63.

Intec Pharma Ltd. (NASDAQ:NTEC) today announced the finish of the Feasibility and Option contract with Novartis for the advancement of a hand crafted Accordion Pill® (AP) for an exclusive Novartis compound, in spite of the AP having met the specialized and pharmacokinetic (PK) clinical determinations set out by Novartis. Novartis, following an inner and changed business vital appraisal, prompted Intec that this program no longer meets Novartis’ mid to long haul vital objectives. Novartis chose to pay Intec Pharma $1.5 million USD on end of the program.

This project was initially publicized in January 2018. Under the terms of the agreement, the drug and therapeutic area were not disclosed. As previously declared, the Company is in the process of restructuring the clinical manufacturing planned to support this program in order to reduce costs.

“While we are disappointed that Novartis is not moving forward with this AP, the technical and clinical work conducted as part of this program has added to our growing body of scientific knowledge relating to the Accordion Pill platform and has expanded our tool chest of drug-on-film technology,” stated Jeffrey A. Meckler, Vice Chairman and Chief Executive Officer of Intec Pharma.  “We have enjoyed working with the Novartis team and, given their enhanced understanding of the advantages of our gastric retentive AP oral drug delivery technology, we are now looking to identify additional compounds in the Novartis portfolio that can benefit from the unique characteristics the AP platform.”

Intec Pharma Ltd., a clinical stage biopharmaceutical organization, centers around creating drugs dependent on its restrictive Accordion Pill stage innovation in Israel. The moving average of the last 20 days of Intec Pharma is at 10.95%, while the average was 0.65 at -18.51% during the last 50 days with -93.23% recorded during the last 200 days. In addition, the firm is trading -93.58% below it maximum of 52 weeks and 44.88% above its minimum of 52 weeks. The stock has a weekly volatility of 12.40% and a monthly volatility of 11.22%.

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