ST. LOUIS - Optime Care, a specialty pharmacy and part of AscellaHealth, has announced a new partnership with Rigel (NASDAQ:RIGL) Pharmaceuticals to provide patient support services for GAVRETO® (pralsetinib) starting July 1, 2024. GAVRETO® is an oral therapy for the treatment of certain cancers with abnormal RET genes.
The partnership aims to utilize Optime Care's expertise in handling specialized, complex diseases. Their services include medication fulfillment, patient intake, prescription authorization, reimbursement assistance, and financial aid programs. These integrated patient management and HUB services are designed to enhance patient outcomes and ensure seamless treatment experiences.
Stephanie Wasilewski, PharmD, General Manager at Optime Care, expressed enthusiasm about expanding their collaboration with Rigel Pharmaceuticals . She emphasized the company's commitment to personalized care and the optimization of therapeutic outcomes for patients on their treatment journey.
Rigel Pharmaceuticals, known for its work in small molecule drug development for various disorders, selected Optime Care for their proven expertise and dedication to patient care. Scott Yohe, VP of market access at Rigel, highlighted the importance of comprehensive services to improve therapeutic outcomes for patients affected by cancers caused by abnormal RET genes.
GAVRETO® has been prescribed for adults with non-small cell lung cancer that has spread and for adults and children 12 years and older with advanced or metastatic thyroid cancer after radioactive iodine treatment has failed. The FDA has approved GAVRETO® based on patient response rates and the duration of those responses, with ongoing studies to confirm the benefits.
Optime Care holds dual-accreditation from URAC and ACHC, showcasing its commitment to quality care in treating orphan and rare disorders. The partnership with Rigel Pharmaceuticals is set to begin in July, aiming to support patients and enhance access to GAVRETO®.
This collaboration is based on a press release statement and does not include any endorsements of claims. The information provided is intended for educational purposes only and does not constitute medical advice.
In other recent news, Rigel Pharmaceuticals has announced several significant developments. The company has implemented a 1-for-10 reverse stock split, aiming to improve its stock's marketability and meet Nasdaq's minimum bid price requirement for continued listing. In terms of product releases, Rigel is set to offer GAVRETO, a medication for specific types of cancer, following full FDA approval for non-small cell lung cancer and accelerated approval for advanced thyroid cancer.
In the financial realm, Rigel reported net product sales of $21.1 million for TAVALISSE and $4.9 million for REZLIDHIA in the first quarter of 2024. Despite a 5% decrease in net product sales for TAVALISSE compared to the same period in 2023, CEO Raul Rodriguez remains confident in the growth trajectory of both products. The company ended the quarter with $49.6 million in cash, cash equivalents, and short-term investments.
In addition to these developments, Rigel completed the acquisition of GAVRETO from Blueprint Medicines (NASDAQ:BPMC) Corporation in February 2024, aiming to expand its hematology and oncology business. The company is also in pursuit of additional in-licensing deals and acquisitions to further expand its portfolio. These are among the recent developments as Rigel continues to focus on product expansion and market positioning in the oncology sector.
InvestingPro Insights
As Optime Care embarks on its new partnership with Rigel Pharmaceuticals, investors and stakeholders of Rigel are closely monitoring the company's financial health and market performance. According to real-time data from InvestingPro, Rigel Pharmaceuticals currently holds a market capitalization of $138.73 million. Despite the potential for growth through strategic partnerships, such as the one with Optime Care, Rigel's financial data reflects some challenges. The company has not been profitable over the last twelve months, with a reported revenue decline of 4.66%. However, there is a silver lining with a quarterly revenue growth of 13.29%, indicating some positive momentum in the company's earnings.
InvestingPro Tips suggest that Rigel's stock may be in oversold territory, as indicated by the RSI, and has taken significant hits over the past week, three months, and six months. Analysts are not expecting the company to be profitable this year, which is consistent with the negative P/E ratio of -6.9. Additionally, the stock is trading at a price that is 45.66% of its 52-week high, reflecting the recent downturn in its market valuation.
For those interested in gaining more insights and tips on Rigel Pharmaceuticals, additional information is available on InvestingPro. Subscribers can access a wealth of data and analysis to make informed decisions. To enrich your investment strategy, consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. With more than 6 additional InvestingPro Tips available, investors can better navigate the complexities of the market and the implications of Rigel's partnership with Optime Care.
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