Eiger BioPharmaceuticals Inc EIGR announced it would focus its development efforts on advancing avexitide in hyperinsulinemic hypoglycemia indications.
The company will continue commercializing Zokinvy (lonafarnib) for Hutchinson-Gilford progeria syndrome and processing-deficient progeroid laminopathies.
Following a comprehensive review of programs, the company decided to allocate resources towards the potential of avexitide in treating metabolic diseases, with a primary focus on post-bariatric hypoglycemia (PBH), a condition with significant revenue potential.
The company says it has already achieved proof-of-concept in Phase 2 clinical trials and obtained FDA alignment on Phase 3 endpoints, sample size, and study design.
Additionally, it plans to explore avexitide's potential for treating congenital hyperinsulinism as a secondary indication.
A 25% reduction in workforce and out-of-pocket spending related to its hepatitis delta (HDV) development program and its existing term loan are expected to extend the company's cash runway into the fourth quarter of 2024.
Eiger has also appointed David Apelian, who has served as interim CEO since December 2022, as the company's next CEO.
In Q1 FY23, Zokinvy (lonafarnib) generated net product revenue of $4.1 million. For FY22, the net product revenue was $12.7 million.
In addition, Eiger is evaluating strategic partnering options for its virology assets, lonafarnib-Based Regimens for HDV, and Peginterferon Lambda for antiviral infections.
Price Action: EIGR shares are down 4.45% at $0.61 on the last check Thursday.
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