24/7 Market News Snapshot 31 December, 2024 – Veru Inc. (NASDAQ:VERU)

December 31, 2024

DENVER, Colo., 31 December, 2024 (247marketnews.com) – (NASDAQ:VERU) are discussed in this article.
Veru Inc. has recently experienced a notable surge in its stock value, opening at $0.69 and currently trading at $0.758, marking an impressive increase of approximately 19.28% from the prior session’s close of $0.635. With a current trading volume of 5.03 million shares, investor interest appears to be on the rise. This bullish trend may reflect positive recent developments within the company, which stakeholders can monitor as key technical levels manifest around immediate resistance at $0.76 and support at $0.70. A sustained increase in volume could signify ongoing momentum for the stock and suggest potential continued gains for investors.

In a significant strategic shift, Veru has announced the divestiture of its FC2 Female Condom® business, with the transaction executed for $18 million in partnership with clients managed by Riva Ridge Capital Management and additional co-investors. This sale allows Veru to focus entirely on its biopharmaceutical endeavors, specifically targeting the development of innovative therapies for cardiometabolic diseases and oncology. Dr. Mitchell Steiner, the company’s Chairman, President, and CEO, highlighted this transition as a crucial opportunity to refine their resource allocation toward advancing their late-stage clinical pipeline.

Chief among these initiatives is the Phase 2b QUALITY trial, which assesses enobosarm, a selective androgen receptor modulator aimed at combating muscle and fat loss in older patients with sarcopenic obesity. With topline results expected in January 2025, this trial is poised to significantly influence management strategies for weight loss in elderly patients, especially those under GLP-1 receptor agonist treatment.

This strategic realignment will result in a substantial reduction of Veru’s workforce, decreasing from 210 employees to just 22, which will streamline operations and enhance financial robustness. The anticipated net proceeds of approximately $12.5 million from the sale are expected to strengthen the company’s position as it progresses towards its clinical goals, reaffirming its commitment to developing effective treatments for aging populations worldwide.

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