Travena Inc. (NASDAQ:TRVN) fell 10% after announcing its Q2 2021 financial results for the period ending June 30, 2021, and also provided an update of recent operations. CEO Carrie Bourdow said that, after barely five months in the sector, the company’s sales team continues to make significant advancements with hospital formularies following the OLINVYK launch.
In addition, Bourdow said that the company has commenced rolling out the post-approval clinical trial plan for clinical profile differentiation. Already 123 accounts are currently in different OLINVYK review stages, with 35 accounts to the formulary.
The company commenced start-up activities with Cleveland clinic for a clinical outcomes study evaluating OLINVYK’s impact on gastrointestinal, cognitive, and respiratory function in postoperative conditions. Also, during the quarter, the company advanced TRC027 in an NIH/VUMC-headed coronavirus study evaluating TRV02. Equally, it resumed the NIH-led TRV734 study in opioid use disorder. Travena is on track to file TRV045 IND in Q3, and in the coming months, TRVN is worth keeping an eye on.
Market Reaction:
On Thursday, TRVN stock fell 11% at $1.25 with more than 5.79 million shares, compared to its average volume of 2.35 million shares. The stock has moved within a range of $1.1501 – 1.3100 after opening the trade at $1.23.
