CHESTERBROOK, PA – Trevena Inc (OTC:TRVN)., a pharmaceutical company specializing in the development of treatments for central nervous system disorders, has ceased the sale of OLINVYK (oliceridine) injection, as per a recent filing with the Securities and Exchange Commission. The company, currently valued at $1.5 million in market capitalization, has faced significant challenges with revenue declining by 83% over the last twelve months.
According to InvestingPro analysis, the stock appears undervalued based on its Fair Value metrics. The decision, effective as of December 31, 2024, applies to all remaining dosage strengths of the product and is attributed to business and financial considerations, not to concerns over the drug's effectiveness or safety. InvestingPro data reveals that while the company holds more cash than debt on its balance sheet, it reported negative EBITDA of $31.75 million in the last twelve months.
OLINVYK, an opioid agonist for intravenous use, was approved for the management of acute pain in adults where alternative treatments are inadequate. The discontinuation of OLINVYK's sales is a strategic move by the company and was not influenced by the Food and Drug Administration (FDA). The company made it clear that the product's efficacy and safety profiles are not in question.
Trevena, headquartered at 955 Chesterbrook Boulevard, Suite 110, Chesterbrook, PA, trades under the ticker symbol OTC Pink:TRVN. The company's decision to discontinue OLINVYK marks a shift in its business strategy, although it remains focused on its mission in the pharmaceutical preparations industry.
Financial health indicators from InvestingPro show a current ratio of 2.42, indicating sufficient liquid assets to meet short-term obligations. Discover more insights and 6 additional ProTips about Trevena with an InvestingPro subscription, including detailed analysis in the comprehensive Pro Research Report.
In other recent news, Trevena Inc. has announced a significant shift in its financial leadership. Katrine Sutton, who has been with the company since July 2019, has been appointed as the new principal financial officer and principal accounting officer, taking over from Barry Shin. This change comes amidst a series of executive changes aimed at enhancing operational efficiency, including the termination of three key executives. However, these executives, including Shin, will continue to provide their expertise to the company under consulting agreements.
This is part of a broader cost-reduction strategy, with no reported disagreements over operations, policies, or practices. These recent developments reflect Trevena's commitment to strategic restructuring and financial stability.
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