Getaround's Acquisition and ARS Pharmaceuticals' Positive FDA Committee Vote Drive Surge in Pre-Market Trading
- May 12th, 2023
- 306 views
In exciting news, Getaround, Inc. (NYSE: GETR) has announced its acquisition of the majority of assets from HyreCar, a leading gig carsharing marketplace. The purchase price for this transaction amounts to an impressive $9.45 million. By integrating HyreCar's assets into its operations, Getaround foresees a significant boost in its performance, with an estimated run-rate annualized Gross Booking Value of up to $75 million. Additionally, this acquisition is expected to generate positive Adjusted EBITDA, accelerating Getaround's journey towards profitability.
Meanwhile, the pharmaceutical company ARS Pharmaceuticals, Inc. (Nasdaq: SPRY) has received positive news from the U.S. Food and Drug Administration's (FDA) Pulmonary-Allergy Drug Advisory Committee (PADAC). The committee voted in favor of neffy, an innovative treatment for severe allergic reactions (Type 1), including anaphylaxis, in both adults and children weighing more than 30kg. The vote count was an encouraging 16:6 for adults and 17:5 for children. The available data supporting neffy's benefits and risk assessment played a crucial role in the committee's decision.
Type I severe allergic reactions pose a significant threat to individuals, as they can rapidly manifest within minutes of exposure to an allergen. Epinephrine is currently the sole FDA-approved medication for these reactions, requiring immediate administration. If approved, neffy will revolutionize the treatment of severe allergic reactions as the first needle-free epinephrine product, providing a more user-friendly alternative for patients.
As the news broke, the stock of Getaround ($GETR) is currently trading in the pre-market at $0.67, demonstrating a substantial increase of $0.35 (+104.47%). On the other hand, ARS Pharmaceuticals ($SPRY) is experiencing a significant surge in pre-market trading, with shares trading at $7.52, showing an impressive increase of $3.00 (+66.37%).
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