Movers: Arena Pharmaceuticals, Rexahn Pharmaceuticals, Nymox, Galena, Cel-Sci and Genetic Technologies Are Notable Movers Print
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Wednesday, 28 November 2012 15:27

icon_SectorWatchStocks turned higher on Wednesday on investors' hopes that a compromise could be reached to avoid the "fiscal cliff" after comments from U.S. House Speaker John Boehner and President Barack Obama. The market sharply pared losses in volatile late morning trading after Boehner, the top Republican in Congress, said he was optimistic that a deal on the "fiscal cliff" to avert large tax hikes and spending cuts could be reached.


That helped reverse a slide of 1 percent. Following are the notable healthcare movers on Wednesday:

Arena Pharmaceuticals, Inc.(ARNA) enters into a co-development and license agreement with Ildong Pharmaceutical for Temanogrel, ARNA's treatment for myocardial infarction, acute coronary syndrome, stroke, peripheral artery disease, and other cardiovascular diseases, subject to the drug's further development and regulatory approval. The agreement grants Ildong exclusive rights to commercialize and market the drug. Shares of ARNA are down marginally at $9.30.

Rexahn Pharmaceuticals, Inc.(RNN) trades higher after the company said that Teva Pharmaceutical will provide an additional $750K in funding to the company. Pursuant to the terms of an earlier agreementl, TEVA will purchase RNN's common stock at 120% of its closing price on the last trading day preceding the closing. TEVA has also agreed to commit additional research funding for development of RX-3117, a potential treatment for solid tumors including colon, lung and pancreatic cancers, and will retain the right to file the Investigational New Drug application with the FDA. Shares of the company soared 12.50% to $0.484.

CEL-SCI Corporation (NYSEAMEX:CVM) saw shares trade over 6% in morning trading on news that the Japanese patent office has issued a key patent covering CEL-SCI's investigational cancer drug, Multikine. Key patents on Multikine have now been issued in the largest pharmaceutical markets in the world: the United States, European Union, China and Japan.  This invention relates to a novel effect of Multikine observed during clinical trials that CEL-SCI believes indicates it has the potential to pre-sensitize cancer cells to a therapeutic treatment such as chemotherapy, radiation therapy or immunotherapy.

Nymox Pharmaceutical Corporation (NYMX) says it's completed the patient enrollment process for its Phase III trial of NX-1207 for BPH. Top-line results are expected in late 2013, and include pivotal studies in the U.S. and Europe, re-injection studies in the U.S., prostate cancer trials, as well as other clinical and

non-clinical research activities. Shares of NYMX rose 11% to $7.25.

Galena Biopharma Inc (GALE) jumped this morning after Aegis Capital initiated the shares with a Buy and

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a $6.00 price target. Aegis says that GALE has developed a novel approach to combating the recurrence of breast cancer in patients with minimal residual disease. The firm's lead candidate, NeuVax, is a peptide vaccine derived from a protein that is the target of several widely used breast cancer treatments. It's currently conducting Phase III trials and
is slated to report interim data in late 2013. Shares of the company climbed over 10% at $1.74.

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