Healthcare Review: Progenics & Salix Slump On FDA, pSivida & Vermillion Jump Print E-mail
By Staff and Wire Reports   
Monday, 30 July 2012 22:24
icon_SectorWatchU.S. stocks turned lower after posting three straight gains with the DOW trading down 15 points ahead of anticipated central-bank moves and the monthly jobs report later in the week. Several healthcare stocks made notable news on Monday.

Vermillion, Inc. (NASDAQ:VRML) stock gained 5.56% to $1.90 and traded much higher one hour after the company announced positive results from a new prospective, multi-center clinical study of its ovarian cancer diagnostic OVA1. The study, referred to as OVA500, was led by Dr. Robert E. Bristow, director of Gynecologic Oncology Services at UC Irvine Healthcare in Orange, CA, and deputy editor of the journal Gynecologic Oncology.

Progenics Pharmaceuticals, Inc. (NASDAQ:PGNX) shares plunged -50.09% after the company failed to gain U.S. approval to expand use of its constipation medicine Relistor licensed to Salix Pharmaceuticals, Ltd.(NASDAQ:SLXP. The U.S. Food and Drug Administration asked for more data about the treatment for opioid-induced constipation in adult patients with chronic, non- cancer pain, the companies said in a statement July 27. Shares of SLXP slid 12% to $46.81.

Salix Pharmaceuticals, Ltd. (NASDAQ:SLXP) stock declined -13.05% to $46.25 after The FDA asked Salix Pharmaceuticals for more information regarding a drug candidate. Salix and partner Progenics Pharmaceuticals, previously submitted a request with the FDA for a broadened use of a drug called Relistor, which would treat constipation in patients on pain medication.

Additionally, the shares of the company had its “buy” rating reaffirmed by research analysts at Wells Fargo & Co. in a report released today. 

pSivida Corp.(NASDAQ:PSDV) shares climbed as high as $3.24 and cloased at $2.94+0.18 (6.52%) in the early hour after the company announced that it has signed a funded technology evaluation agreement with a leading global biopharmaceutical company to evaluate pSivida's Tethadur(TM) protein/antibody delivery technology in the field of ophthalmology.

Verisante Technology, Inc. (TSX VENTURE:VRS)(OTCQX:VRSEF)(FRANKFURT:V3T), shares traded as high as $0.58 but still managed to close up for the day at $0.54 Up 2.26%. The medical device developer of skin cancer detection systems continues to gain traction in their bid to transform  into a fully commercial venture. Last week, the firm announced that they had accepted delivery of two initial pre-production units of the Verisante Aura™, which will be used for final usability and safety testing before commercial production begins by the end of the year.

MWI Veterinary Supply, Inc. (NASDAQ:MWIV) stock surged to $107.26 but closed at $97.08 +4.69 (5.08%) after the company posted third-quarter net income of $14.5 million, as against $11.4 million in the same quarter last year. Earnings per share advanced to $1.15 from $0.91 in the same quarter a year ago. Total revenues for the quarter improved 35% to $554.7 million. Analysts expected the company to report earnings of $1.05 per share on revenues of $524.98 million for the quarter.

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