|Healthcare review: Discovery Laboratories & Rexahn Pharmaceuticals Jump, Catalyst Pharmaceutical Slump|
|By Staff and Wire Reports|
|Tuesday, 28 August 2012 14:31|
U.S. stocks are trading within a narrow range as investors offered muted reaction to mixed economic reports and took a cautious stance ahead of potential central-bank moves. Several healthcare stocks are making notable news at mid day on Tuesday:
Catalyst Pharmaceutical Partners, Inc. (NASDAQ:CPRX) stock plummeted 20.90% to $1.50 after the company said it has entered into definitive agreements to sell 4.0 million shares of the Company's common stock, and common stock purchase warrants to purchase an aggregate of 1.2 million shares of the Company's common stock, in a registered direct public offering. The aggregate offering price for each share and corresponding warrant is $1.50, resulting in gross proceeds of $6 million. The common stock purchase warrants have a five year term and an exercise price of $2.08 per share. The closing of the offering is expected to take place on or about August 31, 2012.
Sequenom, Inc. (NASDAQ:SQNM) stock declined 1.43% to $3.79 after the company announced that its wholly-owned subsidiary, the Sequenom Center for Molecular Medicine (Sequenom CMM), has completed several international distribution agreements that will expand access to the MaterniT21 PLUS testing service outside the United States. Agreements in Asia cover Japan and Hong Kong; in Europe cover the Czech Republic and Slovakia, and the Netherlands; and in the Middle East, cover Israel.
Covidien plc (NYSE:COV) stock gained 0.25% to $55.69 after the company announced that it has obtained 510(k) clearance from the U.S. Food and Drug Administration (FDA) for the iDrive Ultra powered stapling system. The new stapling system is the only fully powered, reusable, battery-operated endoscopic surgical stapler in the world. Featuring one-handed push-button operation and unlimited articulation, the system eliminates the need for manual firing force and improves maneuverability, compared with traditional endomechanical staplers.
Discovery Laboratories, Inc. (NASDAQ:DSCO) stock jumped 11.35% to $3.13. Analysts at Stifel Nicolaus initiated coverage on shares of Discovery Laboratories in a research report issued to clients and investors last week. The firm set a “buy” rating and a $5.00 price target on the stock. The company is a biotechnology company developing surfactant therapies to treat respiratory disorders and diseases.
Rexahn Pharmaceuticals, Inc. (NYSEAMEX:RNN) shares soared 21.26% to $0.570 in the early hour after the company announced top-line results from a Phase II clinical study of Archexin®, its clinical-stage oncology drug candidate. Archexin is being developed as a potential first-in-class inhibitor of the Akt protein kinase (Akt) in cancer cells.