|Healthcare Review: NuPathe Inc , Catalyst Pharmaceutical, Sucampo Pharmaceuticals, Savient Pharmaceuticals Are Big Losers|
|By Staff and Wire Reports|
|Wednesday, 26 September 2012 14:28|
New-home purchases in August remained near a two-year high as sales fell 0.3% to a 373,000 annual pace, according to figures released Wednesday from the Commerce Department. Meanwhile, Greece faced its biggest anti-austerity protest in more than a year as international lenders admitted to difficulty in working out how to solve Athens' debt crisis.
Several healthcare stocks are making notable news at mid day on Wednesday.
DepoMed, Inc. (NASDAQ:DEPO) stock increased 1.39% to $5.85 after the company announced that it has filed an action in federal district court for the District of Columbia against the U.S. Food and Drug Administration, seeking an order requiring the FDA to grant Gralise or gabapentin Orphan Drug exclusivity for the management of postherpetic neuralgia or PHN.
Additionally, Roth Capital reconfirmed their buy rating on shares of Depomed in a report issued today and they currently have a $9.00 target price on the stock.
NuPathe Inc. (NASDAQ:PATH) shares plunged 27.42% to $3.15 after the company has entered into agreements with existing and new investors for the sale of $28 million of securities. The securities are being sold as units, with each unit consisting of 1/1,000th of a share of to-be designated Series A preferred stock and a warrant to purchase one share of the Company's common stock. The purchase price per unit is $2.00.
Each 1/1,000th of a share of Series A preferred stock will initially be convertible into one share of common stock, accrue quarterly dividends at an initial rate per annum of 8%, have a liquidation preference of $2.00 (plus accrued and unpaid dividends), and have certain other powers, preferences and rights.
Catalyst Pharmaceutical Partners, Inc. (NASDAQ:CPRX) stock plunged 13.04% to $1.60 after the company announced that it has been advised by the Department of Veterans Affairs Cooperative Studies Program that the availability of top-line results from Catalyst's CPP-109 Phase II(b) trial for cocaine addiction will be delayed.
Additionally, the company this week announced that researchers at Mount Sinai School of Medicine in New York have commenced a safety and tolerability trial of vigabatrin in young adults with treatment refractory Tourette's Disorder (TD) to evaluate whether CPP-109 (vigabatrin) can potentially reduce the severity of debilitating tics.
Sucampo Pharmaceuticals, Inc. (NASDAQ:SCMP) stock jumped 9.93% to $4.98 after SCMP and Takeda Pharmaceuticals U.S.A., Inc. announced that the U.S. Food and Drug Administration (FDA) has granted priority review of their supplemental new drug application (sNDA) filing. The sNDA was filed in late July seeking approval for an additional indication for AMITIZA (lubiprostone) for the treatment of opioid-induced constipation (OIC) in patients with chronic, non-cancer pain.
Savient Pharmaceuticals, Inc. (NASDAQ:SVNT) shares dropped 8.92% to $2.46. The company announced that the appointment of John P. Hamill as Senior Vice President & Chief Financial Officer (CFO )effective from September 24, 2012.