U.S. stocks rallied on Thursday, putting the S&P 500 on track to snap a five-day retreat, after Spain unveiled its plans for economic reform to deal with its debt crisis.
The fiscally troubled nation announced a detailed timetable for economic reforms and a tough 2013 budget based mostly on spending cuts. The EU's Economic and Monetary Affairs Commissioner, Olli Rehn, said Spain's detailed timetable for economic reforms goes beyond what the European Commission has asked of Spain. Rehn said it is an ambitious step forward.
Several healthcare stocks are making notable news at mid day on Thursday.
Achillion Pharmaceuticals, Inc.(NASDAQ:ACHN) shares increased 6.74% to $10.13 after the company announced positive proof-of-concept results with ACH-3102, a second-generation pan-genotypic NS5A inhibitor being developed for the treatment of chronic hepatitis C viral infections (HCV). Administration of a single-dose of ACH-3102 to genotype 1a HCV-infected subjects resulted in a mean maximum 3.74 log10 reduction in HCV RNA (range 2.9 - 4.6 log10). Significant reductions in HCV RNA were achieved in subjects with resistant variants at baseline, including L31M and Y93C variants.
AspenBio Pharma, Inc.(NASDAQ:APPY) stock gained 6.58% to $1.96 after the company updated its shareholders and the broader investment community on its clinical and business activities. The company plans to initiate a pivotal study in the 2012 fourth quarter for its blood-based appendicitis test designed to assist emergency room clinicians in ruling out acute appendicitis.
Threshold Pharmaceuticals, Inc.(NASDAQ:THLD) stock climbed 5.86% to $7.23. The company announced that clinical data on its investigational hypoxia-targeted drug, TH-302, will be highlighted in two presentations during the European Society for Medical Oncology (ESMO) 2012 Congress taking place September 28 - October 2, 2012, in Vienna, Austria.
RadNet Inc.(NASDAQ:RDNT) shares jumped 1.82% to $2.79 in the early hour. GE Healthcare announced it is joining with RadNet, to pilot its Best Pathways initiative, a breast cancer detection optimization model. GE Healthcare and RadNet will evaluate the clinical breast cancer detection process to quantify inefficient diagnostic patterns and identify optimal paths to lower cost and improve patient outcomes. This program will focus on subpopulations of women in which guidelines are lacking and substantial variability is observed in clinical practice.
Cytori Therapeutics Inc. (USA)(NASDAQ:CYTX) shares decreased 10.26% to $3.81. The company, on Sept. 13, announced that a 40-patient, multi-center investigator-sponsored and funded clinical study in Japan using the Celution(R) System has been approved under the Ministry of Health, Labor and Welfare (MHLW) Guidelines on Clinical Research Using Human Stem Cells.
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