|Healthcare Review: Rigel Pharmaceuticals, AEterna Zentaris, Cynosure, InterMune, Are Big Movers|
|By Staff and Wire Reports|
|Wednesday, 03 October 2012 12:31|
Following are the notable movers in the sector at mid day on Wednesday:
AEterna Zentaris Inc. (USA)(NASDAQ:AEZS) shares plunged 18.14% to $0.563 after the company today has consolidated its shares on a six-to-one basis as the company attempts to regain compliance with Nasdaq's minimum bid price requirement. The consolidation, which reduces Aeterna's number of outstanding common shares to about 18.7 million from about 112.4 million, was effective yesterday.
Additionally, the company has received conditional approval from the Toronto Stock Exchange for the consolidation. It is awaiting confirmation from the exchange and Nasdaq. If received, it expects that shares, post-consolidation, will begin trading on these exchanges on Friday.
Rigel Pharmaceuticals, Inc.(NASDAQ:RIGL) stock decreased 7.83% to $9.54 after the company yesterday announced that it intends to offer and sell shares of its common stock in an underwritten public offering. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. All of the shares to be sold in the offering are to be sold by Rigel, with the proceeds to be used to fund research and development activities and for general corporate purposes.
Cynosure, Inc.(NASDAQ:CYNO) shares climbed 7.02% to $26.39 in the early hour. The 52 week trading range for the company is $9.68 - $28.00. The shares of the company soared 171% in the last one year. The company develops and markets aesthetic treatment systems that are used by physicians and other practitioners to perform non-invasive and minimally invasive procedures to remove hair rejuvenate the skin through the treatment of vascular and pigmented lesions, remove multi-colored tattoos, liquefy and remove unwanted fat through laser lypolysis, reduce cellulite and treat onychomycosis.
InterMune, Inc.(NASDAQ:ITMN) shares gained 5.42% to $9.33 after Canadian health regulators yesterday approved InterMune Inc drug to treat idiopathic pulmonary fibrosis, a fatal lung disease. The company expects the drug Esbriet, chemically known as pirfenidone, to be available for sale in Canada from January 1, 2013. The Company expects to secure reimbursement for the drug from most private insurance plans by the third quarter of 2013, adding that reimbursements from public plans are typically secured within six to 18 months of a launch.