|Affymax Continues to Soar; Seattle Genetics Will Get Undisclosed Milestone Payments|
|By Staff and Wire Reports|
|Tuesday, 09 October 2012 21:07|
Despite a weak market environment on Tuesday, shares of small-cap biotech stock Affmax (NASDAQ: AFFY) are surging once again. Heading into the closing bell, the stock had added more than 5 percent and was sitting near a new 52-week high at $23.76. Shares have traded in a range between $4.31 and $23.95 over the last year. During this time, AFFY has soared nearly 375 percent, making it one of the biggest winners on the Nasdaq. In 2012 alone, the stock has climbed 260 percent.
The company is engaged in drug development for serious and life-threatening diseases. Its lead product candidate is peginesatide, indicated for the treatment of anemia in chronic kidney disease patients on dialysis. The drug is currently under review by the FDA.
Market participants are clearly excited about the potential revenue generating prospects of the company's lead drug candidate and continue to push the stock up. At current levels, AFFY has a market cap of $861 million and does not pay a dividend.
The stock is trading more than 27 percent above its 50-day moving average and 76 percent above its 200-day moving average. Shares have a Relative Strength Index reading of above 78, indicating significant momentum. The high reading, however, could also suggest that AFFY may be vulnerable to a sharp sell-off.
Seattle Genetics, Inc. (NASDAQ: SGEN) announced it will receive undisclosed milestone payments under its antibody-drug conjugate (ADC) collaboration with Genentech, a member of the Roche Group (SWX:RO) (SWX:ROG) (OTC: RHHBY).
The milestones were triggered by Genentech's advancement of two ADCs utilizing Seattle Genetics technology into phase II clinical development. The phase II randomized, open-label study is designed to evaluate the safety and efficacy of ADCs anti-CD22 (DCDT2980S, RG7593) and DCDS4501A (RG7596) each in combination with Rituxan® (rituximab) in patients with relapsed or refractory follicular non-Hodgkin lymphoma and relapsed or refractory diffuse large B-cell lymphoma.
Apollo Medical Holdings, Inc. (OTCQB-AMEH), a leading provider of hospitalist, critical care, ACO and multi-disciplinary care management services in Southern and Central California, today announced that it has entered the Orange County market and has appointed Daniel Hilton, M.D. as Regional Hospitalist Medical Director.
Bio-Solutions Corp (OTCQB: BISU) (PINKSHEETS: BISU) is pleased to announce that the company has recently acquired Type2 Defense™.
Can-Fite BioPharma (TASE: CFBI; OTC: CANFY) announced today the continuation of patient enrollment in its Psoriasis Phase 2/3 clinical study with CF101.
DATATRAK International, Inc. (OTCQX: DATA), a leader in developing cloud-based, unified eClinical technologies and delivering related services for the clinical trials industry, today announced a new strategic CRO Connect Partner, ABX-CRO. DATATRAK's CRO Connect Partner Program offers CROs supplemental services with the goal of helping them reduce study costs and further business development objectives.
Depomed, Inc. (NASDAQ: DEPO) today announced the appointment of Samuel R. Saks, M.D., 57, to the Company's Board of Directors.
Edwards Lifesciences Corporation (NYSE: EW), the global leader in the science of heart valves and hemodynamic monitoring, plans to announce its operating results for the quarter ended September 30, 2012 after the market closes on Friday, October 19, 2012 and will host a conference call at 5:00 p.m. ET that day to discuss its results.
Focus Diagnostics, a business of Quest Diagnostics (NYSE: DGX), the world's leading provider of diagnostic testing, information and services, and 3M, a global diversified technology company (NYSE: MMM), today announced that the U.S. Food and Drug Administration (FDA) has provided 510(k) clearance and CLIA moderate-complexity categorization to the Simplexa Flu A/B & RSV Direct test on the 3M™ Integrated Cycler.
Hansen Medical, Inc. (NASDAQ: HNSN), a global leader in intravascular robotics and the developer of robotic technology for accurate 3D control of catheter movement, today announced it will exhibit its Magellan™ Robotic System at the Vascular InterVentional Advances (VIVA) conference, from October 9-12 at the Wynn Hotel in Las Vegas.
Healthcare Services Group, Inc. (NASDAQ: HCSG) reported that revenues for the three months ended September 30, 2012 increased over 24% to $272,681,000 compared to $218,929,000 for the same 2011 period.
Masimo (NASDAQ: MASI) today announced the FDA 510(k) clearance and market release of Masimo's new uSpO2™ universal pulse oximetry cable for use with GE Healthcare's ApexPro® Telemetry Systems.
MedeFile International, Inc. (OTCQB: MDFI), a leader in Internet-enabled Personal Health Record (iPHR) management solutions, today announced that the previously announced 1-for-5000 reverse split of its issued and outstanding common shares went effective today, October 9, 2012.
MMRGlobal, Inc. (OTCBB: MMRF) (the "Company" or "MMR") today announced that it had received a Notice of Allowance, U.S. Serial No. 13/352,026 (the "NOA"), from the United States Patent and Trademark Office which expands the Company's "Method and System for Providing Online Medical Records."
Mylan Inc. (Nasdaq: MYL) today announced that it has entered into a settlement agreement with Shionogi Inc. and CIMA Labs Inc. that will resolve patent litigation related to Prednisolone Sodium Phosphate Orally Disintegrating Tablets (ODT), 10 mg, 15 mg and 30 mg.
NaturalNano, Inc. (OTCBB: NNAN) today announced that an online video featuring NaturalNano's Halloysite Nanotubes (HNT) is available.
OncoSec Medical Inc. (OTCBB: ONCS), a company developing its advanced-stage ImmunoPulse DNA-based immunotherapy and NeoPulse therapies to treat solid tumor cancers, announced the company will be presenting data at two upcoming medical conferences.
Oramed Pharmaceuticals Inc. (OTCBB:ORMP.OB) (http://www.oramed.com), a developer of oral drug delivery systems, announced today that its subsidiary, Oramed Ltd., has signed an agreement with Medpace, Inc. to retain Medpace as a Clinical Research Organization (CRO) for Oramed's upcoming Phase II clinical trial on its oral insulin capsule, ORMD-0801.
PDL BioPharma, Inc. (PDL) (NASDAQ: PDLI) and AxoGen, Inc. (OTCBB: AXGN) announced today that they closed a structured financing transaction on October 5, 2012, in which PDL provided AxoGen with an aggregate of $20.8 million in exchange for royalties on certain AxoGen revenues.
Positron Corporation, (OTCBB:POSC) a molecular imaging healthcare company, announces that their subsidiary, Manhattan Isotope Technology, LLC, has received an acknowledgment letter and Drug Master File (DMF) number assignment, from the United States Food & Drug Administration (FDA), for its Strontium-82 Drug Substance.
QRxPharma Limited (ASX: QRX and OTCQX: QRXPY) announced today execution of a licensing agreement with Paladin Labs Inc. ("Paladin") (TSX:PLB) for the Canadian commercialisation rights to MOXDUO®, a patented, immediate release formulation of morphine and oxycodone.
Roche (SIX: RO, ROG; OTCQX: RHHBY) announced today the U.S. availability of a new HIV-1 viral load test based on the company's proprietary dual-target approach.
Synthetic Biologics, Inc. (NYSE MKT: SYN), a developer of synthetic biologics and innovative medicines for serious diseases and unmet medical needs, announced today that Charles B. Shoemaker, Ph.D., joined the Company's Scientific Advisory Board.