|Healthcare review: Navidea Biopharmaceuticals, MAKO Surgical, MEI Pharma, Galena Biopharma Are Notable Movers|
|By Staff and Wire Reports|
|Wednesday, 14 November 2012 15:23|
The Federal Reserve signaled that it will likely launch a new bond buying program next year when the Operation Twist program expires, according to minutes from the central bank's Oct. 23-24 policy meeting. In addition, the minutes also revealed that officials felt their decision to launch a third round of quantitative easing has improved financial conditions and helped support the housing recovery.
Following are the notable movers at mid day on Wednesday:
Navidea Biopharmaceuticals Inc(NYSEAMEX:NAVB) slid 7% on disappointment that the FDA is giving a six month window to approve Lymphoseek, its Lymphoma diagnostic tool, rather than the two-month review time-frame some investors were betting on. The agency had rejected NAVB's first application in September, citing problems caused by its third-party manufacturer, and it now has to re-inspect the manufacturing site before deciding on the drug.
MAKO Surgical Corp.(NASDAQ:MAKO) priced its previously announced 3.042M share secondary offering at $13.15 per share, just a slight discount to its Tuesday close. The company anticipates net proceeds from the sale to be approximately $37M. Shares of MAKO are up over 2%.
MEI Pharma Inc(NASDAQ:MEIP) shares soared 30% to $1.57 on hefty volume of 1.50 million shares, compared to its average volume of 172K shares. The company has entered in a securities purchase agreement with Baker Bros. Advisors and others. Will sell up to 6 million units for $3 million. Each Unit consists of one share of Common Stock and warrants to acquire 0.70 shares of Common Stock at an exercise price of $0.52 per share. The Units will consist of an aggregate of 6,000,000 shares of Common Stock and Warrants exercisable for an aggregate of 4,200,000 shares of Common Stock. The warrants will expire 5 years after the date of issuance.
Galena Biopharma Inc(NASDAQ:GALE) rose 7%, recovering from a 20% fall in the past week. Last week, the company had third quarter net loss of $6.3 million, or $0.09 per basic and diluted share, versus a net loss of $5.5 million, or $0.13 per basic and diluted share for the three months ended September 30, 2011. As of September 30, 2012, GALE had cash and cash equivalents of $15.4 million, compared with cash and cash equivalents of $11.4 million as of December 31, 2011.
Celsion Corporation(NASDAQ:CLSN) climbed 5% after announced that it projects that a minimum of 380 events of progression have been realized in the Company's pivotal, Phase III HEAT Study, a multinational, double-blind, placebo-controlled, pivotal study of ThermoDox® in combination with radiofrequency ablation (RFA) for the treatment of hepatocellular carcinoma (HCC), also known as primary liver cancer.
According to protocol, 380 events of progression, subject to confirmation by the Study's independent Data Monitoring Committee (DMC), trigger the data collection process, unblinding and final analysis of the results by the DMC. Progression Free Survival (PFS) is the HEAT Study's primary endpoint.