|Healthcare Review: ACADIA Pharmaceuticals, Amarin Corporation, Amicus Therapeutics, Avanir, Array Biopharma Are Notable Movers|
|By Staff and Wire Reports|
|Tuesday, 27 November 2012 14:35|
A deal in Europe to release emergency aid to debt-laden Greece gave a brief early lift to stocks, but the news was not enough to sustain the gains as investors confronted the looming "fiscal cliff" at home that could bring higher taxes and spending cuts.
Following are notable movers at mid day on Tuesday:
ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) shares soared 143.70% to $5.61. The company said its experimental antipsychotic drug showed significant improvement in patients with Parkinson's disease psychosis in a late-stage trial. Patients receiving the drug, pimavanserin, had symptoms like hallucinations and delusions of jealousy reduced by more than a third, compared to a reduction of 18.5% in patients receiving a placebo. The study met its primary endpoint.
Amarin Corporation plc. (ADR) (NASDAQ:AMRN) shares gained 4% to $11.95. The company announced that the United States Patent and Trademark Office (USPTO) has published notification of Notice of Allowance for U.S. Patent Application Serial Number 13/608,775. This application includes claims intended to protect the Vascepa (icosapent ethyl) indication approved in July 2012 by the U.S. Food and Drug Administration (FDA) based on Amarin's MARINE clinical trial results.
Amicus Therapeutics, Inc. (NASDAQ:FOLD) shares increased 11.41% to $5.47 in the morning hour. The company announced additional preliminary results from an open-label Phase 2 drug-drug interaction study to evaluate a single oral dose of migalastat HCl (150 mg or 450 mg) co-administered with enzyme replacement therapy (ERT) in males with Fabry disease. Results were presented for a total of 12 patients who received migalastat HCl 150 mg co-administered with ERT (Fabrazyme in 8 patients and Replagal in 4 patients). Each patient received their current dose and regimen of ERT at one infusion.
Avanir Pharmaceuticals, Inc. (NASDAQ:AVNR) stock jumped 5.49% to $2.69. The company announced preliminary results for the fourth quarter ended September 30, 2012. The company fourth-quarter gross revenues for Nuedexta were $15.4 million, an increase of about 26% over the prior year quarter. Total operating expenses for the quarter, excluding cost of product sales and non-cash items, are estimated to be between $21.7 and $22.2 million.
Array Biopharma Inc. (NASDAQ:ARRY) stock jumped 5.28% to $3.54. The company has priced an underwritten public offering of 18 million primary shares of its common stock at a public offering price of $3.65 per share. The gross proceeds from the sale of the shares, before underwriting discounts and commissions and other offering expenses, are expected to be about $65.7 million.