|Healthcare Review: AcelRx Pharmaceuticals, Zogenix, Peregrine Pharmaceuticals, Chelsea Therapeutics, Eli Lilly & Co Are Notable Movers|
|By Staff and Wire Reports|
|Wednesday, 05 December 2012 13:40|
Market participants cited a host of reasons for the slide in the iPad maker's stock, including a consultant's report about the company losing share in the tablet market and reports that margin requirements had been raised by at least one clearing firm.
Following are the notable movers at mid day on Wednesday:
AcelRx Pharmaceuticals Inc. (NASDAQ:ACRX) slides 8.63% after announcing a proposed 10M share secondary offering. All of the shares in the offering are to be sold by ACRX. Jefferies and Cowen are acting as joint book-running managers, with Canaccord Genuity acting as co-lead manager.
Zogenix, Inc. (NASDAQ:ZGNX) slides after the FDA raises concerns about the abuse potential of its proposed pain pill called Zohydro ER, a long- acting version of hydrocodone, an ingredient typically used in short-acting combination products that are meant to be taken every four-to-six hours. Agency staff noted that Zohydro doesn't contain any abuse-deterrent features to stop people from tampering with the pill to get the hydrocodone out immediately rather than being released over an extended period of time. The product is due be reviewed Friday.
Peregrine Pharmaceuticals (NASDAQ:PPHM) soared 8% after reaching agreement with the FDA on the design of a Phase III trial of its Cotara treatment for recurrent brain cancer. Cotara is a targeted therapy that delivers a high dose of radiation directly into the brain tumor while sparing radiation exposure to healthy brain tissue.
Chelsea Therapeutics International Ltd. (NASDAQ:CHTP) slumped 36% as craters in spite of announcing positive preliminary results for Study 306B, a Phase III trial of Northera, a treatment for hypotension associated with Parkinson's Disease, saying the trial met its primary endpoint. The devil lies in the details however, as investors react to the results under the shadow of the FDA's earlier statement that the trial was unlikely to provide sufficient confirmatory evidence to support an NDA.
Eli Lilly & Co. (NYSE:LLY) joins up with India's Strides Arcolab to sell generic cancer treatments in emerging markets. Strides will produce the medicines and Eli Lilly sell them, with the agreement initially covering 10 drugs but providing the option for more. The partnership is the latest between Big Pharma, which is seeking growth in developing markets, and Indian generic firms, which want global expertise.