|Healthcare Review: Gentium, Alexza Pharmaceuticals, Repros Therapeutics, Spectrum Pharmaceuticals, Symmetry Medical|
|By Staff and Wire Reports|
|Thursday, 21 February 2013 14:35|
The two-day decline marked the U.S. stock market's first sustained pullback this year. The Standard & Poor's 500 is up 5.2 percent so far this year. The benchmark index has climbed for seven straight weeks, putting it near five-year highs. In the latest economic data, initial claims for unemployment benefits rose more than expected last week while the Federal Reserve Bank of Philadelphia said its index of business conditions in the U.S. mid-Atlantic region fell in February to minus 12.5, the lowest in eight months.
Following are notable movers at mid day on Thursday:
Gentium S.p.A. (ADR) (NASDAQ:GENT) collapses 41% after the Italian biotech says it expects EU regulators to recommend against approving its defibrotide treatment for a rare liver condition called veno-occlusive disease, whereby some of the organ's veins are blocked due to cancer therapy given prior to stem cell transplants.
The EU approves Alexza Pharmaceuticals, Inc. (NASDAQ:ALXA) Adasuve, a treatment for the rapid control of mild-to-moderate agitation in adult patients with schizophrenia or bipolar disorder. The authorization adds to FDA backing. Alexza plans to launch Adasuve in the U.S. and EU in Q3.
Repros Therapeutics Inc. (NASDAQ:RPRX) soars 33% 33.1% on news its Androxal Phase 3 program has been given a receipt of written guidance from the FDA, effectively a notice that the FDA has accepted its study plans. Androxal is a treatment to normalize testosterone and luteinizing hormone levels in men.
Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) Q4: net profit edges up to $8.6M as revenues essentially remain flat for the third quarter in a row. Top line hurt by falling sales of Fusilev (colon), which drop 14% Q/Q to $44.6M, possibly due to resupply of cheaper leucovorin generic. Forecasts increase in 2013 revenue and operating income but doesn't provide specific guidance.
Symmetry Medical Inc. (NYSE:SMA) falls over 11% after the company reported net income for the fourth quarter of $2.9 million or $0.08 per share, compared to a net loss of $3.2 million or $0.09 per share for the year-ago quarter. Excluding items, adjusted net income for the fourth quarter was $6.1 million or $0.17 per share, compared to $1.3 million or $0.04 per share in the prior year quarter. Revenue for the fourth quarter rose 26% to $106.6 million from $84.5 million a year ago.