Healthcare Review: BG Medicine, Keryx Biopharmaceuticals, Spectrum Pharmaceuticals, Trius Therapeutics, Arena Pharmaceuticals Print E-mail
By Staff and Wire Reports   
Wednesday, 13 March 2013 14:16
Stocks crept higher on Wednesday as investors attempted to extend the rally that has taken the Dow to all-time highs, buoyed by surprisingly strong retail sales that suggested the economy has traction. Moves have been muted in recent days as investors consolidate positions after a strong run-up in the first three months of the year. Still, weakness in stocks has been met with buying, which helped propel the Dow on Tuesday to a new record and its eighth day of gains in a row.

Following are notable movers at mid day on Wednesday:-

BG Medicine, Inc. (NASDAQ:BGMD) shares gained 10.44% to $2.01. The Company today announced its fourth quarter results. Product revenue from the BGM Galectin-3 test was $1.0 million in the fourth quarter of 2012 versus $0.3 million in 2011. Total revenues of fourth quarter 2012, were $1.1 million compared to $0.4 million in 2011. Net loss for the quarter was $2.9 million compared to loss of $4.7 million of 2011.

Keryx Biopharmaceuticals (NASDAQ:KERX) shares dropped 0.14% to $7.12. The company yesterday announced its results for the fourth quarter and year ended December 31, 2012. The net loss for the fourth quarter was $6.6 million or $0.09 per share, compared to $8.4 million, or $0.12 per share for the 2011. The change in net loss in the fourth quarter of 2012 from 2011 was primarily attributable to a $3.1 million decrease in research and development expenses due to the cessation of the development of KRX-0401 since May 2012.

Additionally, the company today reported the appointment of Amit Sharma, M.D. to the newly created position of Vice President, Medical Affairs.

Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) shares plunged 34.42% to $8.15 after the company yesterday said full-year sales would fall far short of analysts’ estimates. Annual 2013 revenue will be $160 million to $180 million. Analysts anticipated total revenue of $297 million. The company said sales of its top product, Fusilev, will be $80 million to $90 million. Fusilev first won FDA approval in 2008 for patients with a bone tumor called osteosarcoma. The agency two years ago cleared the drug as a treatment for patients with advanced colon cancer.

Trius Therapeutics, Inc. (NASDAQ:TSRX) Shares grew 6.28% to $6.60. The company on March 12, reported a net loss of $14.2 million versus a net loss of $12.5 million in the comparable period in 2011. For the year ended December 31, 2012, it reported a net loss of $53.9 million compared to $18.3 million for the same period in 2011. Revenues for the three months ended December 31, 2012 were $5.2 million compared to $5.0 million for the same period in 2011. For the year ended December 31, 2012, revenues were $27.2 million compared to $41.0 million for the same period in 2011.

Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) shares dropped 0.48% to $8.29. The company, on Mar. 4, said it lost $21.3 million in the fourth quarter, compared to $23.7 million of 2011. Total interest and other expense in the fourth quarter of 2012 decreased to $1.0 million, compared to $5.4 million in the fourth quarter of 2011. Total interest and other expense in the full year ended December 31, 2012, increased to $28.4 million, compared to $26.4 million in full year ended December 31, 2011.




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