Healthcare review: BSD Medical Corporation, Novogen Limited, BioCryst Pharmaceuticals, Idenix Pharmaceuticals, Obagi Medical Products Print E-mail
By Staff and Wire Reports   
Monday, 08 April 2013 13:28
U.S. stocks declined modestly on Monday as investors faced the prospect of a lackluster earnings season and an economy that could be hitting a slow patch. Tepid earnings could give investors a reason to sell some equities and push both the Dow and the S&P 500 back from their recent record highs. Earnings forecasts have been scaled back, heading into first-quarter reports. S&P 500 companies' earnings are expected to have risen just 1.6 percent from a year ago, according to Thomson Reuters data, down from a forecast in January calling for a gain of 4.3 percent.

Following are notable moves at mid day:

BSD Medical Corporation (NASDAQ:BSDM) stock climbed 20.48% to $1.70. The company, on April 8, announced that the Company has signed an exclusive, long-term, multi-million dollar distribution agreement with Terumo Europe NV, a wholly owned subsidiary of Terumo Corporation (Terumo), for the MicroThermX(R) Microwave Ablation System (MicroThermX(R)). A world leader in state-of-the-art medical devices and interventional oncology, Tokyo-based Terumo Corporation (tyo:JP) reported 2012 sales of nearly $5 billion and has a market cap in excess of $8 billion.

Novogen Limited (ADR) (NASDAQ:NVGN) stock gained 18.24% to $5.90. The company on Mar. 5 announced the signing of a Memorandum of Understanding with The Ingham Institute in a cooperative venture to develop the new class of super-benzopyran molecules as anti-cancer drugs intended to offer cancer therapy. The global collaborative network of which The Ingham Institute is part will participate in identifying and developing this new approach to cancer therapy.

BioCryst Pharmaceuticals, Inc. (NASDAQ:BCRX) shares increased 14.12% to $1.94. The company, on Mar. 25, announced the initiation of a Phase 1 clinical trial to evaluate the safety, pharmacokinetics and pharmacodynamics of orally-administered BCX4161 in healthy volunteers. Discovered by BioCryst, BCX4161 is a novel, selective inhibitor of plasma kallikrein in development for prevention of attacks in patients with hereditary angioedema (HAE).

Idenix Pharmaceuticals, Inc. (NASDAQ:IDIX) shares gained 7% to $3.80. The company, on Mar. 22, announced that the United States Patent and Trademark Office Patent Trial and Appeal Board (USPTO) issued a decision in the first phase of the ongoing interference concerning one of the Company's patent applications (U.S. Patent Application 12/131,868) and an issued patent ( U.S. Patent 7,429,572) owned by Gilead Pharmasset LLC ("Gilead") that covers certain 2'-methyl- 2'-fluoro nucleoside compounds useful in the treatment of the hepatitis C virus.

Obagi Medical Products, Inc. (NASDAQ:OMPI) shares fell 5.78% to $23.95. Merz Pharma Group on April 8 said it has withdrawn its non-binding proposal to acquire all of the outstanding shares of Obagi Medical Products for $22 per share cash. This withdrawal follows the recent announcement that Valeant Pharmaceuticals International, Inc. (VRX: Quote,VRX.TO: Quote) raised its offer to acquire Obagi from $19.75 to $24.00 per share cash, according to an amendment to the Valeant and Obagi Agreement and Plan of Merger, dated March 19, 2013.

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