Healthcare Review: CytRx Corporation, TrovaGene Inc, EntreMed Inc, CombiMatrix Corporation, Humana Inc Print E-mail
By Staff and Wire Reports   
Monday, 06 May 2013 13:23
Most U.S. stocks rose, as the Standard & Poor’s 500 Index extended its record level, following data last week that showed American employers added more workers than forecast in April. The S&P 500 rose 0.2 percent to 1,617.44 at 12:47 p.m. in New York. The Dow Jones Industrial Average lost 2.23 points, or less than 0.1 percent, to 14,971.73. About three stocks advanced for every two that fell on U.S. exchanges. Trading of S&P 500 stocks was 8.7 percent below the 30-day average at this time of day. This coming week, any chatter about a market correction could take a pause with no important economic data on the calendar along with 80% of S&P 500 corporate earnings in the rear view mirror.

CytRx Corporation (NASDAQ:CYTR) shares gained 0.74% to $2.70 in the morning hour. The company on May 6 announced that the independent Data Safety Monitoring Committee (DSMC) overseeing the Company's international Phase 2b clinical trial with aldoxorubicin as a first-line treatment for patients with late-stage metastatic soft tissue sarcoma has recommended conducting the clinical trial through completion.

This Phase 2b trial allows for a head-to-head clinical comparison of the commonly used chemotherapeutic agent doxorubicin with aldoxorubicin, CytRx's tumor-targeting doxorubicin conjugate. Doxorubicin is dose-limited at a level below its maximum anti-tumor capabilities due to toxicity, including cardiotoxicity. Data from the Phase 2b trial is expected in the second half of 2013.

TrovaGene Inc. (NASDAQ:TROV) stock jumped 6.62% to $6.60. The company on April 1 reported its financial results for the three months and the year ended December 31, 2012. For the fourth quarter ended December 31, 2012, Trovagene reported a net loss of $6.3 million, or $0.43 per share, as compared to a net loss of $1.3 million, or $0.12 per share, for the three months ended December 31, 2011.

EntreMed Inc. (NASDAQ:ENMD) stock climbed 1.66% to $1.84. The company on May 6 announced the issuance by the Chinese State Intellectual Property Office of Patent Certificate No. ZL 200680044656.7. The granted claims are directed to ENMD-2076, covering composition of matter and uses to treat various cancers. The patent is part of EntreMed's broad intellectual property portfolio for ENMD-2076.

CombiMatrix Corporation (NASDAQ:CBMX) shares gained 6.71% to $3.68. The company, on May 6, announced today that it has entered into an agreement to issue securities in a private placement transaction to certain accredited investors that will result in proceeds to the Company totaling $2.4 million, to be received in two tranches, with the first tranche expected to close within two days and the second tranche to close following stockholder approval, subject to customary closing conditions.

Additionally, the company announced today that it will release its first quarter 2013 financial results on Wednesday, May 8, 2013. Results will be released prior to trading on that day.

Humana Inc. (NYSE:HUM) shares jumped 3.12% to $76.24. The company on May 1 said its first-quarter earnings rose 91% as the company incurred lower benefit expenses and increased its membership. The company reported a profit of $473 million, or $2.95 a share, up from $248 million, or $1.49 a share, a year earlier. The company's February projection was earnings of $1.75 to $1.85 a share. Revenue jumped 2.6% to $10.49 billion, topping the analysts' $10.25 billion forecast.

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