|Healthcare Review: Genomic Health, Arena Pharmaceuticals, Biodel Inc, Alexza Pharmaceuticals, VIVUS|
|By Staff and Wire Reports|
|Wednesday, 08 May 2013 13:16|
U.S. stocks edged up on Wednesday, boosted by financial and technology sectors, and were set to scale fresh highs as a rally continued for a fifth consecutive session. Wall Street had started off lower as investors locked in profits after four days of gains which took equity indexes to new highs a day earlier. But the market rebounded in early morning trade as investors saw the dip as an opportunity to buy. Following are notable movers at mid day on Wednesday:-
Genomic Health, Inc. (NASDAQ:GHDX) stock climbed 6.41% to $36.04. The company is making its Oncotype DX(R) prostate cancer test available to physicians and their patients today following the presentation by the University of California, San Francisco (UCSF) of a positive clinical validation study at the 2013 American Urological Association (AUA) Annual Meeting in San Diego. Results showed that the test, developed in collaboration with UCSF and Cleveland Clinic, strongly predicted disease aggressiveness (p=0.002) offering information beyond currently available clinical factors, such as PSA and biopsy Gleason Score, to help physicians and their prostate cancer patients confidently choose the most appropriate treatment based on an individualized risk assessment.
Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) shares decreased 0.96% to $8.26. The company, on May 7, announced that the Office of the Federal Register filed for public inspection the US Drug Enforcement Administration's (DEA) final rule placing BELVIQ( )(pronounced BEL-VEEK) into Schedule IV of the Controlled Substances Act. The scheduling designation will be effective 30 days after tomorrow's expected publication in the Federal Register. Following the effective date, BELVIQ will be available to patients in the United States by prescription, and Arena will receive $65 million in milestone payments from Eisai Inc. under their marketing and supply agreement.
Biodel Inc. (NASDAQ:BIOD) stock jumped 2.65% to $3.099. The company on May 8 reported financial results for the second fiscal quarter ended March 31, 2013. The company reported a net loss for the three months ended March 31, 2013 of $5.2 million, or $0.37 per share of common stock, compared to a net loss of $4.3 million, or $0.45 per share of common stock, for the same period in the prior year. The company did not recognize any revenue during the three months ended March 31, 2013 or 2012.
Alexza Pharmaceuticals, Inc. (NASDAQ:ALXA) shares jumped 27.36% to $5.55. The company will report results for its fiscal quarter ended March 31, 2013 on Tuesday, May 14, 2013, following the close of the U.S. financial markets.
Additionally, Teva Pharmaceutical Industries Ltd. (TEVA, TEVA.TV) and Alexza Pharmaceuticals Inc. (ALXA) on May 8 reached a licensing agreement for Alexza's inhaled Adasuve treatment for agitation in adults with schizophrenia or a type of bipolar disorder in the U.S. Under the accord, Alexza will receive an upfront payment of $40 million and is eligible for up to $195 million in future milestone payments, based on completing a number of post-approval studies and reaching sales goals for Adasuve, its first approved product.
VIVUS, Inc. (NASDAQ:VVUS) shares climbed 5.81% to $12.73. The company on May 8 provided a business update and reported its financial results for the first quarter ended March 31, 2013. In the first quarter of 2013, net product revenues from sales of Qsymia were $4.1 million. For the first quarter of 2013, the company reported a net loss of $53.6 million or $0.53 net loss per share, as compared to a net loss $18.8 million or $0.20 net loss per share during the first quarter of 2012.