|Healthcare Review: Sangamo Biosciences, MannKind Corporation, Orexigen Therapeutics, Bristol Myers Squibb, Affymax|
|By Staff and Wire Reports|
|Wednesday, 15 May 2013 13:03|
Sangamo Biosciences, Inc. (NASDAQ:SGMO) shares decreased 3.94% to $8.53. The company on May 15 announced the presentation of new clinical data from its program to develop a ZFP Therapeutic for HIV/AIDS. The data, which demonstrate that SB-728-T treatment results in a reduction in the HIV reservoir in HIV-infected subjects, are being presented at the 16th Annual Meeting of the American Society of Gene and Cell Therapy (ASGCT). The meeting is being held in Salt Lake Cityfrom May 15-18, 2013.
MannKind Corporation (NASDAQ:MNKD) shares increased 7.40% to $5.08. The company on May 9 posted financial results for the first quarter ended March 31, 2013. For the first quarter of 2013, total operating expenses were $36.4 million, compared to $33.9 million for the first quarter of 2012, an increase of $2.5 million. The net loss applicable to common stockholders for the first quarter of 2013 was $41.0 million, or $0.15 per share based on 280.1 million weighted average shares outstanding, compared with a net loss applicable to common stockholders of $38.2 million, or $0.27 per share based on 143.2 million weighted average shares outstanding for the first quarter of 2012. The number of common shares outstanding at March 31, 2013 was 289.4 million.
Orexigen Therapeutics, Inc. (NASDAQ:OREX) shares dropped 2.47% to $6.23 in the early hour. The company on May 8 announced financial results for the first quarter ended March 31, 2013.
For the three months ended March 31, 2013, Orexigen reported a net loss of $19.4 million, or $0.21 per share, as compared to a net loss of $10.4 million, or $0.16 per share, for the first quarter of 2012. Total operating expenses for the first quarter of 2013 were $20.3 million compared to $11.3 million for the first quarter of 2012.
Bristol Myers Squibb Co. (NYSE:BMY) shares gained 6.81% to $45.07. The company on May 15 said it also plans to expand development of treatments for congestive heart failure and fibrosis. The company said there are new opportunities in heart failure, a field now dominated by generic medicines. “The reason we want to re-engage is that the science has evolved to the point where there are interesting targets,” said Brian Daniels, senior vice president of global development.
Affymax, Inc. (NASDAQ:AFFY) shares gained 3.52% to $1.46. In its Form 10-Q filed with the SEC, Affymax on May 9 said it has experienced significant operating losses since inception. The recall of Omontys has severely harmed its business, financial condition, and prospects as a going concern and even with the transition of responsibilities effectuated by the Takeda amendment and the reductions in force, these planned cost reductions may not be sufficient to continue as a going concern.