Healthcare Review: Vanda Pharmaceuticals, Triple-S Management, Stemline Therapeutics, VIVUS, Celsion Corporation Print E-mail
By Staff and Wire Reports   
Friday, 17 May 2013 12:30
U.S. stocks advanced on Friday, with the S&P 500 erasing declines in the previous session, putting the index on track for its fourth straight weekly advance as data helped support recent momentum. The benchmark S&P 500 index fell 0.5 percent on Thursday, its biggest drop since May 1, after a Federal Reserve official said the U.S. central bank could begin reducing its monetary stimulus program this summer. The central bank's program of $85 billion a month in bonds has been a major driver of the rally in equities that has propelled both the Dow and the S&P 500 to record highs and sent both indexes up about 16 percent for the year.  Following are notable movers at mid day on Friday:-

Vanda Pharmaceuticals Inc. (NASDAQ:VNDA) shares climbed 22.44% to $6.73. The company on May 9 announced financial and operational results for the first quarter ended March 31, 2013. Total revenues for the first quarter of 2013 and 2012 were each $8.1 million. The company recorded a net loss of $4.2 million for the first quarter of 2013, compared to a net loss of $8.0 million for the same period in 2012. Diluted net loss per share for the first quarter of 2013 was $0.15, compared to a diluted net loss per share of $0.28 for the first quarter of 2012.

Triple-S Management Corp. (NYSE:GTS) shares declined 3.19% to $18.50 in the morning hour. The company on May 17 announced the pricing of the previously announced secondary offering of 5,400,368 shares of Class B common stock (the "Offering") by certain selling shareholders.  As part of the Offering, 4,400,368 shares are being sold to the public and 1,000,000 shares are being purchased by the Company, in each case, at a price of $18.25per share.

Stemline Therapeutics Inc. (NASDAQ:STML) stock dropped 1.51% to $14.77. The company on May 16 announced the pricing of an underwritten public offering of 4,137,931 shares of its common stock at a public offering price of $14.50 per share. Stemline has granted the underwriters a 30-day option to purchase up to 620,689 additional shares of common stock from Stemline. The gross proceeds to Stemline from the public offering are expected to be $60.0 million, before underwriting discounts and commissions and other estimated offering expenses. Stemline intends to use the net proceeds from the public offering to fund the clinical development of SL-401 and SL-701 and other general corporate purposes.

VIVUS, Inc. (NASDAQ:VVUS) shares dropped 1.20% to $12.39. The company on May 16 announced the pricing of its offering of $220 million aggregate principal amount of 4.50% convertible senior unsecured notes due May 1, 2020 (the "Notes") in a private placement pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). VIVUS has granted to the initial purchasers a 30-day option to purchase up to an additional $30 million aggregate principal amount of the Notes. The offering is expected to close on or about May 21, 2013, subject to customary closing conditions.

Additionally, 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.

Celsion Corporation (NASDAQ:CLSN) shares gained 9.56% to $1.03. The company, on May 17 announced that Professor Riccardo Lencioni, MD, FSIR, EBIR, 2013 WCIO Program Chairman and the Director of the Division of Diagnostic Imaging and Intervention at Pisa University School of Medicine in Italyand Lead European Principal Investigator for the HEAT Study and Professor Ronnie T.P. Poon, MD, MS, PhD, FRCS (Edin), FACS, Professor of Surgery at the University of Hong Kongand Lead Asia Pacific Principal Investigator for the HEAT Study conducted separate scientific discussions reviewing the clinical trial results from the Company's Phase III HEAT Study including new emerging findings from the HEAT Study post-hoc analysis at the 9th Annual Meeting of the World Conference on Interventional Oncology, which is being held on May 16 to 20, 2013in New York City.




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