Healthcare Review: Peregrine Pharmaceuticals, XenoPort,Gilead Sciences, Affymax, ACADIA Pharmaceuticals Print E-mail
By Staff and Wire Reports   
Monday, 20 May 2013 17:05
U.S. stocks were little changed on Monday as acquisition activity gave support but investors were reluctant to rush into the market with indexes hovering around record levels. Deals including Yahoo's $1.1 billion bid for Tumblr indicate that companies continue to search for growth through acquisitions, a bullish sign for stocks. Yahoo was up 0.8 percent at $26.73. On Monday, the Dow climbed to an all-time intraday high at 15,391.84, while the S&P 500 edged up to a new intraday record high at 1,672.84. Both major indexes are up about 17 percent for the year so far. Following are notable movers at mid day on Monday:-

Peregrine Pharmaceuticals (NASDAQ:PPHM) shares gained 27.28% to $1.96. The company, on May 20, announced that it has reached agreement with the U.S. Food and Drug Administration (FDA) on a Phase III registration trial design of the company's lead clinical immunotherapeutic candidatebavituximab in second-line non-small cell lung cancer (NSCLC). The trial design was supported by promising data from a Phase IIb trial in patients treated with bavituximab plusdocetaxel. Final data from the study will be presented at the upcoming ASCO Annual Meeting on Saturday, June 1, 2013.

XenoPort, Inc. (NASDAQ:XNPT) shares declined 12.39% to $5.91. The company on May 20 announced top-line results from its pivotal Phase 3 clinical trial of arbaclofen placarbil (AP) for the treatment of patients with spasticity due to multiple sclerosis (MS). The trial was unsuccessful in demonstrating that AP provided statistically significant improvement relative to placebo in the co-primary endpoints of the study.

Gilead Sciences, Inc. (NASDAQ:GILD) shares declined 0.41% to $56.07. The company, on May 15, announced results from a Phase 2 study (Study 101-08) evaluating idelalisib (formerly GS-1101), an investigational, targeted, oral inhibitor of PI3K delta, in combination with rituximab for older patients with treatment-naïve chronic lymphocytic leukemia (CLL). This regimen achieved a complete response (CR) rate of 19 percent and an overall response rate (ORR) of 97 percent, with estimated progression-free survival (PFS) at 24 months of 93 percent.

Affymax, Inc. (NASDAQ:AFFY) shares dropped 7.51% to $1.23. 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.

ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) shares climbed 10.17% to $14.62. The company, on May 20 announced that it has been selected for addition to the NASDAQ Biotechnology Index (NASDAQ: NBI) effective prior to today's market open.

Additionally, the company on May 15 announced the pricing of an underwritten public offering of 8,000,000 shares of its common stock, offered at a price to the public of $12.50 per share. The gross proceeds from this offering to ACADIA are expected to be $100 million, before deducting underwriting discounts and commissions and other estimated offering expenses payable by ACADIA.



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