|Healthcare Review: AcelRx Pharmaceuticals, Medtronic, Cubist Pharmaceuticals, BioScrip Inc, Orexigen Therapeutics|
|By Staff and Wire Reports|
|Tuesday, 21 May 2013 16:37|
AcelRx Pharmaceuticals Inc. (NASDAQ:ACRX) shares gained 5.57% to $6.82. The company on May 21 announced top-line data demonstrating that in a placebo-controlled Phase 3 study of its investigational sublingual Sufentanil NanoTab PCA (patient-controlled analgesia) System (NanoTab System), the primary efficacy endpoint was achieved. The study evaluated control of pain intensity compared to baseline during the 48-hour study period immediately following major orthopedic surgery, specifically knee or hip replacement, using the FDA-requested primary endpoint of Summed Pain Intensity Difference to baseline (i.e. SPID-48).
Medtronic, Inc. (NYSE:MDT) shares climbed 6.63% to $53.21. The company on May 21 said fiscal fourth-quarter sales grew roughly 4%, but expenses related to employee layoffs and manufacturing consolidation caused earnings to fall 2.2%, masking the medical-devices company's improved revenue and margins.
For the quarter ended April 26, Medtronic reported a profit of $969 million, down from $991 million a year earlier. Per-share earnings rose to 95 cents from 94 cents, due to fewer shares outstanding in the most recent quarter. Excluding items such as restructuring and litigation charges, per-share earnings rose to $1.10 from 99 cents. Analysts polled by Thomson Reuters had most recently forecast earnings of $1.03 a share on revenue of $4.39 billion.
Cubist Pharmaceuticals Inc. (NASDAQ:CBST) shares gained 2.23% to $54.67. The company has been named to the Globe 100 annual list, the Boston Globe's annual ranking of the 100 top-performing public companies headquartered in Massachusetts. Cubist was ranked number six overall and was named the top performing biotech company. The 2013 list was published in the Globe 100 Magazine in the Sunday Boston Globe on May 19.
BioScrip Inc. (NASDAQ:BIOS) shares climbed 3.71% to $13.70. The company, on May 8, announced 2013 first quarter financial results. First quarter revenue from continuing operations was $199.1 million and the net loss from continuing operations was $7.5 million, or $0.13 per diluted share. Consolidated Adjusted EBITDA for the first quarter was $11.5 million, and consolidated Adjusted EPS for the first quarter was $0.04 per diluted share.
Orexigen Therapeutics, Inc. (NASDAQ:OREX) shares climbed 0.66% to $6.06 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.