|Healthcare Review: MannKind Corporation, NPS Pharmaceuticals, Ariad Pharmaceuticals, Bristol Myers Squibb, Celsion Corporation|
|By Staff and Wire Reports|
|Wednesday, 22 May 2013 13:34|
MannKind Corporation (NASDAQ:MNKD) shares increased 18.66% to $6.36. 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.
NPS Pharmaceuticals, Inc. (NASDAQ:NPSP) shares gained 11.22% to $16.16. The company on May 22 announced the pricing of an underwritten public offering of 6,000,000 shares of its common stock at a price of $14.53 per share to the public. All of the shares are being sold by NPS. The gross proceeds to NPS from this offering are expected to be approximately $87.2 million, before deducting underwriting discounts and commissions, and other estimated offering expenses payable by NPS. The offering is expected to close on or about May 24, 2013, subject to the satisfaction of customary closing conditions.
Ariad Pharmaceuticals, Inc. (NASDAQ:ARIA) shares jumped 9.30% to $19.16. The company on May 7 reported financial results for the first quarter, including revenue from its first cancer medicine, Iclusig(R) (ponatinib), which was approved last December by the U.S. Food & Drug Administration. Net loss for the quarter ended March 31, 2013 was $64.7 million, or $0.36 per share, compared to net loss of $55.9 million, or $0.35 per share, for the same period in 2012. Net sales of Iclusig were $6.4 million for the quarter ended March 31, 2013.
Bristol Myers Squibb Co. (NYSE:BMY) shares gained 5.47% to $46.46. 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.
Celsion Corporation (NASDAQ:CLSN) shares jumped 8.50% to $1.02. The company, on May 22, announced that its proprietary patent application, "Method of Storing Nanoparticle Formulations," has now been granted in the four largest markets for liver cancer globally: China, Japan, South Koreaand most recently Taiwan.
Celsion holds an exclusive license agreement with Duke Universityfor its temperature sensitive liposome technology which covers the ThermoDox® formulation. Celsion's newly issued patents pertain specifically to methods of storing stabilized, temperature-sensitive liposomal formulations and will assist in the protection of global rights by extending the overall term of the ThermoDox® patent portfolio to August 2026.