|Healthcare Review: Apricus Biosciences, MannKind Corporation, Elan Corporation, Rexahn Pharmaceuticals, Breezer Ventures|
|By Staff and Wire Reports|
|Thursday, 23 May 2013 15:46|
U.S. stocks slipped on Thursday, recovering from session lows as encouraging domestic economic data and a rally in Hewlett-Packard's shares offset concerns about the timing of any reduction in the Federal Reserve's monetary stimulus. Signs of improvement in the housing and labor markets also helped indexes come off their lows by midday. For most of the morning, the market had been pulled lower by worries that the Fed's stimulus may be scaled back sooner than hoped and after weak factory data in China.
Following are notable movers at mid-day on Thursday:
Apricus Biosciences Inc. (NASDAQ: APRI) stock plunged 20% to $2.63. The company on May 22 announced that it intends to offer shares of common stock and warrants in an underwritten public offering. The Company also expects to grant the underwriters a 30-day option to purchase additional shares of common stock and warrants to cover over-allotments, if any. Lazard Capital Markets LLC is acting as sole book-running manager for the offering. While the offering is expected to price before 9:30 am EDT on May 23, 2013, the offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
MannKind Corporation (NASDAQ: MNKD) shares increased 11.24% to $6.94. 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.
Elan Corporation, plc (ADR) (NYSE: ELN) stock jumped 2.74% to $12.37. The company on May 13 agreed to pay $1 billion for a share of the royalties on new drugs from Theravance Inc. (THRX) as the Irish drugmaker tries to persuade shareholders to spurn a takeover offer by Royalty Pharma.
Elan will receive 21 percent of the royalties earned by Theravance from GlaxoSmithKline Plc (GSK) on the four respiratory medicines, and 20 percent of that income stream will be paid to Elan shareholders as a dividend, the Dublin-based company said in a statement.
Rexahn Pharmaceuticals, Inc. (NYSEAMEX: RNN) shares jumped 7.43% to $0.416. The company on May 20 announced that Dr. Peter Suzdak, CEO of Rexahn, will present at the Second Annual Marcum LLP MicroCap Conference on Thursday, May 30, 2013 in New York City at the Grand Hyatt Hotel. The Company's presentation is scheduled to begin at 10:30 AM EDT.
Breezer Ventures Inc. (OTCMKTS: BRZV) shares dropped 1.92% to $0.0255 in the early hour. The company on May 7 announced that it is planning to participate in a 3-D seismic program on its 870 acre Jackson Fields prospect in Texas. New geological information obtained on the property indicates the need for a revised exploration program to target the more shallow proven oil and gas formations located on the property.