|Healthcare Review: Achillion Pharmaceuticals, Amgen, PharmAthene, Orexigen Therapeutics, Celsion Corporation|
|By Staff and Wire Reports|
|Wednesday, 29 May 2013 13:33|
Following are notable movers at mid day on Wednesday:
Achillion Pharmaceuticals, Inc. (NASDAQ:ACHN) shares dropped 2.50% to $7.40. The company on May 28 announced that President and Chief Executive Officer Michael D. Kishbauch has decided to retire. In conjunction with this decision, the Board has appointed President of Research and Development and Chief Scientific Officer, Milind Deshpande, Ph.D., to the role of President and Chief Executive Officer and to the Board of Directors. Mr. Kishbauch, who will continue working with management over a three month transition period, will remain a Director on the Achillion Board and is being appointed Chair of a newly-formed Strategy and Corporate Development Committee of the Board.
Amgen, Inc. (NASDAQ:AMGN) shares declined 1.38% to $104.70. Amgen and Astellas Pharma Inc. (Tokyo Stock Exchange: 4503, "Astellas"), on May 29 announced the companies have entered into a strategic alliance to provide new medicines to help address serious unmet medical needs of Japanese patients. The alliance leverages the complementary capabilities of both companies through an innovative business model that combines Amgen's pipeline candidates with Astellas' deep knowledge of Japanese patient and physician needs, long-term commercial and regulatory experience, and strong presence as a leading company in Japan.
PharmAthene, Inc. (NYSEMKT:PIP) shares declined 9.85% to $1.83. The company announced over the weekend that the Delaware Supreme Court upheld the earlier ruling that SIGA (NYSE: SIGA) breached its contractual obligation to negotiate in good faith. The Court has remanded the case to the Delaware Court of Chancery for further reconsideration of the damages award, consistent with its opinion.
Orexigen Therapeutics, Inc. (NASDAQ:OREX) shares dropped 6.17% to $6.41. 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.
Celsion Corporation (NASDAQ:CLSN) shares climbed 21.58% to $1.38. The company, on May 22, announced that it has become a certified supplier of components to China Petroleum and Chemical Corporation (Sinopec) and China National Petroleum Corporation (CNPC).