Healthcare Review: Immunomedics, Sinovac Biotech Ltd, Vertex Pharmaceuticals, Celsion Corporation, PharmAthene Print E-mail
By Staff and Wire Reports   
Thursday, 30 May 2013 14:14
U.S. stocks rose on Thursday as weaker-than-expected economic data reassured investors that stimulus measures by central banks will likely continue. First-time claims for unemployment benefits unexpectedly rose in the latest week while the government's latest reading on first-quarter gross domestic product came in slightly below forecasts. The softer-than-expected data helped quiet speculation that the Federal Reserve may begin to trim its stimulus measures sooner than had been expected. Following are notable movers at mid day on Thursday:-

Immunomedics, Inc. (NASDAQ:IMMU) shares climbed 10.40% to $3.82 in the early hour. The company on May 30 announced that during the Company's presentation at the New York Biotechnology Association's Annual Meeting yesterday, President and CEO, Cynthia L. Sullivan, updated the audience on the progress of the antibody-drug conjugate (ADC) programs.

Additionally, the company on May 7 announced that it has received notice that its patent application for "Delivery system for cytotoxic drugs by bispecific antibody pretargeting," will issue as US patent No. 8,435,539. This patent relates to compositions for pretargeting delivery of therapeutic agents for use with bispecific antibodies generated by the Company's proprietary DOCK-AND-LOCK™ (DNL™) protein conjugation technology.

Sinovac Biotech Ltd. (NASDAQ:SVA) shares jumped 3.62% to $4.01. The company on May 28 announced its unaudited first quarter financial results for the period ended March 31, 2013. Total sales for the first quarter 2013 increased by 68% to $10.1 million, from $6.0 million in first quarter of 2012. Net loss attributable to stockholders in the first quarter of 2013 was $2.0 million, or $0.04 per basic and diluted share, compared to a net loss of $5.6 million, or $0.10 per basic and diluted share, for the same quarter of last year.

Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) shares jumped 4.81% to $82.06. The company on May 17 announced that it has called for redemption of its outstanding $400.0 million in aggregate principal amount of 3.35% Convertible Senior Subordinated Notes due 2015, pursuant to the provisional "soft call" redemption right in the indenture governing the 2015 Notes. Any 2015 Notes outstanding on June 17, 2013 will be redeemed in cash for 100% of the principal amount, plus a make-whole interest payment of $16.75 per $1,000 principal amount payable in shares of Vertex's common stock.

Celsion Corporation (NASDAQ:CLSN) shares climbed 13.02% to $1.80. The company, on May 30, announced that Professor Riccardo Lencioni, MD, FSIR, EBIR, the Director of the Division of Diagnostic Imaging and Intervention at Pisa University School of Medicine in Italy, ECIO President and Lead European Principal Investigator for Celsion's Phase III HEAT Study will, in conjunction with two separate scientific presentations, review the clinical trial results including new emerging findings from the HEAT Study post hoc analysis at the 4thEuropean Conference on Interventional Oncology, which is being held June 19-22, 2013in Budapest, Hungary.

PharmAthene, Inc. (NYSEMKT:PIP) shares gained 2.76% to $1.86. 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.

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