Healthcare Review: Celsion Corporation, Alliance HealthCare Services, Uroplasty, Endo Health Solutions, Arena Pharmaceuticals Print E-mail
By Staff and Wire Reports   
Friday, 31 May 2013 13:47
U.S. stocks were little changed on Friday as stronger-than-expected data on manufacturing gave investors a reason to buy despite massive equity gains so far this year. The stock market advance has largely come on supportive monetary policies from central banks around the world, which has helped the markets avoid the Wall Street adage of "sell in May, go away," which refers to a historical trend of seasonal weakness that tends to begin in May and continue through the summer. The S&P fell 6.3 percent in May 2012. Following are notable movers at mid day on Friday:-

Celsion Corporation (NASDAQ:CLSN) shares declined 2.27% to $1.72. The company, on May 31, announced that it has received commitments from institutional investors to purchase an aggregate of approximately $9.83 million of the Company's common stock in an at-the-market registered direct offering led by a dedicated health care fund.

The Company entered into definitive purchase agreements with these investors pursuant to which the Company agreed to sell an aggregate of 6,264,492 shares of its common stock at a per share price of $1.57.  The shares were priced at-the-market with no discount to the previous day's closing bid price.

Alliance HealthCare Services, Inc. (NASDAQ:AIQ) stock climbed 8.50% to $16.60. The company on May 31 announced that it has obtained commitments from lenders with respect to a new senior secured credit agreement.

Howard Aihara, executive vice president and chief financial officer stated, “Our ability to refinance our new senior secured term loan on such favorable terms is a clear testament to the improvements in our business performance and the strength of our balance sheet.

Uroplasty, Inc. (NASDAQ:UPI) shares climbed 29.45% to $2.89 in the early hour. The company on May 30 reported financial results for the fourth quarter and fiscal year 2013 ended March 31, 2013.  For the full year ended March 31, 2013, sales grew $1.9 million to $22.4 million, reflecting an 18% increase in U.S. sales and a 10% decrease in sales outside the U.S.

Additionally, the company on May 30 announced that effective June 1, 2013, Wisconsin Physicians Services (WPS) will begin coverage for Posterior Tibial Nerve Stimulation (PTNS) for treatment of overactive bladder (OAB) and associated symptoms of urinary urgency, urinary frequency and urge incontinence.

Endo Health Solutions Inc. (NASDAQ:ENDP) shares gained 1.84% to $36.60. The company on May 30 announced that the U.S. Food and Drug Administration (FDA) has issued a complete response letter regarding the New Drug Application (NDA) for Endo's long-acting testosterone undecanoate injection, AVEED(TM), for men diagnosed with hypogonadism.

The complete response letter did not include requests for the company to perform additional clinical studies. The FDA outlined the steps necessary to support approval of the NDA and updated the requirement for a Risk Evaluation and Mitigation Strategy (REMS).

Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) stock jumped 0.13% to $8.91. Investment analysts at Credit Suisse cut their target price on shares of Arena Pharmaceuticals from $6.00 to $5.00 in a note issued to investors on May 6.

Additionally, the company announced that the company was scheduled to present a corporate overview at the Deutsche Bank Securities 38(th) Annual Health Care Conference Presentation: May 30, 2013, at 12:00 p.m. Eastern Time (9:00 a.m. Pacific Time) at The Westin Boston Waterfront Hotel in Boston, Massachusetts.

 




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