Healthcare Review: Elan Corporation, XOMA Corp, Celsion Corporation, Catalyst Pharmaceutical, MannKind Corporation Print E-mail
By Staff and Wire Reports   
Thursday, 13 June 2013 12:48
U.S. stocks bounced back on Thursday, with the Dow again above 15,000, as stronger-than-expected data on retail sales and the jobs market signaled the economy may be shaking off a recent soft patch. Equities had initially headed into the session looking weaker following a slump in stocks globally, especially Japan's Nikkei. On Wednesday the Dow slid more than 100 points. Comments by Fed Chairman Ben Bernanke last month stoked worries that the central bank could slow its $85 billion a month bond purchase program sooner than expected. Investors were looking to the Fed's policy-setting committee meeting next week for clarity on how soon the Fed will end its stimulus measures. Following are notable movers at mid day on Thursday:-

Elan Corporation, plc (ADR) (NYSE:ELN) stock dropped 2.82% to $12.73. Royalty Pharma on June 12 announces that as of 5:30 pm EDT on Wednesday, June 12, 2013 holders of approximately 276 million Elan ADSs (ELN), representing more than 70% of the Elan ADSs held in street name, had voted on the Elan proposals.  Based on its review of those votes, Royalty Pharma currently believes that Item 4 - Share Repurchase Program will be approved.  However, Royalty Pharma believes that this proposal can still be voted down if a few shareholders change their vote. Royalty Pharma remains in active dialogue with Elan Shareholders.

XOMA Corp. (NASDAQ:XOMA) shares declined 0.25% to $4. The company, on June 13, has opened enrollment in a pilot study to determine gevokizumab's potential to treat acute inflammatory pyoderma gangrenosum. Pyoderma gangrenosum (PG) is one of the several rare diseases that are classified under the broader cluster of neutrophilic dermatoses. XOMA's pilot study is designed to enroll up to eight patients who are experiencing acute inflammatory PG. An inflammatory episode of PG is characterized by recently developed active ulcers and ulcer-related pain.

Celsion Corporation (NASDAQ:CLSN) shares gained 12.77% to $1.60. The company, on June 12, issued a statement regarding a blog entry posted by Alpha Exposure, Contributor, on Seeking Alpha.com. Statements made in Alpha Exposure's blog entry are misleading and require clarification.

As is common in the biotechnology and pharmaceutical industry, Celsion has conducted a comprehensive post hoc analysis of the data from its Phase III HEAT Study of ThermoDox® in hepatocellular carcinoma (HCC) with its key principal investigators, data experts and liver cancer experts.

Catalyst Pharmaceutical Partners, Inc. (NASDAQ:CPRX) shares declined 6% to $0.978. The company on May 16 announced financial results for the three month period ended March 31, 2013. The company reported a GAAP net loss of $1,744,289, or $0.04 per basic and diluted share, compared to a GAAP net loss of $1,089,186, or $0.04 per basic and diluted share, for the same period in 2012. Non-GAAP net loss was $1,698,963, or $0.04 per share for the first quarter of 2013.

MannKind Corporation (NASDAQ:MNKD) shares decreased 1.18% to $7.55. The company on May 31 announced that all follow-up visits have been completed for the patients enrolled in Study 171, a Phase 3 clinical study of AFREZZA® (insulin human [rDNA origin]) inhalation powder, an investigational, ultra rapid-acting mealtime insulin therapy, administered using MannKind's next-generation inhaler. MannKind expects to release data from this study later this summer.




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