Healthcare Review: Myriad Genetics, ACADIA Pharmaceuticals, Astex Pharmaceuticals, Cempra Inc, Inovio Pharmaceuticals Print E-mail
By Staff and Wire Reports   
Friday, 14 June 2013 12:43
U.S. stocks fell on Friday as investors sold some shares to book profits a day after the S&P 500 recorded its second-best session of the year and disappointing data showed a decline in consumer sentiment. On Thursday, the S&P 500 posted its biggest gain since Jan. 2 as stronger-than-expected economic data helped reassure investors who had been anxious about an expected slowdown in the Federal Reserve's economic stimulus.  Thursday's rally followed a three-day decline.

Following are notable movers at mid day on Friday:

Myriad Genetics, Inc. (NASDAQ:MYGN) shares fell 4.97% to $30.41. The company on June 13 said the Supreme Court of the United States upheld its patent claims on complementary DNA, or cDNA. However, the Court ruled that five of Myriad's claims covering isolated DNA were not patent eligible. Following today's decision, Myriad has more than 500 valid and enforceable claims in 24 different patents conferring strong patent protection for its BRACAnalysis® test.

ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) shares jumped 2.05% to $8.92. The company, on June 3, announced that Allergan, Inc. (NYSE: AGN) has advanced an additional product candidate as a potential new treatment for glaucoma. The novel small molecule resulted from joint research conducted by the companies under their recently concluded research collaboration focused on new therapies for glaucoma and related ophthalmic conditions.

Astex Pharmaceuticals, Inc. (NASDAQ:ASTX) shares declined 1.09% to $4.55. The company, on June 14, announced that updated clinical results of its novel hypomethylating agent, SGI-110, were presented in a poster session at the 18th Congress of the European Hematology Association (EHA) being held June 13-16, 2013 in Stockholm, Sweden. The update focused on details of the biological and clinical activity as well as safety in the group of intermediate or high risk relapsed or refractory myelodysplastic syndromes (r/r MDS) patients treated in the dose-escalation phase 1 part of the SGI-110-01 study.

Cempra Inc. (NASDAQ:CEMP) shares declined 13.28% to $7.05. The company on June 13 announced its intention to offer and sell shares of its common stock in an underwritten public offering pursuant to its existing shelf registration statement. The company also intends to grant to the underwriters a 30-day option to purchase up to an additional 15% of the shares of common stock sold in the public offering to cover over-allotments, if any. The company intends to use the net proceeds from the offering to fund its planned IV-to-oral Phase 3 clinical trial of solithromycin in community acquired bacterial pneumonia (CABP), working capital and general corporate and administrative expenses. The offering is subject to market and other 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.

Inovio Pharmaceuticals Inc. (NYSEMKT:INO) shares jumped 6.53% to $0.660. The company on June 14 announced today that in a preclinical study of its influenza DNA vaccine against the newly emergent, virulent H7N9 flu virus it achieved immune response levels exceeding what are considered protective levels in other common influenza subtypes. Interim results from a study in mice in a collaboration with researchers from the University of Pennsylvania and Canada's National Microbiology Laboratory in Winnipeg demonstrated that Inovio's H7N9 influenza DNA vaccine achieved greater than 1:40 hemagglutination inhibition (HAI) in 100% of tested animals (n=10), with a geometric mean HAI titer of 1:130 against the A/Anhui/1/13 strain of H7N9 virus. HAI titers at or above 1:40 are considered to denote protection against the influenza virus in humans. These mice received just two vaccinations three weeks apart and the samples tested were from week 5.

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