Healthcare Review: Immunomedics, Tenet Healthcare Corp, Prana Biotechnology, DURECT Corporation, ZIOPHARM Oncology Print E-mail
By Staff and Wire Reports   
Wednesday, 03 July 2013 11:25
U.S. stocks were little changed as reports depicting an improving job market tempered concern over political turmoil in Egypt and Portugal. Oil futures surged to as high as $102.18 a barrel, the most since May 2012, as political unrest in Egypt sparked concern of Middle East supply disruptions and as a report showed U.S. stockpiles shrank in the week ended June 28.

Immunomedics, Inc. (NASDAQ:IMMU) shares dropped 6.78% to $5.16. The company on July 3 announced encouraging results from the Phase Ib study with clivatuzumab labeled with the radioisotope, yttrium-90 (90Y), in patients with metastatic pancreatic cancer who had received at least 2 prior treatments. Results from this trial were reported by Edith Mitchell, MD, from the Kimmel Cancer Center of Thomas Jefferson University in Philadelphia, PA, in an oral presentation at the European Society for Medical Oncology (ESMO) 15th World Congress on Gastrointestinal Cancer.

Tenet Healthcare Corp. (NYSE:THC) shares decreased 5.48% to $43.12. The company on June 24 said it will buy smaller rival Vanguard Health Systems Inc for about $1.73 billion plus the assumption of debt to expand into new geographies, further evidence of consolidation being driven by U.S. President Barack Obama's healthcare reforms. The offer of $21 per share, a premium of 70 percent to Vanguard's Friday close, represents the highest price for the stock since the company's initial public offering in 2011.

Prana Biotechnology Limited (ADR) (NASDAQ:PRAN) stock jumped 18.60% to $2.87. The company on July 3 announced that it has received approval from the Austin Health Human Research Ethics Committee (HREC) to commence a 12-month open-label extension study with Alzheimer's Disease patients participating in Prana's IMAGINE trial. The approval follows a full review by Austin Health HREC of the potential benefit to patients and safety data collected during the ongoing IMAGINE trial, a 12-month double-blind Phase II clinical trial of PBT2 in Alzheimer's patients.

DURECT Corporation (NASDAQ:DRRX) shares climbed 5.56% to $1.13. The company on June 20 announced that the New Drug Application (NDA) for the investigational product POSIDUR (SABER-Bupivacaine) has been accepted by the U.S. Food and Drug Administration (FDA) indicating that the application is sufficiently complete to permit a substantive review. POSIDUR is a post-operative pain relief depot that utilizes DURECT's patented SABER technology to deliver bupivacaine and is designed to provide up to three days of pain relief after surgery.

ZIOPHARM Oncology Inc. (NASDAQ:ZIOP) shares increased 7.24% to $2.37. The company announced that Jonathan Lewis, M.D., Ph.D., Chief Executive Officer, will present at the 8th Annual JMP Securities Healthcare Conference on Tuesday, July 9th, 2013 at 2:30 p.m. ET at The St. Regis Hotel in New York City.


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