Healthcare Review: Intuitive Surgical, Community Health, OXiGENE, Celsion Corporation, Hologic Print E-mail
By Staff and Wire Reports   
Friday, 19 July 2013 13:28
Stocks edged back from record levels in early trading Friday, led by a slump in the technology sector after Microsoft and Google reported disappointing earnings. Microsoft fell sharply after the company wrote off $900 million for expected losses on its Surface tablet and reported declining revenues for its Windows operating system. Google dropped after it reported revenues that fell below analysts' forecasts, partly because the Internet search leader's ad prices took an unexpected turn for the worse.

Intuitive Surgical, Inc. (NASDAQ:ISRG) shares decreased 13.30% to $365.40. The company on July 18 slashed its 2013 sales forecast due to disappointing demand for its da Vinci surgical robots and procedures, and said U.S. regulators had issued a warning letter after an inspection of its facilities in June.

The company said it now expects 2013 revenue to be between flat and 7 percent higher. Three months ago, the company had predicted revenue growth at the higher end of its initial full-year forecast of 16 to 19 percent.

Community Health Systems (NYSE:CYH) shares dropped 8.79% to $43.15. The company on July 18 said it anticipates net operating revenues for the second quarter of 2013 to be about $3.236 billion, down from $3.243 billion last year. Analysts currently estimate revenues of $3.37 billion for the quarter. The company, in a statement, said the consolidated operating results for quarter reflect a 5.1 percent decrease in total admissions and a 1.8 percent decrease in adjusted admissions.

OXiGENE Inc. (NASDAQ:OXGN) stock jumped 36.56% to $3.41. The company on July 18 announced that the European Medicines Agency (EMA) has granted orphan drug designation for ZYBRESTAT® (fosbretabulin tromethamine) for the treatment of ovarian cancer. Orphan drug designation in the European Union (EU) is given to products that are designed for the diagnosis, prevention or treatment of rare diseases that are life-threatening or very serious. A disease is defined as rare in the EU if it affects fewer than five in 10,000 people. Granting of orphan drug designation in the EU provides companies with development and commercial incentives, including a period of market exclusivity, access to a centralized review process, protocol assistance (scientific advice) and waiving of marketing and post-marketing authorization fees.

Celsion Corporation (NASDAQ:CLSN) shares jumped 25.52% to $1.53. CLSN and Zhejiang Hisun Pharmaceutical Company Ltd. (SSE Code: 600267), a leading Chinese pharmaceutical company, on July 19 announced that they have entered into a Memorandum of Understanding to pursue ongoing collaborations for the continued clinical development of ThermoDox® as well as the technology transfer relating to the commercial manufacture of ThermoDox® for the greater China territory.

Hologic, Inc. (NASDAQ:HOLX) shares increased 5.71% to $21.10. The company on July 18 announced Jack W. Cumming has been named President and Chief Executive Officer, effective immediately. Mr. Cumming joined Hologic in 2001 and served as Chief Executive Officer from 2001 to 2009. Mr. Cumming succeeds Robert A. Cascella, who has stepped down for personal reasons. Mr. Cascella will serve as an advisor to Hologic through the end of November 2013.

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