Healthcare Review: Progenics Pharmaceuticals, Dendreon Corporation, Celldex Therapeutics, Alexion, TearLab Corp. Print E-mail
By Staff and Wire Reports   
Monday, 12 August 2013 14:04
U.S. stocks fell, extending the worst weekly loss since June for the Standard & Poor’s 500 Index, as data showed a slowdown in Japan’s economic growth and investors awaited tomorrow’s report on America’s retail sales. Investors have been scrutinizing economic data to determine whether growth is strong enough for the Fed to curtail its monthly bond buying. A Commerce Department report tomorrow will show that retail sales rose for a fourth consecutive month in July, economists surveyed by Bloomberg predicted. A Fed release on Aug. 15 may show factories, mines and utilities increased their output in July. On Aug. 16, reports will probably show that housing starts and building permits rebounded last month.

Progenics Pharmaceuticals, Inc. (NASDAQ:PGNX) shares decreased 5.99% to $4.83. The company on August 9 announced its results of operations for the quarter and six months ended June 30, 2013. Net loss for the quarter was $12.3 million or $0.24 diluted per share, compared to net loss of $10.7 million or $0.32 diluted per share in the 2012 period. Net loss for the current six months was $23.5 million or $0.46 diluted per share, compared to $23.8 million or $0.70 diluted per share in 2012. Progenics ended the quarter with cash, cash equivalents and securities of $81.4 million, reflecting an increase of $23.0 million in the quarter and $19.4 million from 2012 year-end. Second quarter revenue totaled $1.8 million, level with the 2012 period.  

Dendreon Corporation (NASDAQ:DNDN) shares decreased 3.83% to $3.24. The company on August 8  reported results for the second quarter ended June 30, 2013. Net product revenue for the quarter was $73.3 million compared to $80.0 million for the quarter ended June 30, 2012, down 8.4% year over year and up 8.4% on a sequential basis. Net loss in the second quarter of 2013 was $68.8 million, or $0.45 per share, compared to a net loss of $96.1 million, or $0.65 per share for the same period in 2012.

Celldex Therapeutics, Inc. (NASDAQ:CLDX) shares increased 7.02% to $20.28. The company on August 12 said it recently completed enrollment in an initial cohort (n=25) of Avastin® (bevacizumab) refractory patients in the Company's ongoing ReACT study of rindopepimut in EGFRvIII (v3)-positive glioblastoma (GBM). Based on early evidence of anti-tumor activity, including stable disease, tumor shrinkage and investigator-reported response, the Company has decided to add an expansion cohort of approximately 75 patients to better characterize the potential activity of rindopepimut in this refractory patient population. Enrollment in the expansion cohort has begun and, like the initial cohort, will evaluate rindopepimut plus Avastin.

Alexion Pharmaceuticals, Inc. (NASDAQ:ALXN) shares declined 3.77% to $109.79. The company on July 25 announced financial results for the three and six months ended June 30, 2013. The Company reported net product sales of Soliris® (eculizumab) of $370.1 million in the second quarter of 2013, an increase of 35 percent from the same period in 2012. The Company reported non-GAAP net income of $147.2 million, or $0.73 per share, in the second quarter of 2013, compared to non-GAAP net income of $94.1 million, or $0.47 per share, in the second quarter of 2012.

TearLab Corp. (NASDAQ:TEAR) stock gained 6.93% to $12.96. The company expects to announce its Q2 2013 financial results after market closes on Tuesday, August 13, 2013.

Additionally, the company on July 25 announced the pricing of an underwritten public offering of 2,600,000 shares of its common stock at a price to the public of $13.50 per share for gross proceeds of $35.1 million. The net proceeds from the sale of the shares, after deducting the underwriters' discounts and other estimated offering expenses payable by TearLab, will be approximately $32.6 million. TearLab has also granted the underwriters a 30-day option to purchase up to an additional 15 percent of the shares of common stock offered in the public offering to cover overallotments.

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