|Healthcare Review: Imprimis Pharmaceuticals, ImmunoGen, Accuray, LeMaitre Vascular, IsoRay|
|By Staff and Wire Reports|
|Wednesday, 28 August 2013 14:02|
Stocks pushed higher as the market rebounded from losses posted the previous session on worries about potential military action against
Imprimis Pharmaceuticals (IMMY) acquires the intellectual property, including a provisional patent application, related to an ophthalmic compound for intraoperative ocular injection of anti-inflammatory and anti-bacterial agents from Novel Drug Solutions.The target compound, referred to as IPI-140, is based on a combination of moxifloxacin and triamcinolone.IMMY says it believes the formulation has the potential to "impact the fast-growing $5B global cataract surgery drug market."
ImmunoGen (IMGN) spikes after an 8-K filed today shows the company has entered into a licensing agreement with Eli Lilly (LLY +0.6%).Under the terms of the deal, LLY is granted exclusive use of IMGN's maytansinoid-based TAP technology to create and market "products directed to a specific antigen target."IMGN is entitled to receive as much as $200.5M in milestone-related payments plus royalties on any future commercial sales.
Accuray (ARAY) is up sharply on the session following Tuesday's FQ4 results.Brean's Jason Wittes maintains a Buy on the shares citing the likelihood that the company's backlog "will continue to improve next year.""Net order rates in FQ413 came in at ~$58 million (gross of ~$72 million), beating our estimate of ~$50 million and growing 32% from FQ313," Wittes adds.Brean's price target is $9, above Jefferies' new target of $8, disclosed in a note released earlier today.
LeMaitre Vascular (LMAT) says it's acquired the assets of InaVein for $2.5M.The purchase price represents 1.1X of InaVein's 2012 sales, and potential earn-out payments in 2014 and 2015 based on the performance of the acquired business and regulatory approval in China.InaVein owned and marketed the TRIVEX System, which carries an attractive 60% - 70% gross margin.
IsoRay (ISR) plunges after announcing an offering of common stock and convertible preferred shares.ISR will issue 3.8M shares of its common at $0.55 each, preferred shares convertible into 3.1M common shares, and warrants (18 month term, exercisable six months post-offering at offering price) for the purchase of an additional 5.6M shares.Total proceeds are expected to be $3.8M ($6.9M if the warrants are exercised).