Healthcare Review: Imprimis Pharmaceuticals, ImmunoGen, Accuray, LeMaitre Vascular, IsoRay Print E-mail
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 Syria.

As investors await decisions from Western governments about how to respond to developments in Syria, they are looking ahead to a meeting by the Federal Reserve and a debate over the budget next month. On Tuesday, the S&P 500 suffered its biggest decline since June 20, amid worries over escalating tensions in Syria and concerns that Congress might fail to raise the limit on federal borrowing before the government runs out of money in mid-October.

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).

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