Healthcare Review: Rockwell Medical Inc, pSivida Corp, Emeritus Corporation, MannKind, Synta Pharmaceuticals Print
By Staff and Wire Reports   
Friday, 06 September 2013 13:14
U.S. stocks edged up in volatile trading on Friday after a weak job market report and after Russian President Vladimir Putin said he would maintain his long-standing military and economic support for Syria if the West were to attack it. The U.S. August payrolls report showed about 169,000 jobs were added, fewer than the 180,000 that had been expected, while the previous month's payroll was revised sharply lower. The unemployment rate fell to 7.3 percent, its lowest since December 2008, though the decline reflected a drop in the share of working-age Americans who either have a job or are looking for one. Many analysts said despite the weak jobs report the U.S. central bank would not adjust plans to slow its stimulus, currently at $85 billion a month in bond purchases.

Rockwell Medical Inc. (NASDAQ:RMTI) shares climbed 8.89% to $8.72. The company on Sept. 4 said its lead experimental drug met the main goal of improving hemoglobin levels in its final late-stage trial among adult patients with chronic kidney disease. The study was the second of two identical late-stage studies testing the drug in patients with chronic kidney disease on hemodialysis — a process by which waste and extra fluid is removed from the blood of patients with kidney failure.

pSivida Corp. (NASDAQ:PSDV) stock jumped 4.34% to $3.83. The company will present at two upcoming investor conferences in September. pSivida will present at the Rodman & Renshaw Annual Global Investment Conference being held at the Millennium Broadway Hotel in New York on Tuesday, September 10 at 12:05 p.m. The company will also present at the Stifel Nicolaus Healthcare Conference being held at the Four Seasons Boston Hotel, in the Winthrop Room, on Thursday, September 12 at 11:30 a.m.

Emeritus Corporation (NYSE:ESC) shares declined 12.57% to $19 in the morning hour. The company on Sept. 6 announced a revision to 2013 guidance. The Company's updated guidance for 2013 is as follows: Community, ancillary services, and management fee revenue in the range of $1.90 billion to $1.95 billion; Routine capital expenditures in the range of $28.0 million to $30.0 million; Senior living general and administrative expenses as a percent of total senior living operated revenue of approximately 4.9%, excluding non-cash stock-based compensation expenses; Adjusted CFFO in the range of $1.95 to $2.05 per share, with third quarter 2013 guidance in the range of $0.45 to $0.50 per share.

MannKind Corporation (NASDAQ:MNKD) shares dropped 7.30% to $5.84. The company on August 14 reported positive preliminary results from Study 171, a Phase 3 clinical study of AFREZZA Inhalation Powder, an investigational, ultra rapid-acting mealtime insulin therapy, administered using MannKind's next-generation (Gen2) inhaler (also known as the Dreamboatâ„¢ inhaler), in patients with type 1 diabetes.

Additionally, the company on August 9 reported financial results for the second quarter ended June 30, 2013. The net loss for the second quarter of 2013 was $46.1 million, or $0.16 per share, as compared with a net loss of $36.6 million, or $0.23 per share based on 159.9 million.

Synta Pharmaceuticals Corp.(NASDAQ:SNTA) shares gained 3.73% to $6.67. The company announced that the Company will present at the Stifel 2013 Healthcare Conference on Wednesday, September 11, at 3:15 p.m. (EDT) in Boston.

Additionally, the company on Aug. 7 announced that the results from an interim survival analysis of the GALAXY-1 trial will be presented at this year's Best of ASCO Meetings in Chicago, Los Angeles, and Boston. GALAXY-1 is a global, randomized Phase 2b/3 study designed to evaluate the efficacy and safety of the Company's lead drug candidate, ganetespib, as second-line treatment for patients with advanced non-small cell lung adenocarcinoma.

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