|Healthcare Review: Zalicus, Galena Biopharma, VIVUS, Omeros Corporation, Zogenix|
|By Staff and Wire Reports|
|Thursday, 03 October 2013 15:01|
Zalicus Inc. (NASDAQ:ZLCS) shares decreased 11.25% to $6.39. The company on Oct. 2 announced that it has filed a Certificate of Amendment to its Sixth Amended and Restated Certificate of Incorporation, with the Secretary of State of the State of Delaware to effect a 1-for-6 reverse stock split of Zalicus common stock, effective as of October 3, 2013 at 12:01 a.m. Eastern Time.
Galena Biopharma Inc. (NASDAQ:GALE) shares climbed 8.30% to $2.47. The company on Oct. 3 announced the official product launch of Abstral® (fentanyl) Sublingual Tablets in the United States. Abstral is a sublingual (under the tongue) fentanyl tablet indicated for the management of breakthrough pain in patients with cancer, 18 years of age and older, who are already receiving, and who are tolerant to, opioid therapy for their persistent baseline cancer pain. Galena acquired Abstral in March 2013 and since that time has scaled its field commercial team, manufactured the drug for commercial sale, secured broad access and reimbursement support from commercial and federal health insurance entities, implemented a robust patient assistance program, and developed a broad product distribution network. Abstral can be prescribed by healthcare professionals and is available to patients at all retail pharmacies nationwide.
VIVUS, Inc. (NASDAQ:VVUS) shares climbed 11.78% to $11.37. The company on Sept. 27th announced that Peter Y. Tam will resign as president effective October 12, 2013. During his 20 year tenure at VIVUS, Mr. Tam held a broad range of key management and leadership roles. He was directly responsible for the efforts to secure the rights, develop and gain approval for four of the Company's products.
Omeros Corporation (NASDAQ:OMER) increased 9.61% to $12.27 on a traded volume of 2.08 million shares. Omeros Corporation entered into a settlement agreement with its insurer, Carolina Casualty Insurance Company, related to CCIC's defense of, and coverage obligations owed to, Omeros and its chief executive officer and chairman, Gregory A. Demopulos, M.D., in previously settled litigation with Omeros' former chief financial officer. The settlement includes a release of each party's respective claims in the insurance coverage lawsuit and payment by CCIC of $12.5 million to Omeros by October 25, 2013.
Zogenix, Inc. (NASDAQ:ZGNX) stock climbed 11.16% to $2.51. The company, on Oct. 1, announced that it has been informed by the U.S. Food and Drug Administration (FDA) that an action letter on the New Drug Application (NDA) for ZohydroTM ER (hydrocodone bitartrate) extended-release capsules could follow after a further delay of short duration. The FDA had previously informed the company that it expected to issue an action letter over the summer. The original PDUFA goal date was March 1, 2013.