Healthcare Review: Compugen, Ariad Pharmaceuticals, Lexicon Pharmaceuticals, Vivus, CytRx Print E-mail
By Staff and Wire Reports   
Wednesday, 09 October 2013 13:17
U.S. stocks rose, after the benchmark index’s biggest two-day decline since June, amid optimism that Janet Yellen will not rush to withdraw stimulus and signs that lawmakers could raise the debt ceiling. The Standard & Poor’s 500 Index rose 0.2 to 1,659.23 at 1:45 p.m. in New York. The Dow Jones Industrial Average added 55.77 points, or 0.4 percent, to 14,832.30, reversing an earlier loss of 0.4 percent. The Nasdaq Composite Index slid 0.3 percent to 3,682.35. Trading in S&P 500 stocks was 22 percent above the 30-day average during this time of day.

Compugen ($CGEN) after announcing a study of its CGEN-15001 Fc fusion protein drug candidate demonstrated high effectiveness in an animal model of autoimmune type I diabetes.The study suggests the drug turns off the autoimmune process and may potentially lead to restoration of immune tolerance and resolution of autoimmunity, arresting disease progression.

Ariad Pharmaceuticals ($ARIA) slumped 70% after the company says that it's suspending the enrollment of new patients in trials for its Iclusig treatment for chronic myeloid leukemia.The pause follows an increase in the rate of cardiac problems in patients who received Iclusig.Pending FDA approval, Ariad hopes to resume enrollment with lower doses of the drug. Patients already on the medicine will continue to do so but with smaller doses.The U.S. prescribing information for Iclusig remains unchanged.

Lexicon Pharmaceuticals ($LXRX) falls 9% after the company says that its Telotristat Etiprate treatment appears to have had little effect on the mechanism that causes ulcerative colitis in a pilot study of 59 patients. That was the standard required for Lexicon to continue developing the drug for the stomach problem. The company will now maintain its focus on the Phase III trial of Telotristat Etiprate for its use to treat carcinoid syndrome, which is a set of symptoms caused by some carcinoid tumors.

Vivus ($VVUS) announces a Diabetes Care study of 475 "high-risk overweight or obese patients with prediabetes and/or metabolic syndrome" taking the company's Qsymia drug over a two-year period found those taking a 7.5mg dose experienced a 70.5% reduction in their annual type 2 diabetes incidence rate versus placebo, and those taking a 15mg dose experienced a 78.7% reduction.

CytRx ($CYTR) Slumps 19% after announcing a public offering of common stock; the size of the offering is not disclosed.CYTr says it intends to use the proceeds to fund clinical trials of its drug candidate aldoxorubicin and for general corporate purposes, which may include working capital, capital expenditures, R&D and other commercial expenditures.

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