Healthcare Review: Novavax, Amarin, Cubist Pharmaceuticals, Bovie Medical, Apricus Biosciences Print E-mail
By Staff and Wire Reports   
Monday, 16 December 2013 15:24
U.S. stocks rose on Monday, rebounding from their worst week in months as large deals boosted optimism but investors remained cautious ahead of an upcoming Federal Reserve policy meeting. Equities are coming off their biggest weekly decline in nearly four months, a pullback that came on concerns the Fed may begin to wind-down the bond-buying stimulus at its two-day policy-setting meeting that ends Wednesday. The stimulus has been a major contributor to the market's gains this year, and has been expected to keep a floor under stock prices for as long as it continues.

Shares of Novavax ($NVAX +7.5%) are outperforming on the session. Helping the cause is Wedbush's Gregory Wade, who is out raising his price target on the name to $12 (from $4), representing upside of 210% from Friday's close. The call comes as Wade "reformats and revises" his financial projections to include "potential sales of an RSV-F combination product." More color: "We now project NVAX will launch a combination RSV-F vaccine in H2 2018 and H2 2019 in the US and Europe, respectively, and that sales will reach nearly $1B by 2020."

Amarin ($AMRN -4.6%) names John Thero CEO effective January 1.The company says the move follows "communication to the Board by Joseph Zakrzewksi of his intention to retire as CEO and Chairman." The board's leading independent director Lars Ekman will become Chairman.

Bovie Medical ($BVX +10%) trades markedly higher after closing $7M in funding (3.5M shares of convertible preferred and 5.25M common warrants) via Great Point Partners. BVX has also named Robert Gershon (Covidien vet) CEO, succeeding Andrew Makrides who is now Executive Chairman. Gershon was granted options on 750K shares.

Cubist Pharmaceuticals ($CBST) is out with top-line data from a pivotal study of ceftolozane/tazobactam in complicated intra-abdominal infections. The company says the Phase 3 trial met the FDA and EMA's primary endpoint (non-inferiority to meropenem).AE profile is "consistent with that seen with other cephalosporin antibiotics and comparable to meropenem." NDA expected in H1 2014. MAA expected in H2 2014.

Apricus Biosciences ($APRI) jumps 19% after the company has expanded its agreement with Sandoz (NVS) affiliate Hexal AG for Vitaros commercialization.

Long story short: The German collaboration "now includes Austria, Belgium, Denmark, Finland, Iceland, Luxemburg, the Netherlands, Norway, Sweden and Switzerland." This means that APRI is now eligible for up to ~$63M in payments (this includes upfront and launch payments) from Sandoz.




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