|Healthcare Review: Omeros, Amarin, Arrowhead Research, DARA BioSciences, Cancer Genetics|
|By Staff and Wire Reports|
|Wednesday, 05 March 2014 15:31|
Omeros ($OMER) closes a new credit facility with Oxford Finance and MidCap Financial for $32M. The company will pay interest only through March 2015. Thereafter, principal and interest will due through the March 2018 maturity date.$19.4M of the loan will pay off Omeros' current debt with Oxford. The remaining $12.6M will be used for general corporate purposes. Consensus revenue target for this year is $1.6M, but ramps up to $29M in 2015.103 mutual funds hold positions, up from 93 a year ago.
Amarin ($AMRN) sues Omthera Pharmaceuticals, now part of AstraZeneca (AZN), claiming its cholesterol-lowering drug, Epanova, infringes on one of Vascepa's patents. Epanova's target user population is the same as Vascepa's and GSK's Lovaza. AZN expects the FDA to rule on Epanova's NDA by May 5.
Investors like the news that Arrowhead Research ($ARWR +19.8%) has received regulatory approval from the Hong Kong Department of Health to begin a phase 2a clinical trial for ARC-520, its RNAi-based drug for the treatment of chronic hepatitis B (HBV) infection. The phase 2 trial will be conducted at two local hospitals involving two cohorts at two dose levels. The purpose of the study is to determine the depth and duration of hepatitis B surface antigen ((HBsAg)) reduction after a single IV dose of ARC-520 in combination with entecavir in patients with chronic HBV infection. Secondary measures are safety, tolerability and pharmacokinetic measures. All four analysts covering the stock rate it as BUY.
Nano cap DARA BioSciences ($DARA) inks a Medicare Part D Prescription Drug Program Reimbursement Agreement with Comprehensive Health Management providing formulary status with the WellCare (WCG) group of companies for Soltamox (tamoxifen citrate). Soltamox, a liquid form of tamoxifen, is used for the treatment and prevention of breast cancer. WellCare is a leading provider of government-sponsored heathcare programs for more than 2.8M members. Its network includes 15 Medicare Part D insurers, 222,000 contract providers and 67,000 contract pharmacies.
Nano cap Cancer Genetics' ($CGIX) microarray kidney cancer test delivers impressive results in a collaborative study of 188 samples with the Cleveland Clinic. The test demonstrated a sensitivity of 93% and specificity of 99%.The company currently offers the test as a service (lab developed test or LDT).The test is performed on kidney, either paraffin-embedded or fine needle aspirate requiring only 2 micrograms of tissue.