Healthcare Review: Gilead Sciences, Sangamo BioSciences, Lilly, Endocyte, IsoRay Print E-mail
By Staff and Wire Reports   
Friday, 21 March 2014 15:14
U.S. stocks were little changed on Friday, as investors exercised caution heading into the weekend and early gains that pushed the S&P 500 to a record high evaporated. The S&P 500 lost momentum after hitting an all-time intraday high of 1,883.97, with biotechs among the primary decliners. Biogen Idec Inc, down 8 percent to $319.14, and Gilead Sciences Inc, down 3.7 percent to $72.74, were the biggest drags on the S&P 500. The Nasdaq biotech index fell 3.5 percent. The Dow and S&P 500 are still on track for their best

Concerned that the high cost will restrict access to Sovaldi for many hepatitis C patients, members of Congress ask CEO John Martin for a briefing on the matter. A full regime of Gilead Sciences' ($GILD -3.5%) drug costs $84,000, but when combined with J&J's Olysio, the cost balloons to $150,000.

Sangamo BioSciences ($SGMO) prices its offering of 4,444,444 common shares at $22.50. The overallotment is 666,666 shares. The company expects it to close on or about March 26.Proceeds to fund general corporate purposes including R&D, expanding manufacturing capabilities, clinical trials and potential acquisitions.

The EMA's Committee for Medicinal Products for Human Use (CHMP) recommends approval for Boehringer Ingelheim and Eli Lilly's ($LLY) empagliflozin, a sodium glucose co-transporter 2 inhibitor, as an adjunct to diet and exercise to improve glycemic control in type 2 diabetics. The positive opinion is based on clinical trials involving more than 13,000 adults with type 2 diabetes. The European Commission usually issues a legally binding decision within 3 months of a CHMP opinion. Like the US, it typically follows the Committee's view.

Shares of Endocyte ($ECYT) are up a whopping 147% on 2.5M shares before the open in response to a positive opinion from the European Medicines Committee recommending approval of it ovarian cancer products.

IsoRay ($ISR) sells 5,644,300 shares to institutional investors in a direct offering for $2.60/share. Gross proceeds are $14.7M and will be used for general corporate purposes. Yesterday's close was $3.30.Investors should expect high volatility with this one.

"Featured Content" profiles are meant to provide awareness of these companies to investors in the small-cap and growth equity community and should not in any way come across as a recommendation to buy, sell or hold these securities. BiomedReports is not paid or compensated by newswires to disseminate or report news and developments about publicly traded companies, but may from time to time receive compensation for advertising, data, analytics and investor relation services from various entities and firms. Full disclosures should be read in the 'About Us Section'.

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