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.




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