Healthcare Review: AMRI, Clovis, FusionPharm, Alexion Pharmaceuticals, Cannabis Science Print E-mail
By Staff and Wire Reports   
Monday, 02 June 2014 12:57
U.S. stocks edged lower on Monday, falling from record levels as a weaker-than-expected read on manufacturing gave traders an excuse to sell. The losses were slight but broad, with all ten of the S&P 500's primary sectors lower on the day, led by tech shares, which fell 0.5 percent. Equities have been strong lately, with the Dow and S&P ending a fourth straight monthly rise in May and the Nasdaq up for its third straight week last week. However, recent trading has been marked by anemic volume, suggesting the rise has lacked conviction.

AMRI ($AMRI) acquires Oso Biopharmaceuticals Manufacturing LLC (OsoBio) for $110M cash. OsoBio is a contract manufacturer of injectable drug products, including sterile liquid, suspension and lyophilized formulations. President & CEO William S. Marth says, "The acquisition of OsoBio is highly complementary to our finished dose manufacturing business and is consistent with our strategy to be the preeminent supplier of custom and complex drug development services and products to the pharmaceutical industry."

Shares of Clovis ($CLVS) are down on higher volume after the company fumbled how it presented data on CO-1686 at ASCO. The BTD-designated EGFR inhibitor is being studied for the treatment of non-small cell lung cancer. Positive buzz was generated by a presentation of interim Phase 2 data by a Harvard Medical School Professor that implies progression-free survival of 12 months.

Shares of cultivation container firm FusionPharm ($FSPM -59.5%) are down big on heavy volume as trading resumes after the SEC-imposed moratorium on trading. Cannabis industry stocks are nothing if not exciting.

Alexion Pharmaceuticals' ($ALXN) Soliris (eculizumab) shows efficacy in clinical trials evaluating its chronic use in patients with atypical Hemolytic Uremic Syndrome (aHUS), an ultra-rare genetic disease associated with organ failure and premature death. In three separate subgroup analyses, treatment with Soliris resulted in clinically meaningful improvements in key hematologic markers. A survival analysis in aHUS patients suggest Soliris substantially reduced mortality compared to patients receiving only supportive care. In another study, the terminal complement blocking activity of Soliris inhibited endothelial damage, inflammation, thrombotic risk and renal damage when compared to pre-treatment.

In a regulatory filing, Cannabis Science ($CBIS) discloses that COB and President Robert Melamede, Ph.D., resigned on May 20. The same day, he sold 500k Series A preferred shares to Bogat Family Trust for $500.Dr. Dorothy Bray replaces him. In a press release the company discloses health-related issues as the reason for Dr. Melamede's departure.

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