Healthcare review: Regulus Therapeutics, Affymax, Parexel, Dara Biosciences, CymaBay Therapeutics Print E-mail
By Staff and Wire Reports   
Monday, 16 June 2014 13:22
US stocks fluctuated, after equities posted their first weekly drop in a month, as investors weighed escalating tension in Iraq against deals and data showing a faster-than-forecast rise in industrial output. The Standard & Poor’s 500 was little changed at 1,935.54 at 12:52 p.m. in New York, erasing an earlier gain of 0.3%. The Dow Jones Industrial Average lost 18.56 points, or 0.1%, to 16,757.18. Trading in S&P 500 stocks was 5.2% above the 30-day average at this time of day.

Regulus Therapeutics ($RGLS) hires Paul C. Grint, M.D., as Chief Medical Office. Dr. Grint will be responsible for leading and expanding the company's microRNA clinical portfolio. He joins the firm from Forest Labs subsidiary Cerexa where he was President and responsible for anti-infective product development.

Shares of Affymax ($AFFY) crater on high volume in response to its announcement of the termination of its Omontys collaboration with Takeda.

Parexel ($PRXL) signs an Accelerated Share Repurchase (ACR) agreement with Goldman Sachs to repurchase $150M of PRXL common stock. The firm will fund the ACR through existing cash on hand and via existing credit facilities. Repurchased shares will be cancelled and returned to the status of authorized and unissued shares.

Shares of pico cap Dara Biosciences ($DARA) jump on a massive 16x spike in volume in response the FDA's designation of KRN5500 as an Orphan Drug for the treatment of multiple myeloma. The compound is a non-narcotic non-opioid spicamycin derivative in development for chronic chemotherapy-induced peripheral neuropathy, an indication for which it was designated an Orphan Drug earlier this year. The FDA designated it a Fast Track program in 2011.

CymaBay Therapeutics ($CYMA) will uplist to NASDAQ Capital Market on Wednesday, June 18 under the symbol "CBAY." It will continue to trade on the OTC Bulletin Board under "CYMA" until then.

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