Healthcare Review: Amedisys, MediJane Holdings, Actavis, Vision-Sciences, Gilead Sciences Print E-mail
By Staff and Wire Reports   
Friday, 27 June 2014 14:29
U.S. stocks fell slightly on Friday as investors found few reasons to keep buying as economic data painted a mixed picture of economic growth, though equities continued to be viewed as a better deal than other assets. The S&P 500 is less than 1 percent away from a record closing high hit last week, but breaking decisively above that level may be difficult amid a dearth of catalysts. Still, with the second quarter nearing a close, the S&P 500 is up about 5.8 percent year-to-date. U.S. consumer sentiment rose more than expected in June, according to the Thomson Reuters/University of Michigan's final June reading, though that follows weak reads on consumer spending and first-quarter economic activity earlier this week.

Shares of Amedisys ($AMED) jump on a 5x surge in volume after it updated its Q2 guidance this morning. The company expects revenues of $300M - 305M and EPS from continuing ops of $0.15 - 0.20. This represents a significant turnaround from Q1's operating loss. Management attributes its improved performance to healthier gross margins and lower expenses pursuant to it plans to close/consolidate care centers and right-size admin costs.

MediJane Holdings ($MJMD) announces the availability of its MediStrips at the members-only medical marijuana destination MediStrips are mint-flavored dissolvable oral strips containing THC 25 mg, CBD 2 mg and CBN 2 mg derived from cold ethanol-extracted cannabis oil. The product is used for the treatment of pain and inflammation. Individual strips are priced at $12.50 while a package of seven is available for $87.50.

Oxeo AB files a patent infringement suit in the District Court of Delaware against Actavis' ($ACT) ANDA for a generic version of Zubsolv (buprenorphine and naloxone). Zubsolv is protected by three patents that do not expire until at least 2019. Oxeo's action comes within the 45-day response window after receiving the Notice Letter from Actavis so there is an automatic statutory 30-month stay of an FDA decision on the ANDA.

Vision-Sciences ($VSCI) hires Gary Siegel as VP of Finance and Principal Financial Officer and Principal Accounting Officer. He joins VSCI from Genta, Inc. where he had similar responsibilities.

Gilead Sciences ($GILD) submits its NDA to Japan's Pharmaceutical and Medical Devices Agency for the approval of sofosbuvir for the treatment of hepatitis C genotype 2 infection. If approved, it will be the first all-oral interferon-free regimen approved for HCV-2. It will also be Gilead's first approval in Japan.

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