Healthcare Review: Cantel Medical, Abaxis, Amicus Therapeutics, CTI BioPharma Corp, Galena BioPharma Print
By Staff and Wire Reports   
Tuesday, 01 July 2014 15:50
Stocks rose to record levels, as the US benchmark indexes surged the most since May, while treasuries fell as gauges of factory output in major economies signalled expansion. Gold rose to a three-month high as the dollar sagged. The Standard & Poor’s 500 Index climbed 0.9% at 1:22 pm in New York, poised for a record close and its biggest gain since 12 May. The Dow Jones Industrial Average jumped 1%, briefly climbing to within two points of 17,000. The yield on 10-year treasuries added three basis points to 2.56%. Gold rose 0.5% as the dollar fluctuated near a seven-week low against a basket of 10 major currencies. Corn dropped to a five-month low, while soybeans extended a slide.

Cantel Medical ($CMN) completes its acquisition of U.K.-based PuriCore International Ltd., a wholly-owned subsidiary of PuriCore plc. The business will be renamed Cantel Medical (U.K.) Ltd. and will be part of Cantel's Endoscopy segment. The 120-employee firm provides automated endoscope reprocessing services and related equipment throughout the U.K.

The USDA approves Abaxis' ($ABAX) VetScan Canine Ehrlichia Antibody Test Kit for the rapid detection of canine Ehrlichia. The test detects the three species of the bacteria that predominate in the U.S. The lateral flow assay is the third offering in the line (canine heartworm and Lyme disease).

Shares of Amicus Therapeutics ($FOLD) continue upward on a 7x surge in volume in early trading. Yesterday, prices peaked at $4.06 before easing a bit to close at $3.34 on turnover of 18.5M after the company announced that top-line data from Study 012 should be available this quarter.

The USPTO issues a notice of allowance to Galena BioPharma ($GALE) of a patent covering the use of NeuVax alone or in combination to prevent recurrence of any HER2/neu-expressing tumor having a fluorescence in situ hybridization ((FISH)) rating of less than ~2.0. The patent, once issued, will expire in 2028.

CTI BioPharma Corp. (NASDAQ:CTIC) completes enrollment in the PERSIST-1 Phase 3 clinical trial of pacritinib, an oral JAK2/FLT3 inhibitor being evaluated as a treatment for myelofibrosis. Under the terms of the development and commercialization agreement with Baxter International (BAX), CTI expects to receive a $20M milestone payment when the last patient in the trial begins dosing. The payment should occur this quarter. There are approximately 320 patients enrolled in PERSIST-1. It is a randomized, open-label multicenter study comparing the safety and efficacy of pacritinib with best available therapy, other that JAK inhibitors, in patients with primary myelofibrosis without exclusion for low platelet counts. The primary endpoint is the percentage of patients achieving at least a 35% reduction in spleen volume measured by MRI or CT at 24 weeks of treatment.


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