Healthcare Review: Herbalife, Regulus Therapeutics, Supreme Pharmaceuticals, Rexahn Pharmaceuticals, Gentiva Health Services Print E-mail
By Staff and Wire Reports   
Friday, 18 July 2014 13:30
U.S. stocks rebounded and European markets recovered a bit on Friday but the euro dipped below $1.35 for first time since February after a Malaysian airliner was downed in eastern Ukraine and Israel stepped up a ground assault in Gaza. German Bund yields fell to near record lows as investors bought assets perceived as safe havens after Thursday's crash, a potentially pivotal moment in the worst crisis between Russia and the West since the Cold War. Wall Street rose a day after the S&P 500 suffered its worst decline since April 10, while European shares underwent more selling after falling heavily on Thursday. They shed most of the day's losses to close slightly lower in a late-day surge.

At Herbalife's ($HLF) Extravaganza in Chicago, members hold a press conference to convey their displeasure over what they perceive as misstatements by Pershing Square Capital Management.Pershing has scheduled another webcast for July 22 at 10:00 am EDT to discuss its investigation into Herbalife's Nutrition Clubs.

The FDA designates Regulus Therapeutics' ($RGLS) miR-21 inhibitor RG-012 an Orphan Drug for the treatment of Alport syndrome. miR-21 is a 22-mer non-coding RNA that is up-regulated in fibrotic kidney disease. The company expects to start a Phase 1 clinical trial in 1H 2015.

Supreme Pharmaceuticals (OTCPK:SPRWF) proceeds on a 1:5 reverse split of its common stock which will reduce the number of issued and outstanding shares to 58,088,685 from 290,443,425. CEO David Stadnyk says, "We have decided to make this move so our corporate structure is more in line with that of out peers. Having less shares outstanding trading at a proportionately higher price should also facilitate the raising of the additional funds needed to compete construction at our Southern Ontario project so we can meet the conditions of our pre-build license. That project is moving ahead on schedule and on budget."

Enrollment is complete in four of the five dose groups in Rexahn Pharmaceuticals' (NYSEMKT:RNN) Phase 1 trial of Supinoxin (RX-5902). The three-site dose-escalation study will assess the safety, tolerability, dose-limiting toxicities and maximum tolerated dose (MTD) of Supinoxin in cancer patients with solid tumors who have previously failed treatment with approved therapies and shown progression of disease. The MTD has yet to be determined. Supinoxin's bioavailability is estimated to be 51% based on an analysis of the drug's pharmacokinetics.

Shares of Gentiva Health Services (NASDAQ:GTIV) are up 11.5% premarket in response to yesterday's acquisition offer of $17.25 from an undisclosed suitor that trumped Kindred's (NYSE:KND) bid of $16.00.

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