Healthcare Review: Biota Pharaceuticals, Bacterin, Alexion Pharmaceuticals, Isis Pharmaceuticals, Arena Pharmaceuticals Print E-mail
By Staff and Wire Reports   
Friday, 01 August 2014 13:56
The U.S. stock market fell sharply on Friday, putting it on track to finish the week with the biggest loss in more than three months. The energy sector led the decline in the S&P 500, as Friday’s flurry of economic data only briefly stabilized the market. Instead, Thursday’s selloff, sparked by signs of rising employment costs, continued, as investors continued to fear that the Federal Reserve might raise interest rates sooner than expected.

Shares of thinly- traded Biota Pharaceuticals ($BOTA) plunge on a 6x surge in volume after the company reported that its flu drug candidate, laninamivir octanoate, failed to achieve its primary endpoint in a Phase 2 clinical trial.Neither the 40 mg or 80 mg dosage cohort achieved a statistically significant reduction in the median time to alleviation of influenza symptoms versus placebo. The mean time reduction, as measured by the Flu-iiQ patient-recorded outcome questionnaire, for the 40 mg group was 102.3 hours compared to the 80 mg group's 103.2 hours and placebo's 104.1 hours.

Bacterin (NYSEMKT:BONE) closes a Purchase Agreement with Northland Securities related to the sale of 1.143M shares of common stock and warrants to purchase 571.5K shares of common stock at $7.12 per share. The transaction price to Northland for both the stock and warrant (to purchase 1/2 share of stock) is $5.70. Net proceeds to Bacterin will be ~$5.8M.

The European Commission designates Alexion Pharmaceuticals' (NASDAQ:ALXN) Soliris (eculizumab) an Orphan Drug for the treatment of myasthenia gravis (MG). Patient enrollment in a Phase 3 clinical trial is underway. Soliris is currently approved for the treatment of paroxysmal nocturnal hemoglobinuria and atypical hemolytic uremic syndrome.

Isis Pharmaceuticals (NASDAQ:ISIS) plans to dose the first patient in the next few weeks in a Phase 3 clinical trial evaluating the safety and efficacy of ISIS-SMNrx in infants with spinal muscular atrophy (SMA). This event will trigger an $18M milestone payment from development partner Biogen (NASDAQ:BIIB).

Arena Pharmaceuticals ($ARNA) Q2 results: Total Revenues: $12.8M (-81.4%); Belviq: $3.5M (+165.4%); Eisai Collaboration: $8.6M (-87.1%); R&D Expense: $27.0M (+43.5%); SG&A Expense: $9.1M (+6.1%); Operating Expenses: $38.2M (+31.5%); Operating Loss: ($25.4M) (-163.6%); Net Income: $7.5M (-81.3%); EPS: $0.03 (-83.3%); Quick Assets: $219.1M (+22.5%).

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