Healthcare Review: Ariad Pharmaceuticals, Cellular Biomedicine, Response Genetics, Novadaq Technologies, Galectin Therapeutics Print E-mail
By Staff and Wire Reports   
Tuesday, 05 August 2014 14:43
U.S. stocks fell, extending earlier losses, as energy shares declined and concern increased over escalating tensions in Ukraine. The Standard & Poor’s 500 Index slipped 0.9 percent to 1,920.99 at 2:31 p.m. in New York. The Dow Jones Industrial Average retreated 143.44 points, or 0.9 percent, to 16,425.84. Trading in S&P 500 companies was 12 percent above the 30-day average for this time of day.

 Ariad Pharmaceuticals ($ARIA) grants Medison Pharma Ltd exclusive rights to commercialize Iclusig (ponatinib) in Israel. Under the terms of the agreement, Medison will be responsible for sales and marketing, medical affairs, regulatory support and pricing/reimbursement approval while Ariad remains the Marketing Authorization Holder.

Cellular Biomedicine Group ($CBMG) enters into an agreement to acquire Agreen Biiotch Co. Ltd. China plus a U.S. patent for $3.28M in cash, 753,522 shares of CBMG common stock and 75,000 CBMG restricted stock units.

Response Genetics ($RGDX) enters into a credit agreement with SWK Funding LLC for a multi-draw term loan for up to $12M. On the closing date of the agreement, July 30, 2014, SWK advanced the company $8.5M which is due on July 30, 2020.Under the terms of the agreement, the loan will bear an interest rate of LIBOR plus 12.5%.SWK also receives a warrant to purchase 681,090 shares of RGDX common stock at $0.936 per share. It may exercise the warrant on a cashless basis at any time. RGDX currently trades at $0.70 per share.

Novadaq Technologies ($NVDQ) Q2 results: Total Revenues: $11.2M (+38.3%); Gross Profit: $6.9M (+35.3%); Operating Expenses: $11.5M (+57.5%); Operating Loss: ($4.6M) (-200.0%); Net Income: $6.3M (+164.9%); Loss Per Share: ($0.08) (+61.9%); Quick Assets: $162.1M (-11.1%); Cash Burn: ($7.6M) (-117.1%).

The USPTO issues a notice of allowance to Galectin Therapeutics ($GALT) for its patent application entitled "Composition of Novel Carbohydrate Drug for Treatment of Human Diseases." The patent covers composition and chemical structure claims for the company's lead galectin inhibitor compound GR-MD-02. The patent will be in effect until 2031.

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