|Healthcare Review: PharmAthene, Inovio Pharmaceuticals, MannKind, Merrimack Pharmaceuticals, Salix Pharmaceuticals|
|By Staff and Wire Reports|
|Monday, 11 August 2014 13:58|
U.S. shares rose modestly in Monday trading, continuing a recovery from a brief correction that ended Friday as investors focused on hopes for easing tensions between Ukraine and Russia.Consumer staples shares led the gains, with a 1 percent increase for that sector. The best performing name was food service company Sysco Corp, which rose 3.7 percent after its results.
Shares of thinly-traded PharmAthene ($PIP) jump on a 40x surge in volume after the Delaware Court of Chancery ruled in favor of the company in its lawsuit versus Siga Technologies (SIGA -34.7%). The Court awarded PharmAthene lump sum damages for the value of its lost Tecovirimat profits plus a portion of its litigation expenses.
Inovio Pharmaceuticals ($INO) Q2 results: Revenues: $3.8M (+383.9%); Operating Expenses: $14.0M (+116.1%); Operating Loss: ($10.2M) (-79.0%); Net Loss: ($10.7M) (+1.4%); Loss Per Share: ($0.19) (+8.3%); Quick Assets: $108.8M (+106.8%).
MannKind ($MNKD) Q2 results: Revenues: $0; Operating Expenses: $69.8M (+67.8%); Operating Loss: ($69.8M) (-67.8%); Net Loss: ($73.4M) (-59.2%); Loss Per Share: ($0.19) (-18.8%); Quick Assets: $41.2M (-41.8%).
Merrimack Pharmaceuticals (NASDAQ:MACK) Q2 results: Revenues: $27.8M (+50.3%); Operating Expenses: $41.7M (-12.4%); Operating Loss: ($13.9M) (+52.2%); Net Loss: ($18.1M) (+39.7%); Loss Per Share: ($0.17) (+45.2%); Quick Assets: $92.7M (-40.3%); Cash Burn: ($32.8M) (-35.5%).The company expects its current financial assets and revenue from its Sanofi collaboration will be sufficient to fund operations into 2015.
The FDA assigns a PDUFA date of September 29, 2014 for Salix Pharmaceuticals' (NASDAQ:SLXP) sNDA for Relistor (methylnaltrexone bromide) for treatment of opioid-induced constipation.Salix successfully appealed a CRL that the agency issued on July 27, 2012.