Healthcare Review: InterMune, Inogen, Dipexium Pharmaceuticals, BioCryst Pharmaceuticals, Ligand Pharmaceuticals Print E-mail
By Staff and Wire Reports   
Wednesday, 13 August 2014 13:51
U.S. stocks rose on Wednesday, with the Dow returning to positive territory for the year as signs of easing tensions in Ukraine overshadowed weak readings on consumer spending. The day's gains were broad, with all 10 primary S&P 500 sector indexes gaining. About 71 percent of stocks traded on the New York Stock Exchange were higher for the day, while more than 60 percent of Nasdaq-listed names rose.

Shares of InterMune ($ITMN) spike on a 2x surge in volume in response to rumors that Roche (OTCQX:RHHBY +0.4%), Sanofi (SNY +0.7%), Glaxo (GSK -0.1%) and Actelion (OTCPK:ALIOF) (OTC:ACIOY) are preparing offers. Trading in ITMN shares was halted briefly at 1:00 pm EDT due to abnormal volatility.

Inogen ($INGN) Q2 results: Revenues: $30.4M (+50.5%); Operating Expenses: $11.2M (+28.7%); Operating Income: $4.0M (+65.7%); Net Income: $2.3M (+999%); EPS: $0.11; Quick Assets: $69.0M (+411.1%).2014 Guidance: revenues: $102M - 106M from $92M - 96M; non-GAAP EBITDA: $19.0M - 20.5M from $18.0M - 19.5M; net income: $4.5M - 5.5M from $4M - 5M.

Dipexium Pharmaceuticals ($DPRX) Q2 results: Revenues: $0; Net Loss: ($3.9M) (-979.3%); Loss Per Share: ($0.46) (-475.0%); Quick Assets: $32.6M (+735.9%); Cash Burn (1H): ($5.7M).

The National Institute of Allergy and Infectious Diseases ($NIAID) exercises additional options to conduct Phase 1 clinical human safety trials and efficacy studies in non-human primates of BioCryst Pharmaceuticals' ($BCRX) broad-spectrum viral therapeutic, BCX4430, an RNA-dependent RNA polymerase inhibitor that has demonstrated activity against more than 20 RNA viruses in nine different families, including filoviruses, togaviruses, arenaviruses, paramyxoviruses, coronaviruses and flaviviruses.

Ligand Pharmaceuticals (NASDAQ:LGND) prices its private offering of $225M aggregate principal amount of 0.75% convertible senior notes due 2019. Initial purchasers will have the option to purchase up to an additional $20M aggregate principal amount of notes. Closing date is August 18, 2014. Concurrently, the company plans to repurchase $40M in common stock (~700K shares).Note holders will have the right to require Ligand to repurchase all or some of notes at 100% of principal plus accrued interest if certain corporate events occur. The conversion rate of the notes is 13.3251 shares per $1,000 principal amount ($75.05/share) which represents a 35% premium to Ligand's recent share price.

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