|Healthcare Review: InterMune, Inogen, Dipexium Pharmaceuticals, BioCryst Pharmaceuticals, Ligand Pharmaceuticals|
|By Staff and Wire Reports|
|Wednesday, 13 August 2014 13:51|
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.