Ardea Biosciences reports positive Phase II data from gout study. Mylan receives FDA approval for generic Zocor. Genzyme buying back $1 bil in stock Print
By Staff   
Friday, 18 June 2010 18:38
Below is a list of the companies that made news in the healthcare sector on Friday, June 18, 2010.

Ardea Biosciences, Inc. (Nasdaq:RDEA) announced that additional positive data from its Phase 2 program for RDEA594, its lead product candidate for the treatment of hyperuricemia and gout, are being presented at the Annual European Congress of Rheumatology hosted by the European League Against Rheumatism (EULAR) in Rome, Italy. RDEA594, a first-in-class selective inhibitor of the URAT1 transporter, treats the underlying cause of gout by increasing the excretion of uric acid in order to bring the body's levels of uric acid into a normal range.

Mylan Inc. (Nasdaq:MYL) announced that its subsidiary Matrix Laboratories Limited has received final approval from the U.S. Food and Drug Administration (FDA) for its Abbreviated New Drug Application (ANDA) for Simvastatin Tablets USP, 5 mg, 10 mg, 20 mg, 40 mg and 80 mg, the generic version of Merck & Co.'s Zocor® Tablets, a treatment for high cholesterol. The product will be distributed by Mylan Pharmaceuticals Inc.

Simvastatin Tablets had U.S. sales of approximately $361 million for the 12 months ending March 31, 2010, according to IMS Health.

Genzyme Corporation (NASDAQ: GENZ) announced that it has entered into an agreement with Goldman, Sachs & Co. to repurchase $1 billion of Genzyme common stock under an accelerated stock repurchase program. Proceeds from its recently concluded debt offering will be used to support this first tranche of Genzyme’s overall $2 billion share repurchase plan announced in May.

"Our stock repurchase program is part of a comprehensive five-point plan to increase shareholder value," said Henri Termeer, Genzyme’s chairman and chief executive officer. "This balanced plan also includes long-term drivers of sustainable growth, such as a focus on core businesses and executing on our important late-stage pipeline, while improving operating margins."

ActiveCare, Inc. (OTC Bulletin Board:ACAR.ob) and Vista Therapeutics, Inc. announced a strategic relationship to develop Nano Biosensors for ActiveCare's products and services to be utilized by the elderly. These Biosensors will allow ActiveCare to continuously monitor specific chronic diseases commonly occurring in the elderly and thus preventively predict and avoid acute medical events. "This technology is designed to prolong and improve the quality of life of our senior population," stated James Dalton, President of ActiveCare. "Through the use of Vista's nanotechnology, which allows extreme miniaturization combined with continuous monitoring, we will be able to monitor continuously at our CareCenter specific drug and disease indicators, allowing us to react quickly to a pending acute event. It is ActiveCare's goal to combine Vista's biosensors into the company's ActiveOne+ watch which is worn by the senior and transmits back to ActiveCare's 24/7 CareCenter. This technology could truly revolutionize how we care for our senior population."

Positron Corporation (OTCBB:POSC), cites an article posted on, the largest community website for medical imaging professionals, relating to the growth in cardiac PET.

Contrast agent developer Bracco Diagnostics said that the number of customers using its CardioGen-82 cardiac PET myocardial perfusion imaging (MPI) tracer has increased by 46% in comparison with June of 2009.

The Princeton, NJ-based vendor attributed the growth to increasing momentum for cardiac PET, publication of key clinical data, improvements in PET hardware/software technology and accessibility, and expanding society and academic advocacy for MPI.

Joseph Oliverio, Chief Technology Officer of Positron states, "The Bracco release further confirms our market growth prediction. We are seeing an unprecedented request for proposals and look forward to meeting the increasing demand."

Also Friday:

BioPharm Asia, Inc. (OTCBB: BFAR) a producer, distributor and retailer of medical products in China, today announced that its wholly-owned subsidiary, China Northern Pharmacy Holding Group Limited, has entered into an agreement (the "Agreement") to acquire all of the outstanding shares of Beijing Zhihe Ruikang Hospital Management Ltd. ("ZHRK"), a professional Chinese hospital management consultation group, for a consideration of RMB2,400,000 (approximately $350,000).

BioSante Pharmaceuticals, Inc. (NASDAQ:BPAX), will present a LibiGel safety update at the 2010 Annual Meeting of the Endocrine Society (ENDO), being held from June 19-22, 2010 in San Diego, California.

BioTime, Inc. (NYSE Amex: BTIM) announced today that it is commencing a warrant discount offer under which it will permit holders of its common share purchase warrants expiring October 31, 2010 to exercise their warrants at a discounted price of $1.818 per share, which represents a discount of $0.182 from the regular warrant exercise price of $2.00 per share.

CVS Caremark Corporation (NYSE: CVS) and Walgreens (NYSE: WAG) (NASDAQ: WAG) today announced that the companies have reached an agreement on terms under which Walgreens will continue participating in the CVS Caremark pharmacy benefit management (PBM) national retail network for existing, new or renewal plans.

Impax Laboratories, Inc. (NASDAQ: IPXL) today announced that the Company will present at the Wells Fargo Securities Healthcare Conference on Wednesday, June 23rd at 4:00 p.m. ET. The conference will be held at the InterContinental Hotel, Boston, MA.

InfuSystem Holdings, Inc. (OTCBB:INHI) (OTCBB: INHIW) (OTCBB: INHIU), the leading provider of infusion pumps and associated clinical services, today announced that it will present at the Sidoti Semiannual Micro-Cap Conference. Sean McDevitt, Chairman and Chief Executive Officer, and Sean Whelan, Chief Financial Officer, are scheduled to present on Friday, June 25, 2010, at 10:40 AM ET at the conference.

Novavax, Inc. (Nasdaq: NVAX) a clinical-stage vaccine company, announced today that Dr. Rahul Singhvi, President and Chief Executive Officer, will be presenting at the Phacilitate Vaccine Forum Barcelona 2010 conference on June 21 and June 22, 2010 at The Fira Palace, Barcelona, Spain.

Omnicare, Inc. (NYSE: OCR), the nation's leading provider of pharmaceutical care for the elderly, today announced that Patrick E. Keefe, Executive Vice President and Chief Operating Officer, plans to retire after 26 years with the Company, effective June 29, 2010. Jeffrey M. Stamps, Senior Vice President - Pharmacy Operations for Omnicare, will assume Mr. Keefe's responsibilities on an interim basis until a permanent successor is named.

Pall Corporation (NYSE: PLL) today announced that it has completed the previously announced public offering of its $375 million aggregate principal amount of 5.00% Senior Notes due June 15, 2020.

Proteo, Inc. (OTCBB:PTEO; Frankfurter Freiverkehr: WKN: 925981) and its wholly-owned subsidiary Proteo Biotech AG announced today the signing of a cooperative research and development agreement with the U.S. Army Medical Research Institute of Infectious Diseases (USAMRIID).

SPAR Group, Inc. (NASDAQ: SGRP) a leading supplier of retail merchandising and other marketing services throughout the United States and internationally, today announced that the Company has been named Consumer Products Group Partner of the Year by Health Mart®.

Spectrum Pharmaceuticals, Inc. (Nasdaq: SPPI) today announced that it has adjourned its Annual Meeting of Stockholders to 10:30a.m. Pacific Time, Thursday, July 1, 2010, which will be held at the Company’s corporate office located at 157 Technology Drive, Irvine, California, 92618.

Teva Pharmaceutical Industries Limited (NASDAQ: TEVA) announced today that it has closed the previously announced offering, by its special purpose finance subsidiaries, of a debt offering in three tranches.

ThermoGenesis Corp. (Nasdaq: KOOL), a leading supplier of innovative products and services that process and store adult stem cells, said today it will seek stockholder approval of an authorization enabling its Board of Directors in its discretion to affect a reverse stock split in the range of one-for-three to one-for-five shares of common stock in the near future, if required to maintain NASDAQ listing.

ZymoGenetics, Inc. (NASDAQ:ZGEN) today announced that Lars Fruergaard Jørgensen of Novo Nordisk A/S was elected to the company’s Board of Directors at the annual meeting of shareholders.

Biotech investors interested in seeing more details about these companies and a full list of their related stories can do so by typing the stock ticker symbol into the Stock Quotes box on the right side of the page.

"Featured Content" profiles are meant to provide awareness of these companies to investors in the small-cap and growth equity community and should not in any way come across as a recommendation to buy, sell or hold these securities. BiomedReports is not paid or compensated by newswires to disseminate or report news and developments about publicly traded companies, but may from time to time receive compensation for advertising, data, analytics and investor relation services from various entities and firms. Full disclosures should be read in the 'About Us Section'.

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