That and more about the companies that made news in the healthcare sector on Thursday, August 12, 2010.
Trubion Pharmaceuticals, Inc. (Nasdaq:TRBN) today announced the signing of a definitive merger agreement with Emergent BioSolutions Inc. (NYSE:EBS), in which Emergent has agreed to acquire Trubion. Under the terms of the agreement, each share of Trubion common stock will be converted into the right to receive an upfront payment of $1.365 per share in cash and 0.1641 shares of Emergent BioSolutions common stock. The upfront payment represents a value of $4.55 per share, or approximately $96.8 million.
In addition, Trubion shareholders may recieve up to an additional $38.7 million, in the form of cash payments, based on achievement of certain milestones over a 36 month period, making the total deal worth as much as $135 million.
Trubion is a biopharmaceutical company that is creating a pipeline of novel protein therapeutic product candidates to treat autoimmune and inflammatory diseases and cancer. Trubion has partnerships with companies such as Abbott Laboratories (NYSE: ABT) to develop treatments for cancers such as leukemia and lymphoma and with Pfizer Inc (NYSE: PFE) for autoimmune diseases such as rheumatoid arthritis and lupus.
Shares of Trubion soared 49.33% or $1.48 to $4.48 in the after hours session.
BioMimetic Therapeutics, Inc. (NASDAQ: BMTI) today announced that it has received orphan drug designation from the Food and Drug Administration (FDA) for its protein therapeutic, recombinant human platelet derived growth factor (rhPDGF-BB), to be used in conjunction with autograft and/or commercially available osteochondral allograft for the treatment of osteochondritis dissecans (OCD) of the knee, elbow or ankle. OCD is a joint condition in which cartilage, along with a fragment of the bone beneath it (subchondral bone), becomes detached from the end of a bone due to a loss of blood supply.
NewCardio, Inc., (OTC Bulletin Board:NWCI.ob) today announced financial results for the second quarter ended June 30, 2010. More details on the financial results are available in the Form 10-Q, filed with the Securities and Exchange Commission.
"In the last 12 months, we have made tremendous progress in commercializing our initial solution, QTinno," commented Vincent Renz, NewCardio's President and CEO. "Additionally, we have solidified our infrastructure to better position the Company for success, including a management transition and an expanded line of credit. Specifically, we have signed Master Services Agreements (MSAs) with three of the five largest contract research organizations (CROs), and leading, forward-thinking drug developers are increasingly interested in incorporating QTinno in their study designs. In addition, we are increasingly excited about the long-term potential for our innovative platform technology. We believe we have the potential to add value to each and every one of the electrocardiographs (ECG) performed each year. We expect our CardioBip to become a powerful clinical diagnostic tool in the emerging mobile healthcare space enabling a cost effective means for remotely capturing and transmitting a 12 lead ECG. It will expand the breadth of cardiovascular disease that can be effectively monitored remotely. Our Cardio3KG solution has the potential to become the gold standard for timely and accurate diagnosis of acute coronary syndrome, ultimately saving lives, health care costs and litigation expenses. And these solutions are just the start. Our platform technology promises a wide range of solutions, each targeting substantial market opportunities with unrivaled, state-of-the-art technology."
Novavax, Inc. (Nasdaq:NVAX) reported today that results from a pre-clinical toxicology study of its vaccine candidate to prevent respiratory syncytial virus (RSV), showed the vaccine to be safe and well-tolerated at all doses tested. Novavax's vaccine uses highly purified recombinant particles of RSV-F fusion (RSV-F) protein normally found in the virus. There is currently no approved vaccine to prevent RSV infection.
PDL BioPharma, Inc. (PDL) (Nasdaq:PDLI) announced today that it has completed the retirement of $61.7 million in aggregate principal amount of the Company's outstanding 2.75% Convertible Subordinated Notes, due August 16, 2023 for consideration consisting of the issuance of 11.1 million shares of the Company's common stock. The transaction was structured as an exchange of the 2023 Notes for stock and reflected a price per share of approximately $5.55 per share. Following the exchange, $54.3 million in aggregate principal amount of the 2023 Notes remains outstanding.
The Company reaffirms its previously announced dividend of $0.50 per share to be paid on October 1, 2010 to all stockholders of record on September 15, 2010.
Pharmasset, Inc. (Nasdaq:VRUS) has received fast track designation from the U.S. Food and Drug Administration (FDA) for PSI-7977 for the treatment of chronic hepatitis C virus (HCV) infection. PSI-7977 is an oral uridine nucleotide analog polymerase inhibitor of HCV. Pharmasset recently completed dosing in a 28 day Phase 2a trial to evaluate PSI-7977 in combination with Pegasys (pegylated interferon) plus Copegus (ribavirin) in treatment-naive patients chronically infected with HCV genotype 1. Pharmasset expects to initiate a 12-week Phase 2b study of PSI-7977 in the fourth quarter of 2010.
Simcere Pharmaceutical Group NYSE: SCR), a leading pharmaceutical company specializing in the development, manufacturing, and marketing of branded generic and proprietary pharmaceuticals in China, today announced that its subsidiary company Simcere Dongyuan Pharmaceutical Co., Ltd. has recently received SFDA new drug certification and registration approval to manufacture and market Palonosetron material and injections in China.
Palonosetron is a second generation 5-HT3 antagonist used for the prevention and control of acute chemotherapy-induced nausea and vomiting (CINV). According to industry analysis, 5-HT3 antagonists account for 90 percent of the CINV market in China.
Advaxis, Inc., (OTCBB: ADXS), the live, attenuated Listeria monocytogenes (Listeria) immunotherapy company, has been invited to present at the 12th Annual 2010 Rodman & Renshaw Healthcare Conference held on the 12th through 15th of September 2010 at the New York Palace Hotel in New York City.
Aeolus Pharmaceuticals, Inc. (OTCBB: AOLS) announced today that it has completed a $1.0 million financing with two existing institutional shareholders, both of which are affiliates of Xmark Opportunity Partners, LLC.
Aeterna Zentaris Inc. (NASDAQ: AEZS, TSX: AEZ) a late-stage drug development company specialized in oncology and endocrinology, today reported financial and operating results for the second quarter ended June 30, 2010.
Alexza Pharmaceuticals, Inc. (Nasdaq:ALXA) announced today that Darl Moreland has joined the company as Vice President, Quality.
Aradigm Corporation (OTCBB:ARDM) today announced financial results for the second quarter and six months ended June 30, 2010.
AVEO Pharmaceuticals, Inc. (NASDAQ: AVEO), a biopharmaceutical company focused on discovering, developing and commercializing cancer therapeutics, today announced that it has achieved its enrollment target for TIVO-1, its global Phase 3 clinical trial for its oral, triple VEGF receptor inhibitor, tivozanib, in patients with advanced renal cell carcinoma (RCC).
Axxess Pharma, Inc. (PINKSHEETS: AXXE), a pharmaceutical company specializing in the marketing and distribution of both prescription and non-prescription drugs, announces on June 14, 2010 Taylor Capitol, Inc was hired as Investor Relations to replace Mina Mar Marketing Group.
Bionovo, Inc. (Nasdaq:BNVI), a drug discovery and development company focused on the unmet needs in women's health and oncology, today announced that Tom Chesterman, Senior Vice President and Chief Financial Officer, will be presenting at the Southern California Investor Conference at 11:00 a.m. PT on Tuesday, August 17, 2010.
BioSante Pharmaceuticals, Inc. (NASDAQ: BPAX) today announced its financial results for the second quarter of 2010.
Biovest International, Inc. (OTC:BVTI) today announced that the U.S. Department of Defense (DoD), Naval Health Research Center (NHRC), presented encouraging preliminary results demonstrating that Biovest's hollow fiber bio-manufacturing system is capable of efficiently producing a strain of pandemic A/H1N1 influenza virus.
Cadus Corporation (OTCBB: KDUS) announced today financial results for the second quarter ended June 30, 2010.
CardioGenics Holdings Inc. (OTC Bulletin Board:CGNH), developer of the ultra-sensitive QL Care Point-Of-Care (POC) analyzer and products for the immunoassay segment of the In-Vitro Diagnostics market, said its CardioGenics Inc. subsidiary completed its first shipment of commercial product of beads linked to biological material to Merck Chimie S.A.S. for use by Merck's customers in the production of antibodies and biologic drugs.
Corcept Therapeutics Incorporated (NASDAQ: CORT), a pharmaceutical company engaged in the discovery and development of drugs for the treatment of severe metabolic and psychiatric disorders, reported financial results today for the second quarter ended June 30, 2010, and updated its anticipated milestones for 2010.
CorMedix Inc. (NYSE Amex: CRMD), a pharmaceutical company focused on developing and commercializing therapeutic products for the prevention and treatment of Cardiorenal disease, today announced its results for the quarter ended June 30, 2010.
Genta Incorporated (OTCBB: GETAD.OB) today announced financial results for the quarter ending June 30, 2010.
Halozyme Therapeutics, Inc. (Nasdaq:HALO) today announced the issuance of U.S. Patent No. 7,767,429 claiming its proprietary recombinant human hyaluronidase enzyme platform (rHuPH20).
IntelGenx Technologies Corp. (TSX VENTURE:IGX) (OTCBB:IGXT) today announced its financial results for the three and six month period ended June 30, 2010 and presented highlights of recent business developments.
Laboratory Corporation of America® Holdings (LabCorp®) (NYSE: LH) announced today a collaboration between Esoterix Clinical Trials Services, a division of LabCorp, and Clearstone Central Laboratories, a global central laboratory specializing in drug development and pharmaceutical services.
Medidata Solutions (NASDAQ: MDSO), a leading global provider of SaaS-based clinical technology solutions that enhance the efficiency of customers' clinical development, today announced its financial results for the second quarter 2010 and provided financial guidance for the third quarter and full year 2010.
Neurologix, Inc. (OTCBB: NRGX) a biotechnology company developing innovative gene therapies for the brain and central nervous system ("CNS"), today reported its financial results for the three and six months ended June 30, 2010.
Osteotech, Inc. (Nasdaq:OSTE), a leader in the emerging field of biologic products for regenerative healing released today its critical review of, and vehement opposition to, the director nominees and the initiatives proposed by a group of dissident stockholders.
Perrigo Company (Nasdaq:PRGO; TASE) today announced results for its fourth quarter and full year ended June 26, 2010.
ProPhase Labs, Inc. (NASDAQ: PRPH) today reported net sales of $1.1 million for the three months ended June 30, 2010, compared to net sales of $1.7 million for the three months ended June 30, 2009.
Radient Pharmaceuticals Corporation (RPC) (NYSE Amex: RPC) announced today the appointment of Gary Giarratano as Director of North American Sales and Marketing, responsible for managing the company's sales and marketing strategy, operations and Onko-Sure® in vitro diagnostic (IVD) product sales for North America.
Sunesis Pharmaceuticals, Inc. (NASDAQ:SNSS) today reported financial results for the second quarter ended June 30, 2010.
Transdel Pharmaceuticals, Inc. (OTC Bulletin Board:TDLP), a specialty pharmaceutical company focused on developing topically administered products using its proprietary transdermal delivery platform, today announced financial results for the three and six months ended June 30, 2010 and other activity during the second quarter.
Vermillion, Inc. (Nasdaq:VRML), a molecular diagnostics company, today reported financial results for the second quarter ended June 30, 2010.
Warner Chilcott plc (Nasdaq:WCRX) today announced that its subsidiaries, Warner Chilcott Company, LLC and Warner Chilcott Finance LLC plan to issue an aggregate principal amount of $750 million of senior notes due 2018 in a private placement.
Weikang Bio-Technology Group Co., Inc. (OTC Bulletin Board:WKBT) a leading developer, manufacturer and marketer of Traditional Chinese Medicine (TCM), Western prescription and OTC pharmaceuticals and other health and nutritional products in the People's Republic of China, today announced that it will conduct a conference call at 9:00 a.m. Eastern Time on Tuesday, August 17, 2010 to discuss the second quarter fiscal 2010 results.
Yongye International, Inc. (Nasdaq:YONG) a leading manufacturer, developer and distributor of "Shengmingsu" brand plant and animal nutrient products in China, today announced record financial results for the quarter ended June 30, 2010.
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