|Cardica soars after the bell on license agreement with Intuitive Surgical|
|By BioMedReports.com Staff|
|Tuesday, 17 August 2010 19:03|
Below is a list of the companies that made news in the healthcare sector on Tuesday, August 17, 2010.
Cardica, Inc. (Nasdaq:CRDC) after the bell today announced that Cardica and Intuitive Surgical, Inc (Nasdaq:ISRG) have entered into a license agreement providing Intuitive with a worldwide, exclusive license to Cardica's intellectual property, which relates to tissue cutting, stapling and clip appliers, for use in the robotics field. Pursuant to the license agreement, Cardica and Intuitive may also enter into future product development agreements.
Intuitive has paid Cardica $12 million for a royalty-bearing license and equity investment in approximately 1.25 million shares of Cardica's common stock. The license excludes vascular anastomosis applications.
"We are extremely pleased to enter into a license with Intuitive Surgical, the worldwide leader in robotic surgery, as we believe that coupling our microcutting-stapling technology with Intuitive's minimally-invasive surgery expertise will provide better clinical outcomes for patients around the globe," said Bernard A. Hausen, M.D., Ph.D., president and chief executive officer of Cardica, Inc. "The license agreement with Intuitive Surgical marks a major milestone for Cardica and our Microcutter 'staple-on-a-strip' platform, expanding the potential market reach and applicability of our technology significantly."
In the after hours market shares of Cardica soared more than 46%, rising 77 cents to $2.43.
Also after the bell Tuesday:
BioMarin Pharmaceutical Inc. (Nasdaq:BMRN) announced after the market close today that it has acquired ZyStor Therapeutics, Inc., a privately-held biotechnology company developing enzyme replacement therapies (ERT) for the treatment of lysosomal storage disorders. ZyStor's lead product candidate is ZC-701, a novel fusion of insulin-like growth factor 2 and alpha glucosidase (IGF2-GAA) in development for Pompe disease.
Under the terms of the agreement, BioMarin acquired ZyStor for $22 million upfront and up to an additional $93 million if certain development, regulatory and commercial milestones are achieved. There are no royalties owed. The FDA has accepted an investigational new drug (IND) application for ZC-701, investigational product has been manufactured and a clinical study is expected to start in Q1 2011.
D. Medical Industries Ltd. (NASDAQ:DMED)(TASE: DMDC) a medical device company engaged through its subsidiaries in the research, development, manufacture and sale of innovative products for diabetes treatment and drug delivery, announced today that it has entered into a definitive agreement with UPG (Suzhou) EPZ Co. Ltd., a subsidiary of United Plastics Group, Inc., for the manufacture and supply of the consumable components of its Adi durable insulin pump, its universal infusion sets and, when available, its insulin patch pump.
Life Technologies Corporation (NASDAQ: LIFE), a provider of innovative life science solutions, today announced a definitive agreement to acquire Ion Torrent for $375 million in cash and stock. Formed by life sciences pioneer Dr. Jonathan Rothberg, founder of CuraGen, 454 Life Sciences and co-founder of Raindance Technologies, Ion Torrent has revolutionized DNA sequencing by enabling a direct connection between chemical and digital information through the use of proven semiconductor technology. Ion Torrent’s proprietary chip-based sequencing represents a new paradigm in DNA sequencing by using PostLight sequencing technology, the first of its kind to eliminate the cost and complexity associated with the extended optical detection currently used in all other sequencing platforms.
"We have received confirmation from Medtronic that our relationship is business as usual and they remain supportive of our current agreement, which runs through June 2014," said Brian K. Hutchison, RTI chairman and CEO. "Both companies have taken several steps over the years to continuously improve our relationship, and we have been assured that Medtronic will continue down that path with RTI.
XOMA Ltd. (Nasdaq:XOMA), a leader in the discovery and development of therapeutic antibodies, today announced that its board of directors has approved a 1-for-15 share consolidation, or reverse stock split, that will become effective with the opening of trading on August 18, 2010. The primary objective in effecting a reverse stock split at this time is to better enable the company to maintain the listing of its common shares on The NASDAQ Global Market. The company's common shares will continue trading on The NASDAQ Global Market and will begin trading on a split-adjusted basis at the opening of trading on Wednesday, August 18, 2010.
In news from earlier in the day:
Osteotech's (Nasdaq:OSTE) soared more than 63% today after agreeing to be acquired by Medtronics for $6.50 cash per share. The full story was reported here on BioMedReports earlier today. The stock closed the day at $6.44, up $2.50 from yesterdays close.
Advanced Cell Technology, Inc. ("ACT"; OTCBB: ACTC) announced today that it is positioned to obtain significant patents relating to cellular reprogramming and the generation of induced pluripotent stem (iPS) cells. iPS cells are similar to embryonic stem (ES) cells, except they are generated from adult cells − such as skin − using certain reprogramming factors, without the controversial use of embryos. Although human iPS cells were first produced in 2007, ACT has been working on inducing pluripotency, with positive results, for more than a decade. The Company’s efforts go back to the 1990s, providing (through existing patent filings and continuations) some of the earliest priority dates in the field.
"ACT is pursuing claims (published and unpublished) that, if granted, would dominate the use of what the rest of the research community is now coming to understand are the key regulators of induced pluripotency," said William M. Caldwell IV, the Company’s Chairman and CEO.
BioMarin Pharmaceutical Inc. (Nasdaq:BMRN) announced today that the first subject has initiated treatment in a Phase 3b study (PKU-016) to evaluate the effects of Kuvan (sapropterin dihydrochloride) on neuropsychiatric symptoms in subjects with phenylketonuria (PKU). BioMarin expects to report results in the first half of 2012.
Eli Lilly and Company (NYSE:LLY) will halt development of semagacestat, a gamma secretase inhibitor being studied as a potential treatment for Alzheimer's disease, because preliminary results from two ongoing long-term Phase III studies showed it did not slow disease progression and was associated with worsening of clinical measures of cognition and the ability to perform activities of daily living.
The company's decision does not affect the ongoing clinical trials of solanezumab, Lilly's other compound in Phase III trials as a potential Alzheimer's treatment. While both drugs focus on amyloid-beta proteins, which are believed to play a critical role in Alzheimer's disease, they have different mechanisms of action. Lilly also has two other compounds in earlier stages of clinical development; those studies are not affected by today's announcement.
Molecular Insight Pharmaceuticals, Inc. (NASDAQ:MIPI), a biopharmaceutical company discovering and developing targeted therapeutic and imaging radiopharmaceuticals for use in oncology, today announced that the Company has received a seventh extension of its waiver agreement with its Bond holders, allowing debt restructuring discussions to progress.
Palatin Technologies, Inc. (NYSE Amex: PTN) today announced positive results of a Phase 1 clinical trial of subcutaneously administered bremelanotide, its melanocortin agonist drug candidate for treatment of male erectile dysfunction (ED) and female sexual dysfunction (FSD). The results demonstrate that with subcutaneous administration consistent therapeutic blood plasma levels can be obtained without sustained clinically significant blood pressure effects and support the continued development of bremelanotide.
Skystar Bio-Pharmaceutical Company (NASDAQ:SKBI) a China-based manufacturer and distributor of veterinary medicines, vaccines, micro-organisms and feed additives, today reported unaudited second quarter fiscal year 2010 earnings, for the period ended June 30, 2010. Second Quarter 2010 revenue increased 33% YoY to $8.3 million.
Amarin Corporation plc (Nasdaq:AMRN), a clinical-stage biopharmaceutical company with a focus on cardiovascular disease, today announced that Colin W. Stewart has been appointed President, Chief Executive Officer (CEO) and a member of the Company's Board of Directors effective August 16, 2010.
Cypress Bioscience, Inc. (NASDAQ: CYPB) today announced that its Board of Directors has sent a letter to Ramius LLC in response to Ramius' letter dated August 11, 2010.
Encorium Group, Inc. (Nasdaq:ENCO), a full service multinational clinical research organization (CRO) conducting studies in over 30 countries for many of the world's leading pharmaceutical and biotechnology companies, today announced its financial results for the second quarter and six months ended June 30, 2010.
GenSpera, Inc. (OTCBB: GNSZ) announced the appointment of Bo Jesper Hansen, MD, Ph.D. to its Board of Directors.
ImmunoCellular Therapeutics (OTCBB: IMUC) today announced second quarter results for the period ended June 30, 2010.
Omnicell, Inc., (Nasdaq:OMCL) a leading provider of system solutions to acute healthcare facilities, today announced that Wellmont Health System has selected Omnicell OmniRx® automated medication dispensing cabinets (ADCs), SinglePointe™ software to manage patient specific medications, Anesthesia Workstations™ and other solutions to streamline medication management throughout its facilities.
PROTEONOMIX, INC. (OTCBB: PROT), a biotechnology company focused on developing therapeutics based upon the use of human cells and their derivatives, announced today that it has executed a joint venture agreement with a group of investors that will create a new stem cell treatment and research facility in the United Arab Emirates (U.A.E.). The Investor Group has committed to invest $5 million on or before September 10, 2010.
Radient Pharmaceuticals Corporation (RPC) (NYSE:RPC) announced today it has filed a 'Notification of Late Filing' under Rule 12b‐25 of the Securities Exchange Act of 1934, as amended with the Securities and Exchange Commission ("SEC") for its quarterly report on Form 10‐Q for the second quarter ended June 30, 2010.
SDIX™ (Nasdaq:SDIX), a leading provider of biotechnology-based products and services for a broad range of life science, biotechnology, diagnostic, and food safety applications, today announced it has signed a distribution agreement with Romer Labs® Inc. for SDIX’s Genetically Modified Organisms (GMO) rapid testing products.
Walgreens (NYSE: WAG)(NASDAQ: WAG), the nation's largest retail provider of flu immunization services, today announced details of the most comprehensive flu shot program in the U.S.
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