|Genzyme makes case for demanding higher bid. Arena shares up.|
|By Mary Davila|
|Friday, 22 October 2010 19:26|
Below is a look at some of the headlines for companies that made news in the healthcare sector on October 22, 2010.
Arena shares up ahead of FDA verdict - Shares of Arena Pharmaceuticals Inc (NASDAQ:ARNA) gained 11 percent on Friday after U.S. regulators voiced regret over one aspect of their public review of the company's key weight-loss drug.
The FDA was set to rule later Friday on whether to approve the pill, lorcaserin. Industry analysts have predicted a rejection after an FDA advisory panel recommended against approval last month.
In a letter made public on Friday, the agency largely defended the process against Angry investors who complained to the FDA about the deliberations that led outside advisers to reject the drug in a 9-5 vote over concerns that tumors found in rats might indicate a cancer risk for people.
But FDA officials said in hindsight the agency "regrets that no toxicologist participated in the meeting." The FDA said the agency received 100 complaints.
Genzyme makes case for demanding higher Sanofi bid - Genzyme Corp (NASDAQ:GENZ) made its case for why it is worth more than the $18.5 billion offered by France's Sanofi-Aventis (NYSE:SNY), for its experimental multiple sclerosis drug.
Genzyme officials said the earnings forecast a price as high as $89 a share, based on the Sanofi's offer. A Sanofi spokesman called $89 a share "totally unrealistic."
Sanofi's hostile offer of $69 a share represents a multiple of slightly more than 19 times analysts' average 2011 earnings estimates of $3.57 per share.
But Genzyme Chief Executive Henri Termeer said the company expects earnings of $4.30 to $4.60 a share. Applying the same multiple to that forecast, Sanofi would need to offer up to $89 a share.
Here are other companies that made news on Friday:
Bacterin International Holdings, Inc. (OTC Bulletin Board:BIHI) ("Bacterin"), a developer of anti-infective coatings for medical applications and revolutionary bone graft material, today announced that it has confirmed the appointment of Jon M. Wickwire, a distinguished Washington, D.C. based attorney and Michael A. Lopach, a CPA and founder of Lopach & Carparelli, to its Board of Directors.
China Medical Technologies, Inc. (the "Company") (Nasdaq:CMED), a leading China-based advanced in-vitro diagnostic ("IVD") company, today announced that its subsidiary, Beijing GP Medical Technologies Co., Ltd. ("GP Medical"), has been ranked sixth in the Deloitte Technology Fast 50 China 2010 program (the "Program").
Encorium Group, Inc. (Nasdaq: ENCO), (the "Company"), 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 that, on October 20, 2010, it received notification that a NASDAQ Listing Qualifications Panel (the "Panel") has determined to delist the Company's securities from The NASDAQ Stock Market, effective with the open of business on October 22, 2010, as a result of the Company's non-compliance with the minimum $2.5 million stockholders' equity requirement.
EnteroMedics Inc. (NASDAQ: ETRM), the developer of medical devices using neuroblocking technology to treat obesity and other gastrointestinal disorders, today announced that it did not reach a quorum for the special stockholder meeting on Friday, October 22, 2010 and will adjourn the meeting until 10:00 a.m. Central Time on October 29, 2010 at the Company's headquarters, 2800 Patton Road, St. Paul, Minnesota 55113.
GeckoSystems Intl. Corp. (PINKSHEETS:GCKO) announced today that they have received an update regarding their formal request to the Financial Industry Regulatory Authority (FINRA) to change their trading symbol to one more representative of their company's strategic focus and operations.
Insulet Corporation (NASDAQ: PODD), the leader in tubing-free insulin pump technology with its OmniPod® Insulin Management System, announced plans to release its financial results for the third quarter of 2010 on Tuesday, November 9, 2010 after the close of the financial markets.
Mylan Inc. (Nasdaq:MYL) today announced that the company and Mylan Charitable Foundation have awarded a collective $1.25 million to support two prominent West Virginia cultural institutions – The Clay Center for the Arts and Sciences of West Virginia and the State of West Virginia Division of Culture and History.
Omeros Corporation (Nasdaq:OMER), a biopharmaceutical company committed to discovering, developing and commercializing products focused on inflammation and disorders of the central nervous system, today announced that the Company will host a webcast conference call Monday afternoon, October 25, 2010 at 4:00 p.m. Eastern time to provide a corporate update.
OmniComm Systems, Inc (OTC: OMCM.OB) today announced that it ranked number 220 on Technology Fast 500, Deloitte LLP's ranking of 500 of the fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America.
OncoGenex Pharmaceuticals, Inc. (NASDAQ:OGXI) today announced that it has completed a public offering of 3,174,602 units at a price to the public of $15.75 per unit for an aggregate offering amount of $50 million, as previously announced on October 18, 2010.
Trius Therapeutics, Inc. (Nasdaq:TSRX) announced today that John Finn, Ph.D., Chief Scientific Officer at Trius Therapeutics, will present "Innovative Antibacterial Drugs by Design; The Trius Therapeutics Story" at the San Diego Biotechnology Network event taking place on October 26, 2010 from 5:30-9:30 p.m. PT.
XTend Medical (PINKSHEETS: XTDC), a company that specializes in delivering life changing medical technology to healthcare organizations globally, has secured the BioHarp patents as the agreement reached through mediation stated.