|Eurand acquired for $583 million. CytRx initiates Phase IIb lung cancer study. After the bell, Sequenom falls on offering|
|By BioMedReports.com Staff|
|Wednesday, 01 December 2010 19:28|
Below is a look at some of the headlines for companies that made news in the healthcare sector on December 1, 2010.
After the bell, shares of Sequenom, Inc. (Nasdaq:SQNM) fell after the company announced that it intends to offer and sell shares of its common stock in an underwritten public offering. In extended trading shares were off 51 cents or 7.49% to $6.30.
Cubist Pharmaceuticals, Inc. (NASDAQ:CBST) announced after the bell that its currently-marketed antibiotic, CUBICIN® has been approved by the U.S. Food & Drug Administration for once-a-day dosing as a 2-minute intravenous (IV) injection. CUBICIN is the only approved 2-minute IV injection for the treatment of methicillin-resistant Staphylococcus aureus (MRSA) complicated skin infections and bacteremia. In addition to 2-minute IV injection, several other changes to the CUBICIN label were incorporated. These include changes and reformatting of the Warnings and Precautions in the label, updates to the Post Marketing Experience section of the label, and re-formatting of the label to be compliant with the FDA’s Physician Labeling Rule (PLR).
After the market close Wednesday, GlaxoSmithKline (NYSE:GSK) and Valeant Pharmaceuticals International, Inc. (NYSE:VRX) announced receipt of a Complete Response letter from the U.S. Food and Drug Administration (FDA) for the New Drug Application (NDA) for ezogabine, an investigational anti-epileptic drug being studied for the adjunctive treatment of adults with partial-onset seizures.
Eurand N.V. (NASDAQ:EURX), a global specialty pharmaceutical company, and Axcan Holdings, Inc., a leading pharmaceutical company focused on the treatment of gastrointestinal disorders, today announced that Axcan will acquire all the outstanding shares of Eurand for $12.00 per share in cash. The fully diluted equity value of the transaction is approximately $583 million.
Amsterdam based Eurand makes a range of drugs focusing on gastrointestinal, cardiovascular, and pain conditions. Axcan is a U.S. based privately-held drug developer focusing on gastrointestinal therapies.
Shares of Eurand rose 86 cents or 8.11% to $11.86.
CytRx Corporation (Nasdaq:CYTR), saw heavy volume after the company announced today that it is initiating a multicenter Phase 2b clinical trial with its oncology drug candidate tamibarotene in combination with chemotherapeutical agents for the treatment of patients with advanced non-small-cell lung cancer (NSCLC).
"Intensive chemotherapy treatment for patients with late-stage NSCLC appears to provide some benefit; however, the median survival is still about one year, with progression-free survival of around six months," said CytRx Chief Medical Officer Daniel Levitt, MD, Ph.D. "A recent Phase 2 clinical trial demonstrated statistically significant results when adding All Trans Retinoic Acid, or ATRA to a regimen of paclitaxel and cisplatin as initial treatment for patients with advanced NSCLC. Tamibarotene is a synthetic retinoid that is 10- to 20-fold more potent than ATRA; thus we believe that it has great promise to be a new weapon against this devastating cancer."
Cell Therapeutics, Inc. (Nasdaq and MTA: CTIC) announced today that Ruth Pettengell, M.D. of St. George's Hospital, University of London, the lead investigator for the PIX 301 EXTEND trial will present end of study results for the pixantrone phase III trial in relapsed/refractory aggressive non-Hodgkin's lymphoma ("NHL") at the 52nd Annual Meeting of the American Society of Hematology on Sunday, December 5, 2010 in Orlando, Florida.
Hana Biosciences (OTCBB:HNAB), a biopharmaceutical company focused on strengthening the foundation of cancer care, announced that its board of directors has approved changing its name to Talon Therapeutics, Inc. The name change will become effective on Thursday, December 2, 2010.
RegeneRx Biopharmaceuticals, Inc. (NYSE Amex:RGN) announced today that the Company received a patent in Australia using thymosin beta 4 (Tβ4), and various fragments and anologues of Tβ4, to treat or prevent biological and immunological responses to reactive chemical, biological or toxic agents. The patent claims include allergic reactions such as contact dermatitis, poison ivy, and insect bites, as well as skin indications such as psoriasis and eczema, among others. The patent expires in 2024. RegeneRx has patents pending for this use in a number of countries, including the U.S.
AdCare Health Systems, Inc. (NYSE Amex: ADK) a recognized innovator in senior living and health care facility management, has signed a definitive purchase agreement for three skilled nursing facilities in Georgia for $18 million.
Anthera Pharmaceuticals, Inc. (Nasdaq:ANTH), a biopharmaceutical company developing drugs to treat serious diseases associated with inflammation, today announced Paul F. Truex, Anthera's President and Chief Executive Officer, will present at the 5th Annual Canaccord Genuity Cardiovascular, Diabetes & Obesity Conference in San Francisco, CA on Tuesday, December 7, 2010 at approximately 9:30 am Pacific Time.