|Inspire Pharma tumbles on failed study. Senesco receive Orphan status. After the bell: Shares of Radient Pharma continue higher|
|By Mary Davila|
|Monday, 03 January 2011 19:36|
After the bell, shares of Radient Pharmaceuticals Corporation (AMEX:RPC) continued to climb after jumping more than 28 cents or nearly 28% earlier today. The stock closed the extended session at $1.38, up 8 cents or 6%. The company is anticipating AMEX debt to equity approval later this week.
Shares of Inspire Pharmaceuticals, Inc. (NASDAQ:ISPH) tumbled today after the company announced that top-line results from its second Phase 3 clinical trial, TIGER-2, with denufosol tetrasodium for the treatment of cystic fibrosis (CF) showed that the drug did not achieve statistical significance for its primary efficacy endpoint. Adrian Adams, President and CEO of Inspire, stated, "These TIGER-2 results were disappointing and unexpected given the treatment effect observed in the TIGER-1 trial. We will conduct a thorough analysis of the data to fully understand the results from this trial and the impact on any future development of denufosol and on the Company going forward. We expect to provide a detailed corporate update by mid-February. Meanwhile, we will continue to focus on our ophthalmology business."
Inspire fell $4.94 or 58.72% to $3.47.
Shares of Senesco Technologies, Inc. (NYSE Amex: SNT) jumped more than 14% today after the company announced that the FDA has granted orphan drug designation for the company’s lead drug candidate SNS01-T for treatment of multiple myeloma. As a result, the company is eligible to receive a number of benefits, including tax credits, access to grant funding for clinical trials, accelerated FDA approval, allowance for marketing exclusivity after drug approval for a period of as long as seven years and potential exemption from the FDA's prescription drug application fee.
Shares of Senesco gained 4 cents to $.0315
As reported earlier here on BioMedReports, Advanced Cell Technology, Inc. ("ACT"; OTCBB:ACTC), a leader in the field of regenerative medicine, announced today that the US Food and Drug Administration has cleared the Company’s Investigational New Drug (IND) application to treat Dry Age-Related Macular Degeneration (AMD) using retinal pigment epithelial (RPE) cells derived from human embryonic stem cells (hESCs). ACT is now permitted to initiate a Phase I/II multicenter clinical trial to treat patients with Dry AMD, the most common form of macular degeneration in the world. There are currently no treatments available for this prevalent disease of an aging global population. Dry AMD, representing a substantial global market opportunity and afflicts between 10-15 million Americans.
On heavy volume, shares of ACT jumped 2 cents or 8.17%. The stock earlier hit an intra-day high of 27 cents.
Dynatronics Corporation (Nasdaq:DYNT) rose more than 14% today after the company announced a significant milestone with the signing of an agreement with Premier Purchasing Partners, L.P., the group purchasing enterprise of Premier, Inc., naming Dynatronics a contracted supplier of physical therapy products and exercise equipment to Premier's member group of colleges and universities and alternate market facilities.
Premier, Inc. is one of the nation's largest healthcare alliances, helping to improve performance and providing group contracting to more than 2,400 U.S. hospitals and 70,000 healthcare sites nationwide.
Advanced Life Sciences Holdings, Inc. (OTC Bulletin Board:ADLS), a biopharmaceutical company engaged in the discovery, development and commercialization of novel drugs in the therapeutic areas of infection, oncology and respiratory diseases, announced today that with the oversight of its Board of Directors the company intends to evaluate strategic alternatives, including a possible sale of the Company, with the goal of maximizing shareholder value.
Assisted Living Concepts, Inc. (NYSE: ALC) today released supplemental financial information for the quarter and nine months ended September 30, 2010.