IVAX Diagnostics soars on FDA 510(k) approval. Ligand buys CyDex Pharma. Intellipharmaceutics regains Nasdaq compliance Print E-mail
By Mary Davila   
Wednesday, 26 January 2011 19:54
Below is a look at some of the headlines for companies that made news in the healthcare sector on January 26, 2011.

Shares of IVAX Diagnostics, Inc. (NYSE Amex:IVD) soared after the bell today after the company announced that it has received FDA 510 (k) clearence for the Mago 4S. The Mago 4S is IVAX Diagnostics’ next-generation fully-automated Enzyme-linked Immunosorbent Assay (ELISA) and Immunofluorescence Assay (IFA) instrumentation system for autoimmune and infectious disease testing that IVAX Diagnostics intends to market in the United States

IVAX develops, manufactures and distributes in the United States and internationally, proprietary diagnostic reagents, test kits and instrumentation, primarily for autoimmune and infectious diseases, through its three subsidiaries: U.S based Diamedix Corporation and ImmunoVision, Inc. and in Europe, Delta Biologicals S.r.l.

After the bell shares of IVAX surged 61 cents or 73.5% to $1.44.

Also after the bell, Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) announced that it has acquired privately held CyDex Pharmaceuticals, Inc. for about $35 million cash and contingent payments. Lenexa, Kansas based CyDex had 2010 revenue of $16.3 million and EBITDA of $7.6 million, and will operate as a wholly-owned subsidiary of Ligand. The CyDex drug formulation technology uses a specifically modified family of cyclodextrins called Captisol to improve the solubility, stability, bioavailability, safety and dosing of active pharmaceutical ingredients. The existing CyDex portfolio includes many license and royalty bearing agreements, including Onyx Pharmaceuticals for carfilzomib and Prism for Nexterone.

"This transformational acquisition accelerates Ligand’s financial growth and provides a unique and broad basket of new assets to further expand our business and long-term potential," said John Higgins, President and Chief Executive Officer of Ligand. "Ligand will now combine the royalties from seven marketed drugs, along with the substantial revenue from the selling of Captisol, to advance Ligand toward its goal of turning cash-flow positive with substantial future growth opportunities. This growth will be largely fueled by what Ligand believes is an industry unprecedented portfolio of more than 50 fully-funded partnered development programs, creating a myriad of new revenue stream possibilities."

Intellipharmaceutics International Inc. (Nasdaq:IPCI) (TSX:I), today announced that, because for the last 10 consecutive business days the company's market value of listed securities has been $35 million or greater, the NASDAQ has stated that Intellipharmaceutics has regained compliance with its continued listing requirements. Intellipharmaceutics is a pharmaceutical company specializing in the research, development and manufacture of novel or generic controlled release and targeted release oral solid dosage drugs.

IPCI jumped 18 cents to $5.41 on the news.

Also Wednesday:

AdCare Health Systems, Inc. (NYSE Amex:ADK)  an Ohio-based long-term care, home care and management company, has been invited to present at the UBS 21st Annual Global Healthcare Services Conference to be held at the Grand Hyatt New York in New York City on February 7-8, 2011.

Anadys Pharmaceuticals, Inc. (Nasdaq:ANDS) announced today that dosing has begun in the Phase IIb study of ANA598 in combination with pegylated interferon and ribavirin in hepatitis C patients.

Allied Healthcare International Inc. (NASDAQ:AHCI) will host a conference call and webcast to discuss the financial and operating performance for its fiscal 2011 first quarter ended December 31, 2010 on Wednesday, February 9, 2011, at 10:00 AM Eastern Time / 3:00 PM UK Time.

Edwards Lifesciences Corporation (NYSE: EW), the global leader in the science of heart valves and hemodynamic monitoring, plans to announce its operating results for the quarter ended December 31, 2010 after the market closes on Wednesday, February 2, 2011 and will host a conference call at 5:00 p.m. ET that day to discuss its results.

Golden Age Resources, Inc. (PINKSHEETS: GDAR) announced today that it has entered into a Letter of Intent to acquire 100% of the issued and outstanding stock of National Clinical Technology, Inc. (NCT) and its wholly owned subsidiary Spine & Muscle Rehabilitation, Inc. (SMR), and to acquire 100% of the medical related assets of Westmont Venture Resources, Inc. , all of Albuquerque, NM.

MedLink (OTCBB: MLKNA) announced today that the iSuite EHR, 4.0, is 2011/2012 compliant and was certified as a Complete EHR on Tuesday, January 25, 2011 by the Certification Commission for Health Information Technology (CCHIT®), an ONC-ATCB, in accordance with the applicable ELIGIBLE PROVIDER certification criteria adopted by the Secretary of Health and Human Services.

Sigma-Aldrich Corporation (Nasdaq:SIAL) will hold its quarterly conference call to discuss fourth quarter results on Wednesday, February 9, 2011 at 10:00 AM Central Time (11:00 AM Eastern Time).

Sangamo BioSciences, Inc. (Nasdaq:SGMO) today announced that the company will release its fourth quarter and full year 2010 financial results on Wednesday, February 2, 2011, after the market closes.

Stem Cell Assurance, Inc. (Pink Sheets: SCLZ) announced today that it has entered into a lease agreement at the Alexandria Innovation Center in Jupiter, Florida to open its laboratory facility.

ThermoGenesis Corp. (Nasdaq:KOOL), a leading supplier of innovative products and services that process and store adult stem cells, and TotipotentSC, a U.S. company with a large India presence in medical devices, cellular therapy and clinical research management, announced today they have received approval from Fortis Escorts' (New Delhi) Independent Ethics Committee to proceed with a Phase Ib clinical trial in patients suffering from Non-Reconstructable Critical Limb Ischemia (CLI) utilizing ThermoGenesis' Res-Q™ 60 BMC system.



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