|IVAX Diagnostics soars on FDA 510(k) approval. Ligand buys CyDex Pharma. Intellipharmaceutics regains Nasdaq compliance|
|By Mary Davila|
|Wednesday, 26 January 2011 19:54|
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.
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.