|Aeolus soars on BARDA contract. Cynosure jumps on earnings report. After the bell: Medivation reports positive trial results, Discovery Labs falls on offering|
|By BioMedReports.com Staff|
|Tuesday, 15 February 2011 20:25|
After the bell, shares of Discovery Laboratories, Inc. (Nasdaq:DSCO) fell after the company announced that it intends to offer shares of its common stock warrants in an underwritten public offering.
Shares fell 34 cents or 11.5% to $2.60.
After hours, Cumberland Pharmaceuticals Inc. (Nasdaq:CPIX) announced the publication of data from a clinical trial evaluating the pharmacokinetics, safety and tolerability of a rapid infusion of Caldolor (ibuprofen) Injection compared to oral ibuprofen. The study, which was published in the January issue of American Journal of Health-System Pharmacy, demonstrated that the maximum plasma concentration of IV ibuprofen when administered over five to seven minutes was approximately twice that of oral ibuprofen. In addition, the time to the maximum plasma concentration of IV ibuprofen was 6.5 minutes compared with 1.5 hours for oral ibuprofen. The study results indicated that the rapid infusion of IV ibuprofen was both safe and well tolerated.
Also after the bell, Medivation, Inc. (NASDAQ:MDVN) and Astellas Pharma Inc. announced positive, new, long-term follow-up data from the Phase 1-2 trial of MDV3100 in patients with advanced prostate cancer. MDV3100 is a novel, triple-acting, oral androgen receptor antagonist. These new results showed that MDV3100 continues to show durable anti tumor activity as evaluated by median times to prostate-specific antigen (PSA) progression and radiographic progression. These findings confirm the initial Phase 1-2 results published in The Lancet, in which MDV3100 consistently demonstrated anti-tumor activity in both chemotherapy-naïve and post-chemotherapy patients across endpoints, as evaluated by PSA levels, radiographic findings and circulating tumor cell (CTC) counts.
Aeolus Pharmaceuticals, Inc. (OTC:AOLS.ob), a biopharmaceutical company developing a new class of broad spectrum catalytic antioxidant compounds that reduce oxidative stress, inflammation, and subsequent tissue damage-signaling cascades resulting from radiation exposure, today announced that the Biomedical Advanced Research and Development Authority (BARDA), part of the Department of Health and Human Services (HHS), has awarded Aeolus a contract for the advanced development of AEOL 10150 as a medical countermeasure (MCM) against the pulmonary sub-syndrome of acute radiation syndrome (ARS).
Under terms of this cost plus, fixed fee development contract, Aeolus will receive $10.4 million in the first year base period of performance and up to an additional $107.5 million in options , if exercised by BARDA, for a total contract value of up to $118 million.
Shares of Aeolus shot up 19 cents or 25% to $0.94.
Shares of Cynosure, Inc. (Nasdaq:CYNO) jumped more than 14% today after the company announced financial results for the three months and year ended December 31, 2010. The cosmetic treatment equipment maker, reported a smaller loss for the fourth quarter, reporting a net loss of $798,000, or 6 cents per share, in the three months that ended Dec. 31 which compares to a net loss of $14.5 million, or $1.14 per share, in the final quarter of 2009. The company said that revenue increased 16 percent to $22.3 million from $19.3 million. The company said annual revenue rose to $81.8 million from $72.8 million a year ago and reported a full year, net loss of $5.5 million, or 44 cents per share, which compared to a loss of $22.8 million, or $1.79 a share a year ago.
"Higher product demand from North America and overseas drove our revenue growth in the fourth quarter," said Cynosure President and Chief Executive Officer Michael Davin. "In North America, laser product sales were up 17 percent from the same period in 2009. Although financing remains difficult for many aesthetic practitioners, the relationships we have established with certain financial institutions and third-party financing sources are gradually beginning to improve access to credit for our customers. International laser product sales rose 18 percent from the fourth quarter of 2009, paced by solid gains in our Asian direct distribution network."
Shares of Cynosure gained $1.73 to $13.68.
ArthroCare Corp. (NASDAQ:ARTC), a leader in developing state-of-the-art, minimally invasive surgical products, announced today that it has received clearance from the FDA for its Spartan 5.5 Needled Anchor. Spartan is a preloaded threaded anchor indicated for use in fixation of soft tissue to bone, such as during a rotator cuff repair. The needled version is utilized for open repairs, whereas the non-needled version, for which FDA clearance has previously been received, is for arthroscopic repairs.
Alkermes, Inc. (NASDAQ: ALKS) today announced positive preliminary results from a phase 2, double-blind, randomized, placebo-controlled clinical study of ALKS 37, an orally active, peripherally restricted opioid antagonist for the treatment of opioid-induced bowel dysfunction (OBD), which includes constipation and associated gastrointestinal (GI) abnormalities resulting from chronic use of opioid pain medications. Data from the study showed that ALKS 37 significantly improved GI motility and increased the frequency of bowel movements in patients with OBD, while simultaneously preserving the analgesic effects of opioid treatment. The study also demonstrated that ALKS 37 was generally well tolerated with limited systemic exposure and bioavailability. Based on these results, Alkermes plans to advance ALKS 37 into a pivotal development program in mid calendar 2011.
Oculus Innovative Sciences, Inc. (Nasdaq:OCLS), innovator and developer of products based upon the Microcyn® Technology platform, announced today that the company has formed a broad multi-year collaboration with Amneal Enterprises, an affiliation of independent pharmaceutical marketing, discovery and development companies, to realize the development and commercial potential of Microcyn Technology.
Chirag Patel, Co-Chairman of Amneal Enterprises, said, "We are deeply impressed by the wide importance and potential of Oculus’ Microcyn Technology and are excited by the prospects of what our strategic, organizational and financial collaboration can accomplish."
Shares of Oclulus gained 18 cents or nearly 9% on the news.