Vertex soars on landmark data from cystic fibrosis drug study. Strong earnings boost shares of Endologix and Synovis Life Print E-mail
By Mary Davila   
Wednesday, 23 February 2011 20:02
Below is a look at some of the headlines for companies that made news in the healthcare sector on February 23, 2011.

Shares of Vertex Pharmaceuticals Incorporated (Nasdaq:VRTX) surged today after the company announced positive results from the Phase 3 STRIVE study of VX-770, an oral medicine in development that targets the defective protein that causes cystic fibrosis (CF). The company said the study showed that the drug increased lung function by more than 10% which was much higher than anticipated. Cystic fibrosis causes the thin layer of mucus that helps keep the lungs free of germs to thicken, thus clogging the airways which can lead to lung damaging infections. "Treating the underlying cause of cystic fibrosis with VX-770 led to clinical improvements that were far beyond our expectations, providing support for an entirely new approach to the treatment of this disease," said Peter Mueller, executive vice president of global research and development and chief scientific officer at Vertex.

Vertex said it will submit an NDA later this year and that it plans on commercializing the drug on its own. Analyst estimate that the drug could eventually hit peak sales of more than $500 million.

Shares of Vertex jumped $5.75 or 15% to $43.97. Earlier in the day shares hit a 52 week high of $44.68.

Endologix, Inc. (Nasdaq:ELGX), shares gained more than 10% Wednesday after the developer of minimally invasive treatments for aortic disorders, announced strong financial results for the three and twelve months ended December 31, 2010.

John McDermott, Endologix President and Chief Executive Officer, said, "We made tremendous progress in all areas of our business during the fourth quarter of 2010. Revenue grew by 41% over the corresponding quarter of 2009, driven by our expanded sales force and the availability of new product sizes launched in the third quarter of 2010. On the product development front, we completed the acquisition of Nellix, which represents the next generation in EVAR technology, and advanced our organic pipeline with the first patients treated with our Ventana fenestrated stent graft. We believe these two new products will significantly expand the addressable AAA market and further secure Endologix as the innovation leader in the market."

Shares of Endologix added 58 cents to $6.08. More than 2.2 million shares traded hands.

Synovis Life Technologies, Inc. (Nasdaq:SYNO), moved higher today after the company reported its financial results for the fiscal 2011 first quarter ended Jan. 31, 2011. For the quarter, net revenue rose to $19.5 million, a 28 percent increase over $15.2 million in the year-ago period. Net income for the fiscal 2011 first quarter was $1.8 million, or $0.16 per diluted share, compared to net income of $0.6 million, or $0.06 per diluted share, in the fiscal 2010 first quarter.

"Synovis is off to a strong start in fiscal 2011, with record quarterly revenue in multiple product lines," said Richard Kramp, Synovis Life Technologies president and chief executive officer. "In each area of focus, our products are gaining acceptance among physicians for their unique, differentiating features and superior clinical performance. Our specialized sales teams and distribution networks are expanding our customer base, developing solid relationships and becoming increasingly effective in our target markets. In fiscal 2011, we are investing in resources to support continued growth in our high-value product lines: Veritas, Peri-Strips, Microsurgical, and Orthopedic and Wound."

Shares of Synovis jumped $1.81, nearly 11% to $18.45.

iBio, Inc. (NYSE AMEX:IBIO) today announced it has acquired Orphan Drug Designation for plant-produced human alpha galactosidase A and related property rights from an affiliate of Kentucky Bioprocessing LLC ("KBP") and has initiated a program, based on its iBioLaunch platform, to develop an improved version of the enzyme for therapy of Fabry disease. iBio will work with its regular research and development collaborator, Fraunhofer USA Center for Molecular Biotechnology, for product development, and with KBP for manufacture of clinical and commercial quantities of the new product for iBio or its licensees.


Also Wednesday:


Adherex Technologies Inc. (TSX:AHX)(PINK SHEETS:ADHXF)
, a biopharmaceutical company focused on the development of eniluracil and 5-fluorouracil, today announced that Rosty Raykov, Chief Executive Officer, will present at The Wall Street Analyst Forum 22nd Annual Analyst Conference at The University Club (1 West 54th Street) in New York on March 1, 2011 at 9:50 am.

Advanced Cell Technology, Inc. (OTC Bulletin Board:ACTC), a leader in the field of regenerative medicine, announced today that it has been issued a patent on its "single-blastomere" technique.

AmbiCom Holdings, Inc. (OTCBB: ABHI) a leading designer and developer of wireless products primarily for the wireless medical industry, today announced that as a result of an increase in its existing business and expected growth once the previously-announced acquisition of E-Care technology Co., Ltd., is completed, the company has signed a lease for larger facilities at 500 Alder Drive, in Milpitas.

Anthera Pharmaceuticals, Inc. (Nasdaq:ANTH), today announced financial results and business highlights for the quarter and year ended December 31, 2010.

BAETA Corp., (OTCBB: BAEA), an advanced technology-enabled health improvement company, announces the availability of MyHealthTrends™ for Pain -- a breakthrough solution to help patients record their pain.

BIOLASE Technology, Inc. (NASDAQ: BLTI)
, the World's leading dental laser manufactuer and distributor, announced today unaudited 2010 fourth quarter net income of $0.01 per share and non-GAAP net income of $0.03 per share which excludes non-cash stock option expense, depreciation and amortization expense and interest expense.

Cardiogenesis Corporation (Pink Sheets:CGCP) announced that the company will release results for its fourth quarter and full-year ended December 31, 2010 on Wednesday, March 9, 2011.

Generex Biotechnology Corporation (OTC Bulletin Board:GNBT) announced today that Stamford Hospital has agreed to participate in the United States Food and Drug Administration (FDA) Expanded Access Treatment Investigational New Drug (IND) Program for Generex Oral-lyn™, the Company's proprietary buccal insulin spray product for the treatment of patients with diabetes.

Genesis Biopharma, Inc. (OTC Bulletin Board:GNBP), a biotechnology company developing targeted cancer therapies, today announced the appointment of L. Stephen Coles, M.D., Ph.D. to the Company's Board of Directors.

Hansen Medical, Inc. (NASDAQ: HNSN)
, a global leader in flexible medical robotics and the developer of robotic technology for accurate 3D control of catheter movement, today reported business highlights and financial results for the fourth quarter and full year ended December 31, 2010.

Isis Pharmaceuticals, Inc. (Nasdaq:ISIS) announced today the results from a Phase 1 clinical trial in which ISIS-CRPRx produced statistically significant reductions in C-reactive protein (CRP) in the cohort of subjects in the study with elevated CRP.

Life Technologies Corporation (Nasdaq:LIFE) today announced that the Ion 318 semiconductor sequencing chip will be available for early access in September of this year, complete with RNA-Seq kits and analysis software, providing up to 1Gb of data output – 100 times more than the original Ion 314 chip introduced two months ago with the Ion Personal Genome Machine (PGM™) sequencer.

Lpath, Inc. (OTCBB: LPTN), the industry leader in lipidomics-based therapeutics, announced that its CEO, Scott Pancoast, will be a panelist at the 7th Annual Retinal Physician Symposium on February 23, 2011 at the Palazzo Hotel in Las Vegas.

MiMedx Group, Inc. (OTC Bulletin Board:MDXG), an integrated developer, manufacturer and marketer of patent protected biomaterial-based products, announced today that its results for the fourth quarter and full year ended December 31, 2010, and Company guidance will be released after the closing of the market on Monday, March 28, 2011.

Oncolytics Biotech Inc. TSX: ONC) (NASDAQ:ONCY) announced today that enrollment has been completed in a U.K. translational clinical trial investigating intravenous administration of REOLYSIN in patients with metastatic colorectal cancer prior to surgical resection of liver metastases (REO 013).

Palatin Technologies, Inc. (NYSE Amex:PTN) today announced that it intends to offer and sell units consisting of shares of its common stock and warrants to purchase common stock in an underwritten public offering.

Questcor Pharmaceuticals, Inc. (Nasdaq:QCOR) today reported financial results for the full year and fourth quarter ended December 31, 2010.

Radient Pharmaceuticals Corporation (NYSE Amex: RPC), a US-based company specializing in the research, development, and international commercialization of In Vitro Diagnostic cancer tests, announced today it has appointed Dr. Robert L. Rooks DVM, MSas an independent member to its Board of Directors.

Remedent, Inc. (OTCBB: REMI), an international company specializing in research, development, and the manufacturing of oral and cosmetic dentistry products, opened its largest four chair facility in Shanghai yesterday.

Roche (SIX: RO, ROG; OTCQX: RHHBY) announced today that it has received approval from the U.S. Department of Defense (DOD) to provide remote service and support for its lab analyzers at Womack Army Medical Center through the DOD's secure B2B gateway.

SpectraScience, Inc. (OTCBB: SCIE), a San Diego based medical device company, today announced that it will hold a conference call to provide a general corporate update and answer questions on Monday, February 28, 2010 at1:00pm pacific time.

Talecris Biotherapeutics Holdings Corp. (Nasdaq:TLCR) today announced its financial results for the three and twelve months ended December 31, 2010 and filed its Form 10-K with the U.S. Securities and Exchange Commission (SEC).

Vicor Technologies, Inc. (OTCBB: VCRT), today announced the Company has entered into an agreement with Hadar Training and Medical Services to serve as its exclusive agent for the marketing and sale of its PD2i Analyzer™, PD2i CA™ (Cardiac Analyzer) and PD2i VS ™ (Vital Sign) in Israel and Palestine.

 

 




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