|Cardica moves higher on CE Mark. Cerus drops on lower outlook. Topamax warning hurts VIVUS|
|By Staff and Wire Reports|
|Friday, 04 March 2011 20:34|
Cardica, Inc. (Nasdaq:CRDC) today announced that an initial Microcutter surgical cutting and stapling device developed by Cardica has received CE Mark certification. As an integral part of the multi-step CE marking process, Cardica has obtained a Full Quality Assurance certification for its Microcutter design and manufacturing processes. With this certification, after successful completion of development, Cardica can apply the CE Mark to the first Microcutter product that Cardica expects to commercialize, the Microcutter XPRESS 30, and will be able to apply the CE Mark to future devices within the Microcutter product line that comply with the certified design and manufacturing processes in the same manner.
Shares of Cardica jumped 33 cents or 10% to $3.65.
Cerus Corporation (NASDAQ:CERS) announced financial results for the fourth quarter and year ended December 31, 2010. The company said that revenue grew 29% while sales of it's Intercept system grew by the same amount. The company however forecast revenue lower revenue growth for 2011 attributed to weak economic conditions leading to customers delaying Intercept purchasing decisions. The Intercept system is used to clean bacteria, viruses, and parasites out of donated blood platelets and plasma used for transfusions.
Shares of Cerus slumped 46 cents or 13.69% to $2.90.
Shares of VIVUS, Inc. (Nasdaq:VVUS) fell nearly 10% Friday after the FDA said it plans to increase its safety warning on the Johnson & Johnson epilepsy drug, Topamax. The concern centers on the main ingredient in the drug, topiramate and its potential for birth defects. VIVUS's experimental obesity drug, Qnexa, is a combination of phentermine and topiramate. The FDA said women who treated their seizures with the drug topiramate were more likely to give birth to babies with cleft lip or cleft palate than women who used other epilepsy drugs, or women who were not using any epilepsy treatments. The FDA already declined approval of Qnexa in October 2009 and this latest warning could hamper sales of the drug should it ever become commercially available.
Shares of VIVUS dropped 66 cents to $6.39.
Elite Pharmaceuticals, Inc. (OTCBB:ELTP) said Friday that the FDA intends to remove approximately 500 cough/cold and allergy related products from the U.S. market. Elite currently manufactures two of the drugs impacted by the FDA's action which are marketed by ECR Pharmaceuticals, a wholly owned subsidiary of Hi-Tech Pharmacal, Co., Inc. Shares of Elite lost 31% on the news.
Bacterin International Holdings, Inc. (OTC Bulletin Board:BIHI.ob), a creator and developer of revolutionary bone graft material and anti-infective coatings for medical applications, today announced that its common stock has been approved for listing on the NYSE Amex and has chosen Knight Capital Group as its designated market maker. Shares of Bacterin's common stock will commence trading on the NYSE Amex on Monday, March 7, 2011 under the new ticker symbol "BONE".
BioSante Pharmaceuticals, Inc. (NASDAQ:BPAX) today announced that it has received commitments from several institutional investors to purchase $25.1 million of securities in a registered direct offering. BioSante expects to receive net proceeds of approximately $23.8 million. Shares dropped 17 cents to $1.98.
ThermoGenesis Corp. (Nasdaq:KOOL), a leading supplier of innovative products and services that process and store adult stem cells, said today that it has determined the pricing for an offering of shares and warrants. The Company intends to sell 2,250,000 shares of common stock at $2.00 per share and warrants to purchase an aggregate of 1,125,000 shares of common stock at a price of $2.64 per share. Shares fell 14% to $2.25.
American Oriental Bioengineering, Inc. (NYSE:AOB),a pharmaceutical company dedicated to improving health through the development, manufacture and commercialization of a broad range of prescription and over the counter products, today announced that it plans to release fourth quarter and full year 2010 financial results on Monday, March 14, 2011, after the market closes.