CryoLife buys Cardiogenesis. Zalicus higher on patent award. After the Bell: Valeant launches hostile bid for Cephalon Print E-mail
By Mary Davila   
Tuesday, 29 March 2011 18:51
Below is a look at some of the headlines for companies that made news in the healthcare sector on March 29, 2011.


After the bell Valeant Pharmaceuticals International, Inc. (NYSE:VRX) (TSX:VRX.to) announced a hostile, all cash bid for Cephalon, Inc. (Nasdaq:CEPH). The $73 per share bid is valued at approximately $5.7 billion and represents a premium of approximately 29% over Cephalon's 30-day trading average.

Valeant was formed when Canada's Biovail bought U.S.-based Valeant in September 2010 for $3.3 billion. On Monday, Cephalon offered to buy Australia's ChemGenex Pharmaceuticals for $231 million after agreeing last week to acquire privately held biotechnology company Gemin X for $225 million.

In extended trading shares of Cephalon soared $14.14 or 24% to $72.89.

CryoLife, Inc. (NYSE:CRY), an implantable biological medical device and cardiovascular tissue processing company, announced today that they will acquire Cardiogenesis Corporation (OTCQB: CGCP), a leading developer of surgical products used in the treatment of patients with refractory angina resulting from diffuse coronary artery disease,for $0.457 per share or approximately $22 million. The acquisition will strengthen CryoLife's cardiac surgery portfolio. Cardiogenesis develops surgical products to treat patients with refractory angina resulting from diffuse coronary artery disease. Its laser system and single use, fiber-optic delivery systems are FDA approved for performing a surgical procedure called Transmyocardial Revascularization (TMR), which treats patients with angina that is not responsive to standard medications.

Shares of Cardiogenesis soared 40% or 12 cents to $0.447.

Shares of Zalicus Inc. (NASDAQ:ZLCS) moved higher after the company announced today that it has been granted a composition-of-matter patent by the U.S. Patent and Trademark office covering its product candidate Synavive™. United States patent number 7,915,265 entitled "Combinations for the Treatment of Immunoinflammatory Disorders" provides broad coverage for Synavive™ through August 2025. This key patent, along with the existing issued method-of-use patent (US patent 7,253,155), fortifies the Synavive patent estate, which includes several patents and patent applications, granted and pending worldwide which collectively provide coverage of Synavive™ through at least 2028.

"These two key patents provide the foundation of a solid and enforceable intellectual property estate for Synavive, with issued claims through 2025, and pending applications around our proprietary formulations providing coverage into 2028" commented Mark H.N. Corrigan, MD, President and CEO of Zalicus.

Zalicus added 15 cents or 6.5% to $2.45.

PhotoMedex, Inc. (Nasdaq:PHMD) jumped 27% or $1.58 to $7.30 today after the company announced the implications of the preliminary findings of a current clinical trial being performed by John Y.M. Koo, M.D., professor and vice chairman, department of dermatology, University of California, San Francisco. Dr. Koo's experimental treatment protocol could change the lives of millions of people suffering from moderate to severe psoriasis. The study, which utilizes the XTRAC® Velocity 700 laser from PhotoMedex in combination with clobetasol spray (Clobex) and calcitriol (Vectical), is showing new signs of hope for patients. The results to date were presented by Dr. Koo during the 20th Annual Meeting of the Photomedicine Society.

"The dramatic results we are seeing during this trial were possible because of the power and accuracy of the XTRAC Velocity 700, the only excimer laser that can deliver the reliability needed for this treatment," said Dr. Koo. "The XTRAC laser provides incredible results for patients suffering from psoriasis and as shown through our clinical data, when combined with the clobetasol spray and calcitriol, it can help clear psoriasis for patients who never thought it would be feasible."

Align Technology, Inc. (Nasdaq:ALGN) today announced that it has signed a definitive agreement to acquire privately-held Cadent Holdings, Inc. (Cadent), a leading provider of 3D digital scanning solutions for orthodontics and dentistry based in Carlstadt, New Jersey. Cadent strengthens Align's ability to drive adoption of Invisalign by integrating Invisalign treatment more fully with mainstream tools and procedures in doctors' practices. Over the next 5 years, intra-oral scanners will become widely used in dental practices and intra-oral scanning technology will transform the dental industry. According to iData Research, Inc., the growth rate for intra-oral scanners will exceed 20% between 2010 and 2015.

Abbott (NYSE:ABT) Abbott announced today it has received clearance from the U.S. Food and Drug Administration to begin marketing the i-STAT 1 Wireless handheld, a new wireless version of the i-STAT® point of care testing system that is widely used in hospitals, emergency rooms and physicians' offices. The new i-STAT 1 Wireless handheld will allow real time transmission of diagnostic test results generated by i-STAT 1 directly from the patient bedside.

Also Tuesday:

CONMED Corporation (NASDAQ:CNMD) , a medical technology company specializing in medical devices for surgical and patient monitoring markets, announced today that the Company will participate in the 10th Annual Needham Healthcare Conference on Tuesday, April 5, 2011 at 3:20 PM Eastern Time.

Power of the Dream Ventures, Inc. (OTCBB:PWRV), Hungary's premier technology acquisition and development company, is pleased to announce that Dr. Julianna Lisziewicz CEO of Genetic Immunity is invited to present at the Conference Innovation in Healthcare.

Medical Marijuana, Inc. (PINKSHEETS:MJNA) is proud to announce that it has received an initial asset as well as a management contract transferred from the Hemp Deposit & Distribution Corp (HDDC), d/b/a CannaBANK, Inc. MJNA benefits directly by receiving the debt-free income producing property from HDDC. CannaBANK anticipates this landmark facility to generate in excess of $40 million in revenue annually.

OPTIMIZERx Corporation (OTCBB: OPRX) announced news relating to its 4Q 2010 launch of SampleMD -- its proprietary technology that provides physicians a more efficient alternative to storing drug samples by printing and electronically distributing prescription trial vouchers, co-pay coupons and other patient information right from their computers.

Sunwin International Neutraceuticals, Inc. (OTCBB: SUWN), one of the top global providers of high quality stevia extracts including Rebaudioside A 98, announced that its high grade stevia production facilities have received ISO 22000 and ISO 9001:2008 integrated process and systems certifications in addition to HACCP (Hazard Analysis and Critical Control Points) certification from SGS for its stevia production facility in Qufu, China. SGS is the world's leading inspection, verification, testing and certification company.

Visual Healthcare Corp. (PINKSHEETS:VSHC) announces that some of the new web based software platforms it has been developing will have the capacity to enableflexible light applications to help physicians bring down the cost of following patients suffering from chronic conditions.

 

 




"Featured Content" profiles are meant to provide awareness of these companies to investors in the small-cap and growth equity community and should not in any way come across as a recommendation to buy, sell or hold these securities. BiomedReports is not paid or compensated by newswires to disseminate or report news and developments about publicly traded companies, but may from time to time receive compensation for advertising, data, analytics and investor relation services from various entities and firms. Full disclosures should be read in the 'About Us Section'.

Add this page to your favorite Social Bookmarking websites
Digg! Reddit! Del.icio.us! Mixx! Google! Live! Facebook! Technorati! StumbleUpon! MySpace! Yahoo!

blog comments powered by Disqus
 

Newsletter