|Medivation rockets 120% on drug study; Dendreon Falls After Projecting ‘Modest’ Growth for Provenge Medicine|
|By Staff and Wire Reports|
|Thursday, 03 November 2011 19:12|
Shares of Medivation Inc. (NASDAQ: MDVN) +0.76% rocketed 120% to $36.50 on Thursday after the biotech firm reported that a Phase III clinical study showed that its drug candidate MDV3100 helped extend the lives of patients with advanced prostate cancer by almost five months.
The company hopes to meet with U.S. regulators in early 2012 to discuss when it should file for regulatory approval. Medivation is co-developing the product with Japanese drug maker Astellas Pharma Inc. ALPMY +2.13% Medivation's news put additional pressure on shares of Dendreon Corp. CORP -0.28% , which recently launched a prostate cancer therapy called Provenge. Late Wednesday, Dendreon reported that sales of Provenge have slowed.
Dendreon Corp. (NASDAQ:DNDN), maker of the prostate-cancer drug Provenge, plunged 37 percent after the company said it expected “modest” fourth-quarter sales of the therapy.
“They do have modest growth, but that isn’t sufficient for street expectations,” said David Nierengarten, an analyst with Wedbush Securities Inc. in a telephone interview. “They’re in a race now to try to get profitable. So the more modest the growth gets, the more likely it is they are going to lose that race before they need to go find some new money.”
Provenge was approved in April 2010 as the first therapy in the U.S. that trains the body’s immune system to attack cancer cells as if they were a virus. The treatment, which costs $93,000, was cleared for patients with advanced cases of the disease after the company’s three-year effort to persuade the Food and Drug Administration to back the medicine.
Dendreon fell $3.91 to $6.55 at 4 p.m., the biggest drop since Aug. 4. Provenge revenue rose 5.6 percent in October to $26.4 million, from a month earlier, and November’s sales will be “slightly below” October’s, Mitchell Gold, chief executive officer of the Seattle-based company, said on a conference call yesterday.
Abiomed, Inc. (NASDAQ: ABMD), a leading provider of breakthrough heart support technologies, today reported second quarter fiscal 2012 revenue of $29.5 million, up 26% compared to revenue of $23.4 million in the same period of fiscal 2011.
Abbott (NYSE: ABT), PATH and the Abbott Fund today announced a partnership to address malnutrition by advancing the rice fortification market in India.
Aeterna Zentaris Inc. (NASDAQ: AEZS) (TSX: AEZ) will report its third quarter 2011 financial and operating results on Thursday, November 10, 2011.
Alkermes plc (NASDAQ: ALKS) today reported financial results for its second quarter of fiscal 2012, which ended on Sept. 30, 2011.
Allos Therapeutics, Inc. (Nasdaq: ALTH) today reported financial results for the three months ended September 30, 2011.
Amarillo Biosciences, Inc. (OTCBB: AMAR) announced today that a new audio interview with ChartPoppers.com is now available (AMAR).
AMERICAN SHARED HOSPITAL SERVICES (AMEX:AMS), a leading provider of turnkey technology solutions for advanced radiosurgical and radiation therapy services, today shared a recent announcement from Mevion Medical Systems, Inc., formerly Still River Systems, Inc., regarding progress in the development of Mevion's compact proton therapy system.
ARIAD Pharmaceuticals, Inc. (NASDAQ: ARIA) today reported financial results for the third quarter of 2011 and provided an update on its corporate developments.
ArQule, Inc. (NASDAQ: ARQL) today announced that it will report its financial results for the third quarter of 2011 in a press release to be issued on Thursday, November 10, 2011 at 7:00 a.m. eastern time.
Bacterin International Holdings, Inc. (NYSE Amex: BONE), a leader in the development of revolutionary bone graft material and antimicrobial coatings for medical applications, has become a premier founding sponsor of the Resources for Medical Education and Collaboration (RMEC) Osteobiologics Registry with an initial $100,000 unrestricted educational grant.
BioElectronics Corporation (PINKSHEETS: BIEL) (OTCQB: BIEL), the maker of inexpensive, disposable drug-free topical pain and healing devices, today announced the publication of an article in the peer reviewed journal Aesthetic Plastic Surgery that demonstrates the effective use of BioElectronics Corporation Pulsed Radio Frequency Energy (PRFE) therapy to reduce postoperative pain.
BioMarin Pharmaceutical Inc. (Nasdaq: BMRN) today announced that Dan Maher, Senior Vice President of Product Development at BioMarin, will present a company update at the Credit Suisse Healthcare Conference in Phoenix on Thursday, November 10, 2011 at 3:30 p.m. MST.
BioNeutral Group, Inc. (OTCBB: BONU), a specialty life science technology-based company, announced today changes to its board of directors and management team.
Caliper Life Sciences, Inc. (NASDAQ: CALP), today reported its financial results for the third quarter ended September 30, 2011.
Celsion Corporation (NASDAQ: CLSN), a leading oncology drug development company, today announced that it would hold a conference call to discuss third quarter 2011 results at 11:00 a.m. ET on Thursday, November 10, 2011.
Exact Sciences Corp. (Nasdaq: EXAS) today announced its financial results for the quarter ended Sept. 30, 2011.
Genetic Technologies Limited (ASX: GTG; NASDAQ: GENE) is pleased to attach a Press Release by its subsidiary ImmunAid Pty. Ltd. which was recently released at the BIO-Europe Conference in Düsseldorf, Germany.
The board directors of Health Enhancement Products, Inc. (OTCBB: HEPI) a Scottsdale, AZ based food ingredients and nutraceutical enterprise, has appointed Philip M. Rice, II as Chief Financial Officer.
Human Genome Sciences, Inc. (Nasdaq: HGSI) today announced the exercise in full of the underwriter’s option to purchase an additional $64.5 million principal amount of its Convertible Senior Notes due 2018 in connection with its public offering of the notes on November 2, 2011, for a total offering size of $494.5 million.
Kraig Biocraft Laboratories, Inc. (OTCQB: KBLB) (PINKSHEETS: KBLB) (the "Company" or "Kraig") announced that it signed a commercial license agreement with the University of Notre Dame regarding spider silk technologies.
MMRGlobal, Inc. (OTCBB: MMRF) ("MMR"), a leading provider of Personal Health Records and electronic document management and imaging systems for healthcare professionals, today announced that it has retained The MichaelBass Group (MBG) to provide valuation expertise and help the Company identify investment bankers and analysts for a potential transaction combining revenue cycle management, health IT, document management and imaging services for healthcare professionals, patient care, and the exploitation of biotech assets into one consolidated entity.
NPS Pharmaceuticals, Inc. (NASDAQ: NPSP), a specialty pharmaceutical company developing orphan therapeutics for rare gastrointestinal and endocrine disorders, today reported its third quarter 2011 financial results.
Neurocrine Biosciences, Inc. (Nasdaq: NBIX) announced today that Kevin Gorman, President and Chief Executive Officer of Neurocrine Biosciences, will be presenting at the 2011 Credit Suisse Annual Health Care Conference in Phoenix.
Senesco Technologies, Inc. (NYSE Amex: SNT) today announced the initiation of patient dosing in its Phase 1b/2a clinical study of SNS01-T at the Mayo Clinic in Rochester, MN.
Somaxon Pharmaceuticals, Inc. (Nasdaq: SOMX), a specialty pharmaceutical company, today announced financial results for the quarter ended September 30, 2011.
SpectraScience, Inc. (OTCQB: SCIE), a San Diego based medical device company, today announced that it will hold a conference call on Thursday, November 10, 2011 at 4:30 p.m. Eastern (1:30 p.m. Pacific) to provide an update on its business and hold a question and answer session with investors.
Synageva BioPharma Corp., (NASDAQ:GEVA) a clinical stage biopharmaceutical company developing therapeutic products for rare disorders has announced that following the special meeting of shareholders on November 2, 2011, the Synageva and Trimeris, Inc. merger has closed.
Synta Pharmaceuticals Corp. (NASDAQ: SNTA) today provided an update on recent progress with its clinical programs and reported financial results for the quarter ended September 30, 2011.
VIVUS, Inc. (NASDAQ: VVUS) today announced that the U.S. Food and Drug Administration (FDA) has accepted for filing and review the New Drug Application (NDA) for Qnexa® to treat obesity. The company resubmitted the NDA on October 17, 2011.
Vermillion, Inc. (NASDAQ: VRML), a leading molecular diagnostics company, has received a notice of allowance from the United States Patent and Trademark Office for its fifth patent covering a combination of biomarkers that could be used in the diagnosis of Peripheral Artery Disease (PAD), a condition that raises the risk of heart attack and stroke.
Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) today announced data from the first part of an ongoing Phase 2 study, which showed that treatment with a combination of two cystic fibrosis transmembrane conductance regulator (CFTR) modulators, KALYDECO™ (ivacaftor, VX-770) and VX-809, may improve outcomes for people with the most common form of cystic fibrosis (CF) by targeting the underlying cause of the disease.
VIVUS, Inc. (NASDAQ: VVUS) today announced that Timothy Morris, chief financial officer, will present an overview of the company at the Credit Suisse 2011 Healthcare Conference.
XenoPort, Inc. (Nasdaq:XNPT) announced today that it will provide access via the World Wide Web to its presentation at the 2011 Credit Suisse Healthcare Conference.