Inhibitex, Idenix rattled by rival's drug failure; Novo signs exclusive License Agreement with Immunovative Print E-mail
By Staff and Wire Reports   
Friday, 16 December 2011 19:05
Below is a look at some of the headlines for companies that made news in the healthcare sector on December 16, 2011.

Shares of hepatitis C drug developers Inhibitex Inc. (NASDAQ:INHX) +0.48% and Idenix Pharmaceuticals (NASDAQ:IDIX) -0.04% were under pressure Friday following news that rival Pharmasset Inc. VRUS +0.81% was pulling the plug on its drug candidate PSI-938 over concerns that it could impair liver function.

PSI-938 is in the same class of drugs as Inhibitex's INX-189 and Idenix's IDX184, both of which are still in development for the treatment of the chronic liver disease hepatitis C.  Shares of Inhibitex plunged 21% to $10.23 by midday, while Idenix shares were off 10% at $7.02. Shares of Pharmasset, which is slated to be taken over by Gilead Sciences GILD -3.46% , were down only 4%.

Pharmasset said Thursday that PSI-938's failure will not impact its planned $11 billion sale to Gilead Sciences.

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Novo Energies Corporation (OTCBB: NVNC) signed an exclusive License Agreement with Israeli biopharmaceutical company, Immunovative Therapies, Ltd.

Novo plans to continue developing a new class of immunotherapy drugs designed to harness the power of the immune system to treat cancer. Immunovative has 10 U.S. patents granted, 15 U.S. patents pending and 26 corresponding applications pending internationally and has two experimental immunotherapy products for the treatment of cancer in clinical development: AlloStimTM and AlloVaxTM.

While many past immunotherapy/cancer vaccines have had disappointing clinical results. Immunovative has developed a new generation of immunotherapy that has been reversed engineered from a human anti-tumor immune mechanism already known to be clinically effective.



Also Friday:



Advaxis, Inc., (OTCBB: ADXS), a leader in developing the next generation of immunotherapies for cancer and infectious diseases, reported preliminary data on the safety and clinical benefit of ADXS-HPV from an ongoing randomized Phase 2 trial of ADXS-HPV +/- cisplatin in Indian women with recurrent/refractory cervical cancer at the AACR New Horizons in Cancer Research: Biology to Prevention to Therapy conference on December 14th, 2011 at the Leela Kempinski Gurgaon in Gurgaon, Delhi (NCR), India.

It appears the management team at Ampio Pharmaceuticals, Inc. (NASDAQ: AMPE) is taking apparently defamatory attacks by anonymous bloggers seriously.

ARIAD Pharmaceuticals, Inc. (NASDAQ: ARIA)
today announced that the underwriters of its previously announced public offering have exercised in full their option to purchase an additional 3,225,000 shares of ARIAD's common stock at a public offering price of $10.42 per share.

BioTime, Inc. (NYSE Amex: BTX)
and BioTime’s subsidiary OncoCyte Corporation today announced plans for the development of PanC-DxTM, a novel diagnostic device discovered at BioTime and OncoCyte to detect the presence of various human cancers, including cancers of the breast, lung, bladder, uterus, stomach, and colon, during routine check-ups. PanC-DxTMwould require only a simple antibody-based blood test similar to that commonly used to screen for prostate cancer.

China Sky One Medical, Inc. (NASDAQ: CSKI)
, a leading fully integrated pharmaceutical company in the People's Republic of China ("PRC"), today announced that its wholly-owned subsidiary, Harbin Tian Di Ren Medical Science and Technology Company ("TDR"), signed an agreement (the "Agreement") to jointly set up a new company, Harbin Tian Xin Biological Engineering Ltd.

Galectin TherapeuticsInc. (OTC: GALT), the leader in developing carbohydrate-based therapeutic compounds to inhibit galectin proteins, today announced that it presented a poster at the European Association for the Study of the Liver (EASL) Special Conference on Liver Transplantation in Lisbon, Portugal.

MELA Sciences, Inc. (NASDAQ: MELA) today announced the pricing of an underwritten public offering of 5,000,000 shares of its common stock at a price of $3.25 per share.

Metiscan, Inc. (PINKSHEETS: MTIZ) announces today that 2012 marks the first of a five-year partnership between Aclor and Diretec, whereby Aclor through Aclor Servicios Operativos will produce 14 million ABS notebooks for a network of 125 universities nationwide including Harvard, MIT, Cornell, U Penn, Texas A&M and Southern California.

Pfizer Inc. (NYSE: PFE) announced today that a Phase 3 study for Lyrica (pregabalin) in patients with Restless Legs Syndrome (RLS) met each of its three co-primary endpoints, showing significant benefit as compared with placebo and pramipexole.

PURE Bioscience, Inc. (NASDAQ: PURE)
, creator of the patented silver dihydrogen citrate (SDC) antimicrobial and SDC-based products, today announced that it has entered into two purchase agreements with Lincoln Park Capital Fund, LLC (LPC), a Chicago-based institutional investor, for the sale of up to a total of $10 million of its common stock.



"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'.

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