Health Stocks in Motion
Updated from 3:36 p.m. EDT
Cardiac Science (DFIB) surged 35.8% and merger partner Quinton Cardiology Systems (QUIN) rose 16% after Cardiac Science expanded a multiyear distribution pact with the GE Healthcare unit of General Electric (GE).
GE Healthcare will market Cardiac Science's complete line of Powerheart brand external defibrillators on an exclusive basis to hospitals in North America. GE also said it will transfer the distribution agreement to the new corporate entity being created by the pending merger between Cardiac Science and Quinton. "For the first time, we will soon begin competing for a share of the lucrative traditional in-hospital external defibrillator market where, in the U.S. alone, several hundred million dollars worth of these defibrillators are being purchased each year to replace older models," said Cardiac Science CEO Raymond Cohen. Cardiac Science closed up 29 cents to $1.10, while Quinton Cardiology finished up 96 cents to $8.13.
Ultasonic medical device developer Misonix (MSON) traded up 5.6% after it announced that its Ultrasonic Wound Debridement System has been cleared by the Food and Drug Administration. The device was previously cleared for the use in soft tissue aspiration, but not for the specific purpose of wound debridement. The product will be commercially launched during the third quarter. Wound debridement removes necrotic tissue or foreign material from a wound to expose healthy tissue. The stock closed up 33 cents to $6.23.Genta (GNTA) traded 11.2% higher after it said that recent clinical data showed the safety and activity of its Genesense anticancer drug, when used in combination with Rituxan, which is sold by Genentech (DNA) and Biogen Idec (BIIB), was highly effective in treating patients with relapsed and refractory non-Hodgkins lymphoma. "These early demonstrations of safety and activity are key to the translation of promising preclinical work into patients, as well as for building the combination regimens for new trials in these diseases," said Genta President Loretta Itri. Genasense works by inhibiting the production of Bcl-2, a protein made by cancer cells that blocks chemotherapy-induced cell death. The stock closed up 12 cents to $1.19.
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