Shares of specialty pharmaceutical company A.P. Pharma (APPA) plummeted after the company said it will probably miss its target date for a new drug application.
The company previously expected to file its Food and Drug Administration application for APF530 -- which treats chemotherapy-induced nausea and vomiting -- in 2007. However, due to lower-than-expected patient enrollment rates, the company is unlikely to reach that goal. The stock sank 16.7% to $1.25.
Shares of Repros Therapeutics (RPRX) jumped 10.5% to $7.69 after the company announced positive trial results on Proellex, a proposed treatment for uterine fibroid symptoms. Early study results showed that use of the drug led to a highly significant reduction in pain and excessive bleeding related to the noncancerous tumors and helped improve overall quality of life when compared with a placebo.
Depomed (DEPO - Get Report) shares gained 3.8% to $3.26 after the company announced a favorable decision from a California court on the company's patent infringement case against Ivax. The patents cover a drug delivery technology used in Depomed's diabetes drug Glumetza.Shares of Accentia Biopharmaceuticals (ABPI) were up 31.8% to $4.27 after the company said it entered mutual confidentiality agreements with several respiratory care companies. The companies have approached Accentia regarding its experimental drug SinuNase for the treatment of chronic sinusitis. The company says partnerships could provide upfront and milestone payments and enhance sales and marketing opportunities. Among other health stock winners were Sepracor (SEPR), gaining 6.7% to $61.19; Dr. Reddy's Laboratories (RDY - Get Report), 1.4% higher to $17.87; Entremed (ENMD), up 4.2% to $1.73; Memory Pharmaceuticals (MEMY), rising 9.9% to $2.34; and Gilead Sciences (GILD), 1.2% higher to $65.54. Losers included Somaxon Pharmaceuticals (SOMX), down 11.1% to $13.19; Avanir Pharmaceuticals (AVNR), falling 9% to $2.32; Gentium (GENT) 3.7% lower to $20.95; Neurochem (NRMX), losing 4% to $22.77; and Dade Behring (DADE), off 1% to $40.