Wednesday's Health Winners & Losers
On Tuesday, a U.S. District Court in Arizona granted Swiss drug maker Roche a preliminary injunction, preventing Ventana from using anti-takeover provisions to hold off a $3 billion hostile takeover bid. Roche said on Tuesday that it was extending its $75-a-share offer, originally set to expire on Aug. 23, until Sept. 20. Ventana's shares edged up $1.07, or 1.3%, to $83.45.
Pfizer introduced Frank D'Amelio as its new CFO. D'Amelio was most recently a senior executive vice president and chief administrative officer at Alcatel-Lucent. The appointment will be effective mid-September. The company rose 39 cents, or 1.6%, to $24.63.
A much smaller company, Critical Therapeutics (CRTX) also named a new CFO. The biopharmaceutical company said it appointed Tucker Kelly to chief financial officer and senior vice president of finance and corporate development. Kelly's resume includes experience as a life sciences investment banker, a principal with Canaccord Adams, a vice president with Robertson Stephens, and as a corporate and securities attorney.Critical Therapeutics also filed with regulators on Tuesday to periodically sell up to $40 million in common and preferred stock, debt securities and warrants. The proceeds will be used for general corporate purposes. The company gave up 18 cents, or 7.9%, to $2.09. Another biopharmaceutical company, Medicure (MCU), was moving in the other direction Wednesday. Medicure said it now anticipates completion of enrollment of its phase IIII Med-Carg II trial in September, two months earlier than planned. The company said it received another recommendation to continue the trial from the independent Data Safety Monitoring Board. Medicure said on Tuesday that it entered into two agreements that will result in proceeds of about $40 million. The company will issue about 13.04 million shares at $1.15 apiece, with warrants to purchase about 3.69 million additional common shares within the next five years for $1.50 each. It also entered into an agreement with Manchester Securities to securitize revenue from Aggrastat, a treatment for acute coronary syndrome, and possibly revenue from its MC-1 compound for acute cardiovascular events, upon its commercialization. Medicure's shares were up 2 cents, or 1.7%, to $1.20. Nuvelo (NUVO) was gaining 16.3% after Brean Murray upgraded the stock to hold, from sell. also rose after reporting news on a drug trial. The company said earlier this week that it re-initiated its Sonoma-3 study on Alfimeprase in patients with catheter occlusion. A previous phase III trial didn't meet effectiveness standards for a single pivotal trial. The new trial is studying a single, higher and more concentrated dose. Shares rose 21 cents, or 12.9%, to $1.84. Nuvelo is a component of the Nasdaq Biotechnology Index, which was up 4.41, or 0.55%, to 803.95.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV