Wednesday's Health Winners & Losers

Health indices were down Wednesday despite some single stock successes on a variety of news.

Cardica(CRDC Quote) climbed 54% on news that two independent groups of cardiothoracic surgeons performed minimally invasive, closed-chest bypass procedures using its C-Port Flex A Anastomosis System and Intuitive Surgical's(ISRG Quote) da Vinci robot. Cardica's device automates the attachment of a blood vessel graft to a coronary artery during bypass surgery. Cardica shares climbed $2.98 to $8.28. Intuitive shares were down 1.5% at $223.49.

Also on the uptick, Salix Pharmaceuticals(SLXP Quote) announced results from phase II and phase III trials, a co-promotion agreement for an anti-inflammatory drug for ulcerative colitis and the acquisition of rights to a gastroesphageal reflux therapy. Shares bounded $1.73, or 15%, to $13.05.

Another collaborating health stock, BioDelivery Sciences International(BDSI Quote) climbed after announcing that it was partnering with Meda to commercialize the Bema fentanyl product for cancer pain. Shares were up 3% at $4.12.

The companies, which began a collaboration in 2006 for Bema Fentanyl in European markets, said the product is anticipated to launch late 2008 in the U.S. According to the agreement announced today, Meda will market and distribute it in the U.S. and manage the postapproval clinical development program. BioDelivery Sciences will receive $30 million upon closing of the deal, $30 million upon FDA approval, royalties on net sales and $30 million tied to sales milestones.