Health Winners & Losers: Vivus

Biotech stocks followed the broader markets Friday into a slump ahead of the extended holiday weekend.

The Amex biotechnology and pharmaceutical indices were both down -- 0.7% and 1.3%, respectively. But some stocks still found success.

Vivus (VVUS Quote) shares rose Friday on positive interim data for a midstage study that was published in an abstract Thursday. The company's obesity drug Qnexa led to a reduction in patients' blood glucose levels of 1.1% vs. 0.6% in the placebo, and resulted in a 6.2% weight reduction vs. 1.2% in placebo. Shares climbed $1.49, or 26%, to $7.20.

Allos Therapeutics (ALTH Quote) added 39 cents, or 6.9%, to close at $6.03. The company priced a public offering of 10.8 million shares of newly issued common stock at $5.64 a share. Expected net proceeds of $56.6 million will be used to finance clinical and preclinical research and development, working capital and general corporate purposes, among other things. The offering is expected to close on May 29, and underwriters are granted a 30-day option to purchase an additional 1.62 million shares to cover any overallotments.

Post a less-stellar trading session Friday was GTx (GTXI Quote), which said a late-stage study of prostate cancer drug Acapodene will continue after review by an independent group. If the study had met certain efficacy criteria, the group would have recommended stopping the study, opening the possibility of an early filing. The company will now have to wait until summer of 2009, when it has complete data, to decide on filing with the Food and Drug Administration. Shares ended down $1.61, or 9.9%, at $14.63.