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TheStreet Open House

Biotech Stock Mailbag: Apricus, Avanir

I was making fun of this OptiNose migraine device because it looks ridiculous. OptiNose has blocked the ability to embed user videos but here is a link to a Youtube video showing the device in use. After watching the video, you'll understand this tweet from Tuesday night:

And this one:

Alternative methods of delivering commonly used oral migraine medicines have been tried. None are very successful. Allergan (AGN) bought Map Pharmaceuticals and its Levadex inhaled migraine treatment, but the product was recently rejected by FDA. Nupathe (PATH) received FDA approval for a migraine armband known as Zecuity in January, but the company has so far failed to land a marketing partner and a launch isn't even expected until the end of the year.

"Today marks a transformational day for Avanir as we further diversify our CNS product line... This product aligns extraordinarily well with our current infrastructure and if approved has the ability to contribute significant revenues alongside our rapidly growing NUEDEXTA PBA business," said Avanir CEO Keith Katkin on a Tuesday night conference call explaining the deal.

Investors said, "Meh." Avanir shares closed down TK on Wednesday.

-- Reported by Adam Feuerstein in Boston.

Adam Feuerstein writes regularly for TheStreet. In keeping with company editorial policy, he doesn't own or short individual stocks, although he owns stock in TheStreet. He also doesn't invest in hedge funds or other private investment partnerships. Feuerstein appreciates your feedback; click here to send him an email.
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