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Critical Therapeutics

(CRTX) - Get Cortexyme, Inc. Report

rose 5.3% to $2.40 after the company said M. Cory Zwerling, former head of

Bristol-Myers Squibb's

(BMY) - Get Bristol-Myers Squibb Company Report

imaging business, will replace Dr. H. Shaw Warren on its board. Warren, who resigned from the board, had been a director since 2000. Zwerling will serve until the company's annual meeting in 2008.

Shares of stem-cell company

Viacell

( VIAC) sank 3.5% to $5.02 on a downgrade by investment research firm UBS. "With a current market cap valuation of $202 million vs. an average comparable company valuation of $148 million, we believe Viacell is more than fully priced," the firm said.

Drug developer

Aspreva Pharmaceuticals

( ASPV) warned investors Friday that its third-quarter revenue will be lower than had been expected. However, the company reiterated its full-year top line estimate of more than $200 million, thanks to 20% to 25% growth in prescriptions of its immune system-suppressing drug CellCept. Still, stockholders were focused on the warning, and Aspreva's shares slid 9.6% to $22.50.

Merck

(MRK) - Get Merck & Co., Inc. (MRK) Report

said it no longer plans to submit a new drug application for its proposed insomnia treatment gaboxadol early next year, citing a delay in enrolling participants in a late-stage trial.

The company now expects to provide its application to the Food and Drug Administration in mid-2007. The pharmaceuticals giant previously intended to seek marketing clearance in the first quarter. Merck and Danish company H. Lundbeck began collaborating on the U.S. development and marketing of the drug in 2004. Merck's shares were up 1.1% to $43.22.

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MGI Pharma

( MOGN) received conditional approval from the Food and Drug Administration for its proposed oral mucositis drug Saforis. The FDA issued what's called an approvable letter, telling MGI it will clear the drug after it conducts an additional late-stage trial to prove the treatment's effectiveness. If the agency is satisfied with the results, it would then grant full approval for Saforis.

Oral mucositis is a condition caused by chemotherapy in which patients develop dryness and redness in the mouth and painful ulcers in the mouth and throat, making talking, eating and drinking difficult. Shares of MGI were up 2.7% to $17.92.

Among other movers were

Schering-Plough

( SGP), whose shares dipped 0.8% to $22.17,

Wyeth

( WYE), down 0.8% to $51.50,

Novartis

(NVS) - Get Novartis AG Sponsored ADR Report

, 1.1% lower to $57.11,

Kosan Biosciences

( KOSN), off 3.2% to $4.19, and

Nabi Biopharmaceuticals

(NABI)

, down 3.6% to $6.40.

Dr. Reddy's Laboratories

(RDY) - Get Dr. Reddy's Laboratories Ltd. Sponsored ADR Report

was up 2.2% to $15.90,

Acadia Pharmaceuticals

(ACAD) - Get ACADIA Pharmaceuticals Inc. Report

rose 4.9% to $10.29, shares of

Ziopharm Oncology

(ZIOP) - Get ZIOPHARM Oncology, Inc. Report

were up 7.5% to $5.90, and

Coley Pharmaceutical

( COLY) gained 6.8% to $13.30.