A slump in
( GENZ) overshadowed seemingly positive news from other biotech stocks Friday.
Genzyme said that one of two phase III studies for tolevamer for bacteria-related diarrhea
didn't meet its primary endpoint. The stock fell $3.65, or 5.6% at $61.22and may have discouraged others.
( OMRI) said Friday that the Food and Drug Administration earlier in the week approved its use of Cryoprecipitate (cryo) from Talecris Biotherapeutics.
Omrix uses cryo to manufacture a component of its blood-derived surgical tissue adhesives. It expects to ship around $1 million of its fibrin sealant Evicel, which contains cyro and is used to control bleeding, to
Johnson & Johnson
, in the second quarter.
After rising more than 60 cents in morning trading, Omrix was recently down 45 cents, or 1.3%, to $33.92.
Also trading lower was
, despite news that a phase II study on an investigational compound ixabepilone showed activity in patients with breast cancer whose tumors have been resistant to three types of standard chemotherapy. The stock was down 40 cents, or 1.3%, to $31.50.
Bristol-Meyers Squibb is part of the Amex Pharmaceutical index, which was down 1.14, or 0.3%, to 350.81.
Elsewhere, though it had been disclosed June 29 in a federal court document, news that
$3 billion bid for
Ventana Medical Systems
could have a legal kink. Roche is asking a federal judge to deem the Arizona Anti-Takeover Act unconstitutional.
The law in question would prevent an outsider who buys 20% or more of the company's shares from having voting rights, which would keep Swiss-based Roche from exercising authority over Tucson-based Ventana for three years. Ventana was up $1.17, or 1.5%, to $78.97.
Also in the news Friday,
said it launched its Concerto CRT-D and Virtuoso ICD defibrillators in Japan, where they are the first with wireless telemetry. The stock was up 58 cents, or 01.1%, to $53.49.