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Inspire

( ISPH) jumped 3% after announcing late Friday that the Food and Drug Administration approved AzaSite 1% for treatment of bacterial conjunctivitis. It expects to launch the drug in the third quarter, and predicts $30 million to $45 million in U.S. sales. The stock rose 21 cents to $7.59.

Regenerative medicine company

Aastrom Biosciences

(ASTM)

announced on Monday that it has initiated its U.S. Phase IIb clinical trial to treat critical limb ischemia in patients suffering from peripheral arterial disease. Shares were up 3 cents, or 2.1%, to $1.44 on Monday.

Pharmaceutical company

Sanofi-Aventis

(SNY) - Get Sanofi Report

saw shares sink 19 cents, or 0.4%, to $46.06, even though the company announced the FDA approved hyperglycemeia treatment Solostar. The disposable insulin pen for helping treat hyperglycemeia in Type 1 or 2 diabetes patients is expected to be available in U.S. pharmacies later this year.

The Amex Biotechnology Index was down 0.6%, weighed by components

Amylin Pharmaceuticals

( AMLN), which was down $1, or 2.3%, to $42.01 and

Millennium Pharmaceuticals

( MLNM), which continues to fall after disappointing earnings and a downgrade by JMP Securities from market perform to market underperform last week. Millennium shares were down 21 cents, or 1.84%, to $11.21.

Kindred Healthcare

TheStreet Recommends

(KND)

, which operates acute-care hospitals and nursing facilities, was also down. The company said Monday its first-quarter profit fell 68%, due partly to a $7.8 million loss related to the sale of a group of nursing centers and a charge of $2.5 million for the proposed spinoff of its institutional pharmacy business. Quarterly earnings per share decreased to 20 cents from 58 cents from the year-ago period. Analysts surveyed by Thomson Financial had estimated the company would earn 41 cents a share from continuing operations. Shares fell $1.33, or 3.6%, to $35.17 Monday.

Rigel Pharmaceuticals

(RIGL) - Get Rigel Pharmaceuticals, Inc. Report

's shares fell 35 cents, or 3.1%, to $10.95. The company said it will offer 5 million shares of common stock under an existing shelf registration statement. It anticipates that the underwriters will be granted an overallotment option for an additional 750,000 shares.

Dialysis center operator

DaVita

(DVA) - Get DaVita Inc. Report

was one of the biggest movers on the winning side. Its shares rose 63 cents, or 1.2%, to $55.10 after the company reported strong profit growth and boosted full-year guidance. Net income for the first quarter was $76.6 million, or $0.72 per share, compared with $57.5 million, or $0.55 per share, for the same period last year. Earnings per share were in line with expectations of analysts surveyed by Thomson Financial. The company raised guidance for operating income to between $740 million to $780 million, from $700 million to $760 million.

Among other winners Monday,

Avanir Pharmaceuticals

(AVNR)

was up 27 cents, or 8.1%, to $3.61.

Columbia Laboratories

(CBRX)

was up 10 cents, or 4.1%, to $2.57, and

Atherogenics

( AGIX) was up 49 cents, or 15.9%, to $3.57.