, a developer of embryonic stem-cell therapies, rose after the company reported quarterly earnings and revenue that exceeded expectations.
For the third quarter of 2006, the company reported a loss of $9.8 million, or 15 cents a share, compared with a loss of $11.9 million, or 21 cents a share, a year ago. Analysts were expecting a loss of 16 cents a share. Geron's revenue, which comes from royalty and license fees with oncology, diagnostics, research and agriculture companies, reached $723,000, up from $673,000 last year. Analysts were looking for $690,000, according to Thomson First Call. Shares were up 3.1% to $8.09.
Just two days after announcing that a clinical trial had been temporarily halted for a stroke-treatment drug,
says that human testing has resumed.
Forest's stock rose 2.2% to $48.95. Patients are again being enrolled in a test of desmoteplase, a genetically engineered version of a protein found in the saliva of vampire bats. The company said an independent data-monitoring committee had given the go-ahead to resume testing without any changes in the study's guidelines after having reviewed data on 170 patients.
( GENZ) slipped after the company said Medicare is planning coding changes that will impact the reimbursement for its Synvisc treatment for arthritis of the knee.
The U.S. Centers for Medicare and Medicaid Services recently decided to group all viscosupplementation products into a single reimbursement code. Synvisc previously had its own code, and the change would reduce the reimbursement for the Genzyme treatment, effectively discouraging doctors and patients from using it, the company said.
Genzyme said it will challenge Medicare and take legal action if necessary. Shares of Genzyme fell 1.2% to $67.90.
Taro Pharmaceutical Industries
dropped following word that its chief financial officer resigned amid an investigation into the company's restatement of its earnings for 2003 and 2004.
Kevin Connelly, the company's senior vice president and CFO, as well as another member of Taro's financial management, resigned effective immediately. The two stepped down after a report by independent law firm Jenner & Block, which found that members of the company's financial management team caused Taro to make misleading statements to the
Securities and Exchange Commission
. Shares fell 8.3% to $11.01.
( MNT) signed an agreement with Genzyme that covers the marketing of dermal-filler products for treating wrinkles. Under the agreement, Genzyme will develop the fillers. The first product under the agreement is expected to launch internationally in early 2007, and another product should be available later next year.
Additionally, the two companies will collaborate to develop a longer-lasting hyaluronic-acid dermal filler, Mentor said. Mentor was up 0.8% to $47.69.