( MEDX) was higher by 2.1% to $13.26 following word that it's set to receive a milestone payment from a program in which
advanced a product into clinical trials.
The amount of the payment wasn't disclosed, but Medarex says it may receive additional milestone payments and royalties as the Amgen product, an antibody, progresses through studies.
( FVRL) sank after a study of its Favld treatment for non-Hodgkin's lymphoma didn't demonstrate a statistically significant difference in response improvement.
The San Diego-based biotech said the results came in a planned interim analysis of a secondary endpoint in the first 233 patients enrolled in an ongoing pivotal, placebo-controlled Phase 3 clinical trial of FavId following Rituxan-induction therapy in patients with follicular B-cell non-Hodgkin's lymphoma. Shares of Favrille dropped 22% to $3.87.
and a dissident investor announced a truce Monday, allowing two people recommended by the shareholder to join the board.
The agreement temporarily halts the attempt by hedge fund manager Daniel Loeb to oust top management and several board members, including Thomas McLain, Nabi's chairman and CEO. Loeb, who owns 9.5% of Nabi's stock, has been a frequent critic of the company's strategy and has been a vocal advocate for McLain's removal. Shares of Nabi slipped 1.2% to $6.52.
dropped 3.6% to $12.40 even though it signed a five-year agreement in which Medix Japan will distribute the company's AB5000 and Impella products.
Abiomed said the deal will be worth $16 million or more. Medix Japan will purchase $11 million of Impella products in the first 18 months following the product's regulatory approval in Japan. The balance of the purchase commitment is for Abiomed's other products and begins in the company's fiscal 2008 first quarter.
fell 1.6% to $58.40 after the company said the Food and Drug Administration's review of a new diabetes drug will take another three months. The delay comes as the company submitted more data.
The agency is now expected to act on the drug Galvus in late February. Regulatory delays are never good news for any drug, but the delay is especially difficult for Novartis because Galvus is competing with
Januvia as the first drugs in a new class known as DPP-4 inhibitors.
said people with the inflammatory disease ankylosing spondylitis showed a sustained improvement in their symptoms over three years while being treated with Enbrel. Still, shares of Amgen were down 1.1% to $72.62.
Patients received therapy for 148 to 160 weeks. Signs and symptoms of the condition, along with spinal mobility and physical function, improved during the term of the study. The results were consistent with the previous 24-week data on the drug that were used to support its 2003 approval.