Updated from 2:20 p.m. EDT
were among the best-performing health and pharmaceutical stocks Friday, rising 33.6% after the company's cholesterol product received European Commission approval.
The company's Reducol product gained approval for use in milk-based beverages. According to the company, the approval of Reducol eliminates the requirement for more scientific evaluation to incorporate the ingredient into other approved food categories. "The approval of Reducol in milk-based products creates a major opportunity for Forbes Medi-Tech to attract new contracts, drive revenue growth and increase shareholder value," the company said. Forbes plans to file a "substantial equivalence notification" letter with the EU Commission informing it of the company's intention to sell Reducol for use in other food groups as well. Shares traded up 73 cents to $2.90.
fell 1.7% after the company announced that
filed a complaint in U.S. district court in Indianapolis alleging that Biosite infringed on two of its patents. Biosite said the suit is without merit and vowed a vigorous defense. Shares traded down 92 cents to $53.28.
rose 14.3% after the company reached a compromise agreement with John Kapoor, NeoPharm's founder and largest shareholder. As a result of the agreement, Kapoor will end his consent solicitation seeking to remove four independent directors. Pursuant to the new agreement, NeoPharm has increased its board to eight members from six; two board members have resigned; four new independent directors have been appointed to fill the two vacancies and to replace the two members who resigned; and Kapoor will be reimbursed up to $350,000 for costs incurred in connection with the solicitation. Finally, the company also amended its stockholder rights plan. As a result of the amendment, Kapoor will not be deemed an "acquiring person" under the plan unless he becomes an owner of more than 30% of NeoPharm's outstanding stock. Shares traded up $1 to $8.
fell 8.1% after the company announced that the European Patent Office revoked the company's European DHA/ARA oil blends patent. The company plans to appeal the ruling within the next few days. The validity of the patent will remain in force during the appeal process. According to the company, the appeal process is expected to exceed two years. Martek said it has "substantive grounds for the appeal and intends to vigorously pursue the matter." If the patent dispute is not resolved favorably, the company could experience increased competition that could result in lower sales in Europe, it said. Shares traded down $3.87 to $43.71.
Other health care volume movers included
, up 30 cents to $27.45;
, up 30 cents to $26.45;
, up 78 cents to $39.40;
, up 35 cents to $1.87;
Teva Pharmaceutical Industries
, down 13 cents to $27.19;
, up 9 cents to $59.97; and
Johnson & Johnson
, up 69 cents to $61.