Updated from 2:43 p.m. EDT
were among the best-performing health and pharmaceutical stocks Wednesday, rising 6.5% after the company said it completed patient enrollment for its chronic angina study.
As a result of the faster-than-expected enrollment, the company now expects data from the clinical study to be available during the second quarter of 2005. CV Therapeutics is hoping the data show promising results that ultimately would lead to the approval of its Ranexa drug, which would be used by patients to treat chronic angina. Ranexa, if approved by the Food and Drug Administration, would represent the first new class of antianginal therapy in the U.S. in more than 25 years, the company said. Shares traded up $1.32 to $21.62.
fell 9% after the company confirmed that
is seeking marketing approval for two generic formulations of Biovail's antidepressant drug Wellbutrin XL. Biovail said it does not know if the FDA has accepted Anchen's abbreviated new drug application for review. Biovail says it has a 45-day period in which to review Anchen's submission for patent-infringement issues.
"We are confident in the strength of our intellectual property rights as they relate to Wellbutrin XL, and will defend these vigorously," Biovail said. If Anchen's formulation infringes upon Biovail's patents, Biovail will seek a permanent injunction that will preclude the launch of the product permanently, it said. Shares traded down $1.55 to $15.70.
rose 6.9% after the company named a new chief executive. Dean Mitchell will succeed Craig Smith, who is retiring. The appointment is effective Dec. 1. Mitchell most recently worked at
. Shares traded up 32 cents to $4.97.
fell 7.4% after the company said it would sell 7.5 million shares of stock and offer an option for up to an additional 1.125 million shares to cover overallotments. The stock is being offered under the company's current shelf-registration statement. Shares traded down 84 cents to $10.58.
Other health care volume movers included
, up 67 cents to $27.99;
, down 14 cents to $27.34;
, up 3 cents to $59.87;
, up 4 cents to $2.46;
, up 44 cents to $27.43;
Johnson & Johnson
, down 13 cents to $60.90; and
, down 7 cents to $18.18.