Updated from 3:02 p.m. EDT
were among the best-performing health-related stocks Friday, rising 9.8% after the company said its treatment for urinary tract infections received Food and Drug Administration approval.
The company said that Proquin XR, an extended-release formulation of ciprofloxacin hydrochloride, is its first FDA approved product. Proquin, it said, is the first version of ciprofloxacin with nausea and diarrhea listed as "uncommon" adverse events in its label rather than "common" adverse events. Nausea and diarrhea are often cited as common side effects caused by ciprofloxacin and other fluoroquinolones; the side effects are reportedly the most frequent reason that patients discontinue ciprofloxacin treatment, Depomed said. The company is currently in the final stages of negotiations with potential marketing partners. Shares traded up 40 cents to $4.47.
rose 7% after the company said it would cut 60% of its 182-person workforce as part of a restructuring program. The company said that 100 employees would immediately be affected by the job cuts, with a smaller group leaving during the upcoming months. Additionally, the company said it would discontinue promotional activities in the U.S. related to Plenaxis, its treatment for prostate cancer.
The decision to discontinue the promotional activities for new patients was made after the board "concluded that it is unlikely that we will be able to achieve our revenue goals for Plenaxis in the United States on an acceptable timeline." The company will, however, continue to pursue approval outside of the U.S.
As a result of the restructuring, Praecis expects to cut its annual cash use in half, falling to $30 million in 2006 from its current rate of $60 million. Finally, the company said it would focus on the clinical development of PPI-2458, an oral compound for the treatment of cancer and autoimmune diseases, going forward. Shares traded up 5 cents to 76 cents.
( LGNDE) fell 8.4% after the company said it would restate financial results for 2002, 2003 and the first three quarters of 2004 because of improper sales recognition on product shipments to distributors. When the company restates its financials, it expects to use a revenue recognition model that reflects sell-through accounting -- an accounting method that does not recognize revenue until after the product has been subsequently shipped from wholesalers.
The company's annual report for the period ending Dec. 31, 2004, and the quarterly report for the period ending March 31, 2004, will be further delayed pending the completion of the restated financial results. Previously, Ligand said that
officials agreed to continue listing shares in the company on the condition that Ligand file its delinquent reports on or before July 29, 2005. Shares traded down 54 cents to $5.88.
Other health-care volume movers included
, down 14 cents to $28.58;
( ABRX), up 93 cents to $7.19;
, up 22 cents to $2.77;
, down 46 cents to $6.84;
, up 42 cents to $4;
, down 17 cents to $32.62;
, up 5 cents to $61.87;
Johnson & Johnson
, down 21 cents to $67.20;
, up 28 cents to $25.73;
( SGP), unchanged at $20; and
( DNA), up 75 cents to $75.90.