( GLGC) were among the worst-performing health-related stocks Friday, falling 15% after the provider of drug discovery and development services said the goodwill asset related to its 2003 acquisition of TherImmune Research, now called Gene Logic Laboratories, is impaired.
Before the impairment, the subsidiary was valued at $43 million. The impairment is not expected to result in any future cash expenditures, the company said. The company has also reduced its sales growth and financial performance estimates for Gene Logic Laboratories, due primarily, it said, to "issues raised earlier by the FDA with respect to certain pre-acquisition studies, which have since been addressed, and to the underutilization of current capacity."
Gene Logic said it would update its 2005 financial guidance after it has a chance to evaluate its entire business. In particular, the company said it would assess the "potential for positive performance of its other divisions to offset decreased revenue expectations in the labs business." The company plans to discuss its 2005 outlook when it releases third-quarter results in late October. Shares were trading down 85 cents to $4.81.
( RNVS) traded actively after the biopharmaceutical company priced 4 million shares of stock at $13.50 apiece. The price represents a 3% discount to Thursday's closing price of $13.92. All of the shares are being offered by the company. The sale is expected to close on Sept. 28. Shares were recently trading up 3 cents to $13.95 on volume of more than 1 million shares, or more than four times their daily average.
fell 7% after the company said that its phase III trial for a non-small-cell lung cancer vaccine would be delayed until 2006. The company said the trial date change would allow it and its collaborator to address an accelerated stability issue that was discovered during the manufacturing process. Biomira originally planned to start the trial at the end of 2005. Shares were trading down 10 cents to $1.42.
fell 4% after the biopharmaceutical company shelved plans to sell 5 million shares of stock in a public offering. GTx, which blamed the delay on market conditions, did not say when it plans to offer the stock again. Shares were trading down 44 cents to $9.44.
traded heavily after the company said it would sell $275 million of its 3.25% convertible notes due 2012. Nektar will use proceeds from the offering, which is expected to close on Sept. 28, to fund the repurchase of additional outstanding convertible subordinated notes. The remaining proceeds will be used for general corporate purposes. Shares were recently trading up 1 cent to $16.25 on volume of about 4.4 million, or about three times average daily volume.
Other health care volume movers included
, down 18 cents to $25.07;
, up $1.62 to $55.25;
( DNA), down $2.62 to $85.38;
( PHCC), up 9 cents to $27.80;
, down 5 cents to $83.95;
, up 1 cent to $27.61;
, up 29 cents to $8.09;
Johnson & Johnson
, down 58 cents to $64.10;
( GDT), up $1 to $71.35;
, up 74 cents to $24.53;
, up 4 cents to $24.21;
( SGP), down 11 cents to $20.42.