were among the best-performing health-related stocks Wednesday, rising 6% after the drugmaker signed an equity financing agreement with Societe Generale Group.
The step-up equity financing agreement will consist of Societe Generale buying up to $55 million worth of newly issued stock over the next 24 months, with an option to ultimately buy up to $72 million worth of stock. The French banking firm will then sell the shares into the Italian market. "The total amount of any capital raised will depend on the actual financing needs over the lifetime of the agreement and other considerations and will reflect the market performance and trading volume of CTI shares," Cell Therapeutics said. Shares were recently up 8 cents to $1.47.
( DJO) rose 1% after the medical device maker backed its full-year revenue outlook and said that second-quarter revenue would be strong. The company expects second-quarter revenue of $103 million to $106 million, including contributions from Aircast, which was acquired in April. Analysts project revenue of $104 million. During the year-earlier period, the company posted revenue of $68.8 million.
For the full year, DJO continues to see revenue of $395 million to $400 million, including a contribution of about $70 million to $75 million from Aircast. Analysts, meanwhile, project revenue of $400.1 million. DJO said that Aircast will be accretive to earnings by the fourth quarter, but it will have a slightly dilutive effect on full-year results. Previously, the company said that it would post full-year pro forma earnings of $1.55 a share. Shares were trading up 40 cents to $37.10.
continued to fall Wednesday, a day after the company said it would halt plans to sell its prostate cancer drug Plenaxis. On Tuesday the company said it wouldn't be able to reach a sale or license deal related to Plenaxis, and will discontinue all of its Plenaxis-related activities. The company expects to take charges totaling about $7.5 million during the second quarter related to the Plenaxis decision. While Praecis believes that its cash and investments will be sufficient to cover working capital and capital expenditure needs through 2007, the company plans to explore financing and strategic alternatives. Shares were recently trading down 27 cents, or 8%, to $3.16.
( CRA) rose 4% after the company agreed to sell its cathepsin S inhibitor small molecule drug program to
for $5 million and up to $360 million in possible milestone payments. "This is a significant step for us as it completes our planned exit from small molecule development, allowing us to now focus our resources on our core business of molecular diagnostics and proteomics discovery," Celera said. In addition to possible milestone payments, Celera will be eligible to receive royalty payments that are tied to any drug sales that result from the program. Shares were trading up 42 cents to $11.17.
Other health care volume movers included
, unchanged at $22.95;
, down $3.20 to $32.47;
, up 2 cents to $19.20;
Johnson & Johnson
, up 20 cents to $61.73;
, up 98 cents to $65.94;
( MLNM), up 22 cents to $10.09;
, up 35 cents to $16.89;
, up 44 cents to $35.36;
, up 69 cents to $44.40; and
, up 21 cents to $25.77.