was rising in its first day of trading. The company priced its initial public offering of 6.25 million shares at $12 each, the midpoint of the expected range.
All of the shares, which were originally seen being sold between $11 and $13 a share, are being offered by Hansen. Proceeds will go toward meeting the company's cash needs for working capital and capital spending through at least the next two years. The stock was up 30 cents, or 2.5%, to $12.30.
is cutting 28% of its workforce to achieve an expected $7 million to $12 million in annual cost savings, the company said. Shares were up 14 cents to $6.69.
The medical-software company will terminate 150 jobs, most of which will be effective immediately, but others will be transitioned out over the course of six months. As a result of the gradual phase-out, the company says it doesn't expect a full expense reduction in 2007. Merge will close its San Francisco and Tokyo offices and downsize other offices in the U.S. and Canada, but will increase the size of its headquarters office in Milwaukee. The company's development and support services will be expanded to India.
anemia drug Epogen could present more of a risk of heart problems and even death than previously expected, according to recent research data. The stock was down 1.6% to $72.43.
Epogen, known generically as Epoetin alfa, is approved to treat low hemoglobin levels associated with anemia in patients with chronic kidney disease. Low hemoglobin can lead to extreme weakness and fatigue, as well as heightened risk of developing other diseases.
However, one study involving 1,432 patients showed that when the drug was used in patients with chronic kidney disease, achieving a higher hemoglobin level didn't lead to an improvement in quality of life, leading trial investigators to question the benefits of the drug in certain patients. The research was published in Thursday's
New England Journal of Medicine
. A second study had similar findings.
Stem-cell research company
was unchanged after it appointed Stephen Sudovar as chairman.
Currently CEO of SGS Associates and an adjunct professor of management at Montclair State University, Sudovar has previously served as CEO of biopharmaceutical company
and health care industry support firm
. Aastrom was trading at $1.47.
Among other movers,
( SHPGY) was up 3.4% to $59.65,
was rising 3.3% to $29.40,
( CEPH) was up 2.5% to $76.82,
was gaining 7.4% to $16.48, and
was climbing 4% to $14.69.
was down 3.6% to $11.32,
Dr. Reddy's Laboratories
was 2.8% lower to $16.85,
( SEPR) was off 2.9% to $51.04,
was down 3.1% to $10.88, and
sank 5.7% to $37.50.