CryoCor ( CRYO) celebrated another gain, while it was overall a flat-to-down biotech day. After a rally yesterday tied to a pre-market approval, CryoCor took to gaining again on Friday after announcing a deal with Boston Scientific ( BSX). The companies will co-develop a console to deliver cryo energy, which uses extreme cold, to Boston Scientific's cryo balloon catheter to treat atrial fibrillation. CryoCor will develop and potentially manufacture the consoles, which will be used with Boston Scientific's internally developed catheter balloons, according to the companies. Boston Scientific will make payments tied to development milestones, and also sale-based royalties, in addition to purchasing 2.5 million of CryoCor's stock. It will also purchase another $2.5 million tied to development milestones. CryoCor climbed 84 cents, or 17.5% to $5.65, after rising more than 20% earlier in the day, while Boston Scientific tiptoed in the red 16 cents, or 1%, to $15.34. Ziopharm ( ZIOP) presented gene-profiling data and interim phase II trial data for advanced myeloma treatment darinaparsin throughout the week at the Annual Myeloma Workshop in Greece. The company was up 40 cents, or 8.4%, to $5.15. On the flipside, Antares Pharma ( AIS) bled 15 cents, or 8.6%, to $1.60 on Friday after announcing that it will privately place $15 million in newly issued common stock and warrants for additional shares with institutional and other investors. The company said the financing is expected to close after it gets Amex approval.
Cytokinetics ( CYTK) said that according to results of three recent two-stage phase II trials sponsored by GlaxoSmithKline ( GSK), its cancer drug ispinesib didn't satisfy criteria to move to the next stage. However, the Cytokinetics said ispinesib did meet response criteria in a fourth trial as a breast cancer treatment, and the company plans to initiate a GlaxoSmithKline sponsored phase I/II clinical trial in first-line treatment of patients with locally advanced or metastatic breast cancer before the end of the year. Cytokinetics lost 63 cents, or 10%, to $5.65. GlaxoSmithKline dropped 8 cents or 0.2%, to $52.37. A separate news note: Merck ( MRK)
lured away Biogen Idec's ( BIIB) current CFO, Peter Kellogg. Kellogg, who has been at Biogen since 2004, will succeed Judy Lewent, who's retiring from Merck. He will start in the role on Aug. 10. Biogen said it will name a new CFO in the next several weeks. Biogen was down 5 cents, or 0.9%, to $53.50, while Merck was down 68 cents, or 1.4%, to $49.80, on Friday. Biogen is a component of the Amex Biotechnology index, which was down 7.26, or 0.9%, to 776.08.