2012-11-28 21:33:35 -
Stocks turned higher on Wednesday on investors' hopes that a compromise could be
reached to avoid the "fiscal cliff" after comments from U.S. House Speaker John
Boehner and President Barack Obama. The market sharply pared losses in volatile
late morning trading after Boehner, the top Republican in Congress, said he was
optimistic that a deal on the "fiscal cliff" to avert large tax hikes and
spending cuts could be reached. That helped reverse a slide of 1 percent.
Following are the notable healthcare movers on Wednesday:
Arena Pharmaceuticals, Inc.(ARNA) enters into a co-development and license
agreement with Ildong Pharmaceutical for Temanogrel, ARNA's treatment for
myocardial infarction, acute coronary syndrome, stroke, peripheral artery
disease, and other cardiovascular diseases, subject to the drug's further
development and regulatory approval. The agreement grants Ildong exclusive
to commercialize and market the drug. Shares of ARNA are down marginally
Rexahn Pharmaceuticals, Inc.(RNN) trades higher after the company said that Teva
Pharmaceutical will provide an additional $750K in funding to the company.
Pursuant to the terms of an earlier agreementl, TEVA will purchase RNN's common
stock at 120% of its closing price on the last trading day preceding the
closing. TEVA has also agreed to commit additional research funding for
development of RX-3117, a potential treatment for solid tumors including colon,
lung and pancreatic cancers, and will retain the right to file the
Investigational New Drug application with the FDA. Shares of the company soared
12.50% to $0.484.
CEL-SCI Corporation (AMEX: CVM) saw shares trade over 6% in morning trading on
news that the Japanese patent office has issued a key patent covering CEL-SCI's
investigational cancer drug, Multikine. Key patents on Multikine have now been
issued in the largest pharmaceutical markets in the world: the United States,
European Union, China and Japan. This invention relates to a novel effect of
Multikine observed during clinical trials that CEL-SCI believes indicates it has
the potential to pre-sensitize cancer cells to a therapeutic treatment such as
chemotherapy, radiation therapy or immunotherapy.
Nymox Pharmaceutical Corporation (NYMX) says it's completed the patient
enrollment process for its Phase III trial of NX-1207 for BPH. Top-line results
are expected in late 2013, and include pivotal studies in the U.S. and Europe,
re-injection studies in the U.S., prostate cancer trials, as well as other
clinical and non-clinical research activities. Shares of NYMX rose 11% to $7.25.
Galena Biopharma Inc (GALE) jumped this morning after Aegis Capital initiated
the shares with a Buy and a $6.00 price target. Aegis says that GALE has
developed a novel approach to combating the recurrence of breast cancer in
patients with minimal residual disease. The firm's lead candidate, NeuVax, is a
peptide vaccine derived from a protein that is the target of several widely used
breast cancer treatments. It's currently conducting Phase III trials and is
slated to report interim data in late 2013. Shares of the company climbed over
10% at $1.74.
Genetic Technologies Limited (GENE) plunged 6.40%, well off session low of $2
following a management earthquake at its annual meeting. The trouble started
when Genetic founder Mervyn Jacobson used his 29% stake to block the re-election
of chairman Mel Bridges, with a motion to re-elect fellow director Huw Jones
also failing. CEO Paul MacLeman then resigned, as did director Greg Brown and
legal head David Sparling.
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