Pain drug developer Pozen (POZN) moved almost 22% higher following an announcement that the company submitted additional data on its experimental migraine drug Trexima to regulators.
Pozen and its Big Pharma partner GlaxoSmithKline (GSK) met with the Food and Drug Administration, which previously said the drug was approvable pending additional safety data, and have announced plans to submit a full response to the agency during the fourth quarter. The FDA will have six months to review the response. Shares of Pozen were up $1.31 to $7.38.
EPIX Pharmaceuticals (EPIX) rose 10.8% to $4.74 following an announcement that Predix Pharmaceuticals, a company it's acquiring, signed an exclusive collaboration and licensing agreement with biotech giant Amgen (AMGN) to develop drugs for autoimmune diseases.
Amgen will develop and market the drugs, and Predix will receive an upfront payment of $20 million. If certain milestones are met, Predix may receive up to $287.5 million in additional payments. Predix could also receive significant royalties on future sales of the drugs and have the option to promote a product resulting from the collaboration.
YM BioSciences (YMI) gained 8.7% to $3.37 after the company said its CIMYM BioSciences unit licensed the development and marketing rights in Japan for its head and neck cancer treatment nimotuzumab to Daiichi Pharmaceutical, a subsidiary of Daiichi Sankyo.
CIMYM will receive an initial payment of $14.5 million, plus milestone payments based on the supply of the drug and its sales performance. Nimotuzumab is already approved in India as a treatment for head and neck cancer, but Daiichi plans to develop the drug for the Japanese market for several other types of cancer as well.
Shares of ImClone Systems (IMCL) fell after a federal court denied its request to dismiss a patent infringement lawsuit brought by Repligen (RGEN) and the Massachusetts Institute of Technology regarding the production of the cancer drug Erbitux. The stock fell 3.8% to $32.64. ImClone maintains that it doesn't infringe the patent. The case will now proceed to trial.
Boston Scientific (BSX) and St. Jude Medical (STJ) fell after the medical-device makers settled four patent lawsuits.
The companies also entered an agreement to cross-license certain cardiac-rhythm management patents to help avoid future disputes. The sides plan to limit the amount of information they disclose regarding two other lawsuits, which are unresolved. Boston Scientific fell 2.2% to $17.12, and St. Jude lost 1.3% to $36.93.
Other health stocks on the decline included Gilead Sciences (GILD) , down 2.2% to $61.13, IDM Pharma (IDMI) , whose shares sank 8.3% to $2.55, Lipid Sciences (LIPD) , off 6.5% to $1.30, Pharmos (PARS) , 8.9% lower to $1.85, Immunicon (IMMC) down 6% to $4.05, and Inovio Biomedical (INO) , trading 3.2% lower at $2.07.
Stocks moving higher included XTL Biopharmaceuticals (XTLB) , up 14.2% to $3.53, Hollis-Eden Pharmaceuticals (HEPH) , whose shares jumped 18.3% to $6.15, OraLabs Holding (OLAB) , trading 7.7% higher at $3.50, Regenerx Biopharmaceuticals (RGN) , up 8.4% to $1.94, and PainCare Holdings (PRZ) , adding 5.7% to $1.87.
Pozen and its Big Pharma partner GlaxoSmithKline (GSK) met with the Food and Drug Administration, which previously said the drug was approvable pending additional safety data, and have announced plans to submit a full response to the agency during the fourth quarter. The FDA will have six months to review the response. Shares of Pozen were up $1.31 to $7.38.
EPIX Pharmaceuticals (EPIX) rose 10.8% to $4.74 following an announcement that Predix Pharmaceuticals, a company it's acquiring, signed an exclusive collaboration and licensing agreement with biotech giant Amgen (AMGN) to develop drugs for autoimmune diseases.
Amgen will develop and market the drugs, and Predix will receive an upfront payment of $20 million. If certain milestones are met, Predix may receive up to $287.5 million in additional payments. Predix could also receive significant royalties on future sales of the drugs and have the option to promote a product resulting from the collaboration.
YM BioSciences (YMI) gained 8.7% to $3.37 after the company said its CIMYM BioSciences unit licensed the development and marketing rights in Japan for its head and neck cancer treatment nimotuzumab to Daiichi Pharmaceutical, a subsidiary of Daiichi Sankyo.
CIMYM will receive an initial payment of $14.5 million, plus milestone payments based on the supply of the drug and its sales performance. Nimotuzumab is already approved in India as a treatment for head and neck cancer, but Daiichi plans to develop the drug for the Japanese market for several other types of cancer as well.
Shares of ImClone Systems (IMCL) fell after a federal court denied its request to dismiss a patent infringement lawsuit brought by Repligen (RGEN) and the Massachusetts Institute of Technology regarding the production of the cancer drug Erbitux. The stock fell 3.8% to $32.64. ImClone maintains that it doesn't infringe the patent. The case will now proceed to trial.
Boston Scientific (BSX) and St. Jude Medical (STJ) fell after the medical-device makers settled four patent lawsuits.
The companies also entered an agreement to cross-license certain cardiac-rhythm management patents to help avoid future disputes. The sides plan to limit the amount of information they disclose regarding two other lawsuits, which are unresolved. Boston Scientific fell 2.2% to $17.12, and St. Jude lost 1.3% to $36.93.
Other health stocks on the decline included Gilead Sciences (GILD) , down 2.2% to $61.13, IDM Pharma (IDMI) , whose shares sank 8.3% to $2.55, Lipid Sciences (LIPD) , off 6.5% to $1.30, Pharmos (PARS) , 8.9% lower to $1.85, Immunicon (IMMC) down 6% to $4.05, and Inovio Biomedical (INO) , trading 3.2% lower at $2.07.
Stocks moving higher included XTL Biopharmaceuticals (XTLB) , up 14.2% to $3.53, Hollis-Eden Pharmaceuticals (HEPH) , whose shares jumped 18.3% to $6.15, OraLabs Holding (OLAB) , trading 7.7% higher at $3.50, Regenerx Biopharmaceuticals (RGN) , up 8.4% to $1.94, and PainCare Holdings (PRZ) , adding 5.7% to $1.87.
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