Novogen Ltd. on Friday said it won clearance from the U.S. Food and Drug Administration to go ahead with the final phase of human clinical testing on its lead anti-cancer drug, phenoxodiol.
Separately, the company said its revenue for the year ended June 30, 2006, was $13.9 million, up 3.2 percent over the previous year.
Cash reserves at year-end were $25.4 million, down $10.5 million from a year before.
Research and development spending rose $1.4 million to $9.1 million, from $7.7 million in the previous period. The increase mostly reflects costs associated with its pre-clinical and clinical drug development program and the scale-up and drug manufacturing process development costs for human clinical testing of phenoxodiol.
Dyax (DYAX) rose after the company said it signed a deal for a licensing and research program. The company entered an agreement with Paul Capital Partners' Paul Royalty Fund II for a $30 million upfront cash payment. Dyax also has an option to receive an additional $5 million payment if it achieves certain revenue goals within the next two years. Shares were up 10.9% to $3.15.
Vertex Pharmaceuticals (VRTX) jumped on an upgrade from UBS. According to analyst Annabel Samimy, who raised the stock's rating to buy from neutral, the biotech should report strong efficacy results on trials of its antiviral drug VX-950. She kept her price target of $42. The stock was up 7.9% to $34.80.
Mylan Laboratories (MYL) sank on a downgrade by an analyst at Banc of America Securities. Analyst David Maris downgraded the stock to sell from neutral. The stock fell 1.3% to $20.89. Maris maintained his 12-month price target of $19.
Among other health stocks taking a hit were CoTherix (CTRX) , falling 2.3% to $6.47, Coley Pharmaceutical (COLY) , down 1.7% to $10.70, Cell Therapeutics (CTIC) , sinking 5.6% to $1.52, Avalon Pharmaceuticals (AVRX) , losing 6.8% to $2.89 and Acorda Therapeutics (ACOR) , off 7.5% to $3.08.
Health stocks moving higher included SuperGen (SUPG) , whose shares jumped 13.4% to $3.80, Elan (ELN) , up 4.8% to $16.25, Vertex Pharmaceuticals (VRTX) , gaining 7.9% to $34.80, Teva Pharmaceutical (TEVA) , 1.8% higher to $35.54, Boston Life Sciences (BLSI) , up 8.3% to $3.92, Zila (ZILA) , up 2.1% to $2.95, Tiens Biotech Group (TBV) , whose shares gained 2.7% to $3.07, Introgen Therapeutics (INGN) , up 2.1% to $3.95 and Immunomedics (IMMU) , up 4% to $2.04.
Separately, the company said its revenue for the year ended June 30, 2006, was $13.9 million, up 3.2 percent over the previous year.
Cash reserves at year-end were $25.4 million, down $10.5 million from a year before.
Research and development spending rose $1.4 million to $9.1 million, from $7.7 million in the previous period. The increase mostly reflects costs associated with its pre-clinical and clinical drug development program and the scale-up and drug manufacturing process development costs for human clinical testing of phenoxodiol.
Dyax (DYAX) rose after the company said it signed a deal for a licensing and research program. The company entered an agreement with Paul Capital Partners' Paul Royalty Fund II for a $30 million upfront cash payment. Dyax also has an option to receive an additional $5 million payment if it achieves certain revenue goals within the next two years. Shares were up 10.9% to $3.15.
Vertex Pharmaceuticals (VRTX) jumped on an upgrade from UBS. According to analyst Annabel Samimy, who raised the stock's rating to buy from neutral, the biotech should report strong efficacy results on trials of its antiviral drug VX-950. She kept her price target of $42. The stock was up 7.9% to $34.80.
Mylan Laboratories (MYL) sank on a downgrade by an analyst at Banc of America Securities. Analyst David Maris downgraded the stock to sell from neutral. The stock fell 1.3% to $20.89. Maris maintained his 12-month price target of $19.
Among other health stocks taking a hit were CoTherix (CTRX) , falling 2.3% to $6.47, Coley Pharmaceutical (COLY) , down 1.7% to $10.70, Cell Therapeutics (CTIC) , sinking 5.6% to $1.52, Avalon Pharmaceuticals (AVRX) , losing 6.8% to $2.89 and Acorda Therapeutics (ACOR) , off 7.5% to $3.08.
Health stocks moving higher included SuperGen (SUPG) , whose shares jumped 13.4% to $3.80, Elan (ELN) , up 4.8% to $16.25, Vertex Pharmaceuticals (VRTX) , gaining 7.9% to $34.80, Teva Pharmaceutical (TEVA) , 1.8% higher to $35.54, Boston Life Sciences (BLSI) , up 8.3% to $3.92, Zila (ZILA) , up 2.1% to $2.95, Tiens Biotech Group (TBV) , whose shares gained 2.7% to $3.07, Introgen Therapeutics (INGN) , up 2.1% to $3.95 and Immunomedics (IMMU) , up 4% to $2.04.
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