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TELK Soars, ARQL Tanks, IMUN Mulls Legal Recourse, MRK Recalls, AMRN Patented

TELK Soars, ARQL Tanks, IMUN Mulls Legal Recourse, MRK Recalls, AMRN Patented
1/13/2013 9:02 PM ET

Telik Inc. (TELK: Quote) skyrocketed over 105% to close Friday's trading at $2.98 following its product candidate ezatiostat HCL (Telintra) being granted orphan drug designation by the FDA for the treatment of myelodysplastic syndrome. Telintra is under phase II clinical development for myelodysplastic syndrome.

ArQule Inc. (ARQL: Quote) plummeted over 11% to close Friday's trading at $2.58 after its investigational colon cancer drug Tivantinib (ARQ 197) failed in a phase II trial. The trial which evaluated Tivantinib in combination with Irinotecan and Cetuximab in patients with refractory or relapsed colorectal cancer did not meet its primary endpoint of Progression-Free Survival.

Athersys Inc. (ATHX: Quote) on Friday announced it has filed a Shelf Registration to replace the expiring S-3 Registration statement. The company currently does not have any immediate plans to offer or sell the securities under the registration statement. ATHX closed Friday's trading 2.65% higher at $1.16.

ScripsAmerica Inc. (SCRC: Quote), a supplier of prescription, OTC and nutraceutical drugs, announced Friday that its acquisition target, Marlex Pharmaceuticals, Inc., is on pace to meet or exceed the $25 million production requirement of its government contract with the US Department of Defense and Defense Logistics Agency.

Marlex has shipped over $1.1 million of product during the initial three months of its multi-year pharmaceutical distribution contract. The monthly distribution has grown from an average of 700 bottles per month to a minimum of 1,100 bottles per month, representing a 57% increase, said ScripsAmerica.

Responding to the termination notice of license agreement sent by Israeli biopharmaceutical company Immunovative Therapies, Ltd., Immunovative Inc. (IMUN: Quote) on Friday clarified that it has never breached any material obligations under the December 2011 license agreement.

Under the 2011 license agreement, Immunovative Inc. was granted an exclusive, worldwide license to commercialize any products covered under Immunovative Therapies' issued and pending patent application portfolio, as well as the rights to any future patent applications, including improvements or modifications to the existing applications and any corresponding improvements or new versions of the existing products.

Immunovative said it is considering seeking legal remedies against Immunovative Therapies, including the immediate disgorgement of approximately $3.7 million previously paid and damages incurred.

Aegerion Pharmaceuticals Inc. (AEGR: Quote) on Friday priced an underwritten public offering of stock at $26.64 per share. The net proceeds to Aegerion from this offering are expected to be approximately $67.9 million, after deducting underwriting discounts and commissions. The offering is expected to close on January 16, 2013, subject to customary closing conditions.

Merck & Co. Inc. (MRK: Quote) on Friday announced it is suspending the availability of cholesterol pill TREDAPTIVE in countries where it is currently available.

TREDAPTIVE has been approved in about 70 countries, including in Europe, and is sold in approximately 40 countries. TREDAPTIVE is also sold under the brand names PELZONT in Italy and TREVACLYN in Italy and Portugal and CORDAPTIVE in other markets around the world. TREDAPTIVE is not approved for use in the United States.

The decision to withdraw the drug was based on a clinical study, dubbed HPS2-THRIVE, which did not achieve its primary endpoint of reduction of major vascular events. There was also a statistically significant increase in the incidence of some types of non-fatal serious adverse events in the group that received TREDAPTIVE compared to statin therapy in the study.

Amarin Corp. plc (AMRN: Quote) on Friday announced the notification of patent allowance for Vascepa, which is approved as an adjunct to diet to reduce triglyceride levels in adult patients with severe hypertriglyceridemia. The notice of allowance strengthens positioning of Vascepa for exclusivity into 2030. Amarin is also pursuing patent applications related to Vascepa in multiple jurisdictions outside the United States.

AMRN closed Friday's trading 2.99% higher at $8.62.

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by RTT Staff Writer

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