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OXGN Breathes New Life, BIOL Gets A Smile, ARAY, BLRX Announce Offering


Seeking to strengthen its balance sheet in order to help improve its competitive position, Accuray Inc. (ARAY) has proposed an offering of $75 million aggregate principal amount of convertible senior notes due 2018.

ARAY dropped 3.94% to $4.87 in extended trading on Wednesday.

Biogen Idec Inc. (BIIB) has agreed to acquire full rights and control of blockbuster multiple sclerosis treatment TYSABRI from Elan in exchange for an upfront payment of $3.25 billion plus tiered contingent payments based on the drug's global sales.

Biogen Idec anticipates the transaction to be about $0.20 to $0.30 accretive to 2013 GAAP EPS and $0.50 to $0.60 accretive to non-GAAP EPS, and will continue to be accretive thereafter, depending on the sales trajectory of TYSABRI.

BioLineRx Ltd. (BLRX) said Wednesday that OrbiMed Israel Partners Limited Partnership has agreed to purchase 2,666,667 American Depositary Shares, each representing ten of its Ordinary Shares, and 1.6 million warrants to purchase an additional 1.6 million ADSs, at a unit price of $3.00. The warrants have an exercise price of $3.94 per warrant and are exercisable for a term of five years.

The stock closed at $3.85, down 2.28%.

BIOLASE Inc. (BIOL) set a new high of $3.93 in intraday trading on Wednesday before closing at $3.38, following its 940nm Diolase 10 diode soft tissue laser getting FDA clearance for use in 19 additional medical markets. The company's 940nm wavelength is also FDA cleared for tooth whitening and temporary pain relief in a number of its products.

Derma Sciences Inc. (DSCI) has commenced enrollment of patients in the first of two phase 3 clinical trials with its investigational topical drug candidate DSC127 for diabetic foot ulcers. The phase III trial results are expected to be reported in early 2015.

Echo Therapeutics Inc. (ECTE) said it has received gross proceeds of approximately $11.76 million from the public offering of its common stock that was closed Wednesday.

ECTE closed Wednesday's trading at $0.80, unchanged from the previous day's close.

Elite Pharmaceuticals Inc. (ELTP.OB) has been given the go-ahead by the FDA to commence commercial manufacturing and packaging naltrexone hydrochloride 50 mg tablets. Naltrexone is an opioid receptor antagonist used primarily in the management of alcohol dependence and opioid addiction.

OXiGENE Inc. (OXGN) announced Wednesday that its investigational drug ZYBRESTAT in combination with Avastin continues to be well tolerated in a phase II ovarian cancer trial as demonstrated by the second interim toxicity analysis. The company anticipates patient accrual for the study to be completed within the next 3-4 months, and top-line data to be available at the end of the year.

OXGN gained over 16% in after-hours to $5.12.

Stellar Biotechnologies Inc. (SBOTF.OB) rose more than 11% to $0.39 following its submission of a provisional application for a patent related to its Keyhole Limpet Hemocyanin-based combinatorial adjuvant technology.

Keyhole Limpet Hemocyanin is a naturally derived protein typically used as a carrier protein in therapeutic vaccines or a stimulant in immunotoxicology applications.

Seattle Genetics Inc. (SGEN) has initiated two phase I clinical trials of SGN-CD19A, one for patients with B-cell acute lymphoblastic leukemia and one for patients with B-cell non-Hodgkin lymphomas. The trials are designed to assess the safety and antitumor activity of SGN-CD19A.

by RTTNews Staff Writer

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