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CHTP, CRTX, NVGN Rally, OXBT Calls Truce, AGN Makes An Aesthetic Addition


Achillion Pharmaceuticals Inc. (ACHN) has commenced an underwritten public offering of $125 million of its common stock. The actual size or terms of the offering are yet to be disclosed.

The company expects to report sustained viral response (SVR4) results from a phase II study of ACH-3102 in HCV patients in the second quarter of 2013.

ACHN was down 7.35% to $8.83 in the after-hours on Wednesday.

Allergan Inc. (AGN) on Wednesday received FDA approval for its Natrelle 410 Highly Cohesive Anatomically Shaped Silicone-Filled Breast Implants for use in breast reconstruction, augmentation and revision surgery. The product is already available in Europe and Canada.

AGN closed Wednesday's trading at $108.08, down 0.92%.

Chelsea Therapeutics International Ltd. (CHTP) jumped as much as 173% in regular trading on Wednesday to $2.10, following the receipt of FDA guidance for a resubmission of its Northera NDA for the treatment of symptomatic neurogenic orthostatic hypotension.

Last March, the FDA issued a complete response letter for Northera and asked the company to submit additional clinical efficacy data.

Chelsea plans to resubmit its Northera NDA in late second quarter of 2013. If accepted, the NDA will be subjected to a 6-month review period, noted the company.

Cornerstone Therapeutics Inc. (CRTX) rose 24.55% to $6.85 on Wednesday after the company announced that it has a received a take-private proposal from its majority stockholder- Chiesi Farmaceutici SpA. About 60% of the outstanding shares of Cornerstone's common stock are owned by Chiesi.

Chiesi has offered to acquire the shares of Cornerstone's common stock that it does not already own for a cash purchase price of between $6.40 and $6.70 per share.

Immunotech Laboratories Inc. (IMMB) appears to be making progress with the clinical trials of its patented AIDS-HIV "IPF" Medicines in the European Union.

The company will be carrying out clinical trials of ITV-1 with 50 patients infected with HIV-AIDS in its most advanced stage at the Infectious Disease Hospital, Sofia. The clinical trials of ITV-2 with 50 patients ill with chronic hepatitis in its most advanced stage will be carried out at the Military Hospital, Sofia, noted the company. The clinical trials are scheduled to begin in March 2013 and end in August 2013.

Novogen Ltd. (NVGN) continued its rally for the second day by gaining another 49% setting a new 52-week high of $9.70 on Wednesday.

On Tuesday, the company had announced that its lead experimental drug, CS-6, has proven to be highly active against ovarian cancer stem cells in laboratory studies.

Cancer stem cells have been identified in a range of cancers including gut, skin, ovarian and brain cancers and leukaemia. Being almost completely resistant to radiotherapy and standard anti-cancer drugs, the cancer stem cells are thought to be the cause of cancer relapse.

Oxygen Biotherapeutics Inc. (OXBT) has reached a tentative oral settlement of all litigation with Tenor Opportunity Master Fund, Ltd., Aria Opportunity Fund, Ltd. and Parsoon Opportunity Fund, Ltd., related to the company's June 2011 financing.

The agreement allows Oxygen Biotherapeutics to settle the matter for $600,000 in cash, payable in six quarterly installments commencing on the date the parties execute a written settlement agreement.

OXBT closed Wednesday's trading at $0.52, up 1.44%.

Oncolytics Biotech Inc. (ONCY) has priced an underwritten public offering of 8.0 million shares of common stock at US$4.00 each. The offering is expected to close on or about February 25, 2013, and gross proceeds are estimated to be US$32.0 million.

ONCY closed Wednesday's trading at $3.90, down 16.49%. In the after-hours, the stock gained over 2% to $3.99.

ResMed Inc. (RMD) has named Michael Farrell to succeed Peter Farrell as its CEO, effective March 1, 2013. Robert Douglas will take over as the company's president and COO while the outgoing CEO - Peter Farrell, will become executive chairman.

RMD closed Wednesday's trading at $42.89, down 0.81%.

Zalicus Inc. (ZLCS) has been granted a composition-of-matter patent for its investigational pain drug - Z944. The key patent provides broad coverage for Z944 through April 2029. Z944 completed phase 1 single and multiple ascending dose clinical studies in late 2012 and the company plans to continue further clinical development with Z944 during 2013.

ZLCS closed Wednesday's trading at $0.66.

by RTTNews Staff Writer

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