Plus   Neg

STAAR Shines, Sunshine Biopharma Sparkles, CBRX Amends Deal, HBIO Delays Spinoff


ArQule Inc. (ARQL) announced Tuesday that its investigational compound - ARQ 092, an AKT inhibitor demonstrated a manageable safety profile in an ongoing phase 1 clinical trial of patients with advanced or metastatic solid tumors.

ARQL closed Tuesday's trading at $2.75, down 0.72%.

Shares of BSD Medical Corp. (BSDM) plunged 29% on Tuesday after the company announced a registered direct offering of common stock at $1.23 per share. In addition, warrants to purchase common stock with an exercise price of $1.65 per share will be issued to the investors. The offering is scheduled to close on or before April 12, 2013.

Columbia Laboratories Inc.'s (CBRX) license and supply agreement with Merck Serono for CRINONE vaginal gel, which was due to expire in May 2015, has now been extended for another 5 years. The amended agreement makes Columbia Labs to remain the sole supplier of CRINONE to Merck Serono and sell CRINONE to Merck Serono on a country by country basis.

Net product revenues from Merck Serono for international sales of CRINONE in 2012 increased 18%, helped by greater sales penetration into higher priced markets. Net product revenue from Actavis for U.S. sales of CRINONE was up 35% over 2011 levels due primarily to higher transfer pricing.

CBRX closed Tuesday's trading 1.83% higher at $0.59. In extended trading, the shares were up 2.59% at $0.61.

Harvard Bioscience Inc. (HBIO), which has been contemplating a spinoff of its wholly-owned subsidiary - Harvard Apparatus Regenerative Technology Inc., or HART, to maximize shareholder value said Tuesday that the planned action has been postponed.

The HART subsidiary was planning an IPO in early April and had set a price range of $10.00 to $12.00 per share. Harvard Bioscience said that it is postponing the IPO due to market conditions.

HBIO closed Tuesday's regular trading at $5.60. In after-hours, the stock dropped 3.04% to $5.43.

STAAR Surgical Co. (STAA), which specializes in corrective eye surgery, expects Q1 revenue to be about $18 million, which would represent approximately 16% growth. The company's Visian ICL sales, which account for a major part of the revenue, will be up 24% in Q1, exceeding the $10 million level in quarterly revenue for the first time in the company's history.

The company is scheduled to release Q1 results on May 1, 2013. Analysts polled by Thomson Reuters expect the company to report Q1 revenue of $16.46 million.

Shares of Sunshine Biopharma Inc. (SBFM) rose 20% after the company announced that its lead anticancer compound Adva-27a has been found to be non-toxic at high concentrations in a new IND-Enabling study, which measured the cytotoxic activity in the HMEC cell line. The HMEC (human mammary epithelial cells) cell line is the standard cell line used for investigating the molecular and biochemical basis for in vitro toxicity of various drug candidates.

Tekmira Pharmaceuticals Corp. (TKMR) (TKM.TO) announced Tuesday that its investigational RNAi therapeutic TKM-PLK1 demonstrated clinical benefit in 44% of evaluable patients with advanced solid tumors who received doses in effective range in a phase I trial.

The company expects to initiate a phase II clinical trial of TKM-PLK1 in patients with previously treated gastrointestinal carcinoid (neuroendocrine) cancer in the second half of 2013.

TKMR lost 5.37% on Tuesday to close at $4.58.

Shares of ZIOPHARM Oncology Inc. (ZIOP) rose more than 5% after the company announced that its investigational viral vector DNA-based therapeutic - Ad-RTS-mIL-12, demonstrated anti-tumor effects and tolerability in a breast cancer murine model in a preclinical study.

by RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Follow RTT