Biotech Daily Review: Adams Respiratory Guides Lower
by Richard Daverman, PhD
Centient Biotech Investor
Adams Respiratory (ARXT) fell 25% after announcing that lower incidence of upper respiratory infections will reduce its revenues during the last two quarters of its fiscal 2007, which ends on June 30. The company said Q3 revenues will be between $80 and $85 million. That number is up from last year’s sales of $76 million, but considerably below the $111 recorded in Q2. Revenue for all of 2007 will be about $330 million, a large increase from the $239 million recorded in fiscal 2006. Adams said it thinks inventories are about normal because stores have been reducing orders in anticipation of the end of the cough/cold season. Adams Respiratory dropped $9.45 to end at $28.22.
Tongjitang Chinese Medicines (TCM) priced its IPO at $10, a 38% reduction from the initial range of $15-$17 (see story). Tonjitang slipped 25 cents from its IPO price, closing at $9.75.
Hollis-Eden Pharma (HEPH) said it would not spend any money on a clinical trial of Neumune, its treatment for anthrax, without a promise from the government to purchase the drug. The Department of Health and Human Services refuses to buy the drug without a clinical trial. Neumune was the only drug in contention for an advance purchase contract, but HHS decided it did not have enough information on the drug. Hollis-Eden contends that Neumune is the most advanced of any candidate for anthrax treatment/prevention. Investors were cheered by the news, and they sent Hollis-Eden 29% higher. It moved up 74 cents to $3.25.
Micromet (MITI) has out-licensed a cancer drug candidate to Tracon Pharma for up to $100 million in upfront and milestone payments. The drug is a D93 antibody that inhibits angiogenesis, tumor cell growth and metastasis by targeting cleaved collagen. Micromet has already applied to the FDA to begin clinical tests of the compound. Micromet gained 35 cents to end at $3.25.
Endo Pharma (ENDP) and Vernalis (VNLS) reported the FDA will take an additional 3 months to review the supplemental new drug application for Frova, a drug that is seeking to be indicated as a preventative for menstrual migraine. The FDA asked that data be re-organized, and the new presentation delayed review of the drug. The new PDUFA date is August 19, 2007. Endo Pharma was off a penny and $28.78, but Vernalis moved up 15 cents to $2.45.
Exelixis (EXEL) submitted an investigational new drug application for XL147, a new oral anti-cancer compound that inhibits phosphoinositide-3 kinase (PI3K). Activation of PI3K promotes tumor cell growth and resistance to chemotherapy and radiotherapy. Exelixis slipped 6 cents to $9.49.
Roche (RHHBY) has returned all the assets of a HIV fusion inhibitor peptide program to Trimeris (TRMS), retaining only a nominal royalty on sales of any approved products. The collaboration, which began in 2000, was developing TRI-1144, which now belongs to Trimeris. Roche may work on HIV gp41 fusion inhibitor peptides, but Trimeris has the right to opt-in on the program. Roche also returned other assets from a 1999 partnership, although it kept its rights to distribute Fuzeon. Trimeris gained 30%, climbing $2.95 to $7.12.
GlaxoSmithKline (GSK) reported that adding the asthma medication Advair, its highest producer of revenue, to COPD drug Spiriva did not meet the level of statistical significance in helping patients with COPD, or smoker’s lung. According to the Canadian researchers, the combination reduced hospitalizations and improved quality of life, but it did not lower the number of exacerbations, which was the endpoint of the trial. GSK dropped 17 cents, ending at $54.55.
Biotech ended the day slightly underwater. The Centient Biotech 200™ slid 3 points lower to 3802, a loss of .09%. The S&P 500 was down by .38% and Nasdaq was off .25%.
Source: CentientInvestor.com
RELATED READING:
- Biotech Daily Review: NPS Cuts Staff Again
- Biotech Daily Review: Critical Therapeutics Climbs On Co-Promotion Deal
- Biotech Daily Review: Glaxo Gets Approval For Tykerb
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Centient Biotech Investor
Adams Respiratory (ARXT) fell 25% after announcing that lower incidence of upper respiratory infections will reduce its revenues during the last two quarters of its fiscal 2007, which ends on June 30. The company said Q3 revenues will be between $80 and $85 million. That number is up from last year’s sales of $76 million, but considerably below the $111 recorded in Q2. Revenue for all of 2007 will be about $330 million, a large increase from the $239 million recorded in fiscal 2006. Adams said it thinks inventories are about normal because stores have been reducing orders in anticipation of the end of the cough/cold season. Adams Respiratory dropped $9.45 to end at $28.22.
Tongjitang Chinese Medicines (TCM) priced its IPO at $10, a 38% reduction from the initial range of $15-$17 (see story). Tonjitang slipped 25 cents from its IPO price, closing at $9.75.
Hollis-Eden Pharma (HEPH) said it would not spend any money on a clinical trial of Neumune, its treatment for anthrax, without a promise from the government to purchase the drug. The Department of Health and Human Services refuses to buy the drug without a clinical trial. Neumune was the only drug in contention for an advance purchase contract, but HHS decided it did not have enough information on the drug. Hollis-Eden contends that Neumune is the most advanced of any candidate for anthrax treatment/prevention. Investors were cheered by the news, and they sent Hollis-Eden 29% higher. It moved up 74 cents to $3.25.
Micromet (MITI) has out-licensed a cancer drug candidate to Tracon Pharma for up to $100 million in upfront and milestone payments. The drug is a D93 antibody that inhibits angiogenesis, tumor cell growth and metastasis by targeting cleaved collagen. Micromet has already applied to the FDA to begin clinical tests of the compound. Micromet gained 35 cents to end at $3.25.
Endo Pharma (ENDP) and Vernalis (VNLS) reported the FDA will take an additional 3 months to review the supplemental new drug application for Frova, a drug that is seeking to be indicated as a preventative for menstrual migraine. The FDA asked that data be re-organized, and the new presentation delayed review of the drug. The new PDUFA date is August 19, 2007. Endo Pharma was off a penny and $28.78, but Vernalis moved up 15 cents to $2.45.
Exelixis (EXEL) submitted an investigational new drug application for XL147, a new oral anti-cancer compound that inhibits phosphoinositide-3 kinase (PI3K). Activation of PI3K promotes tumor cell growth and resistance to chemotherapy and radiotherapy. Exelixis slipped 6 cents to $9.49.
Roche (RHHBY) has returned all the assets of a HIV fusion inhibitor peptide program to Trimeris (TRMS), retaining only a nominal royalty on sales of any approved products. The collaboration, which began in 2000, was developing TRI-1144, which now belongs to Trimeris. Roche may work on HIV gp41 fusion inhibitor peptides, but Trimeris has the right to opt-in on the program. Roche also returned other assets from a 1999 partnership, although it kept its rights to distribute Fuzeon. Trimeris gained 30%, climbing $2.95 to $7.12.
GlaxoSmithKline (GSK) reported that adding the asthma medication Advair, its highest producer of revenue, to COPD drug Spiriva did not meet the level of statistical significance in helping patients with COPD, or smoker’s lung. According to the Canadian researchers, the combination reduced hospitalizations and improved quality of life, but it did not lower the number of exacerbations, which was the endpoint of the trial. GSK dropped 17 cents, ending at $54.55.
Biotech ended the day slightly underwater. The Centient Biotech 200™ slid 3 points lower to 3802, a loss of .09%. The S&P 500 was down by .38% and Nasdaq was off .25%.
Source: CentientInvestor.com
RELATED READING:
- Biotech Daily Review: NPS Cuts Staff Again
- Biotech Daily Review: Critical Therapeutics Climbs On Co-Promotion Deal
- Biotech Daily Review: Glaxo Gets Approval For Tykerb
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