Friday’s Top Biotech & Medical Stocks
by H.S. Ayoub
BioHealth Investor
Biotechnology
REXAHN PHARMACEUTICL [RXHN.OB] +21.74%
XTL BIOPHARMACEUTICA [XTLB] +19.19%
OXIGENE INC [OXGN] +9.01%
CORCEPT THERAPEUTICS [CORT] +8.89%
NORTHWEST BIOTH NEW [NWBO.OB] +8.44%
Diagnostic Substances
ASPENBIO PHARMA INC [APPY] +11.30%
EPICEPT CORPORATION [EPCT] +4.55%
INTERLEUKIN GENETICS [ILI] +4.39%
NEOGEN CP [NEOG] +2.96%
ICAGEN, INC. [ICGN] +2.56%
Drug Delivery
ALKERMES INC [ALKS] +3.95%
DELCATH SYSTEMS INC [DCTH] +3.76%
ARADIGM CORP [ARDM.OB] +1.53%
ELAN CP PLC ADR [ELN] +1.06%
QUIGLEY CORP THE [QGLY] +0.98%
Drug Manufacturers
AVANIR PHARMACEUTICL [AVNR] +7.00%
NEUROLOGIX INC [NRGX.OB] +5.83%
PHARMAXIS LTD ADR [PXSL] +5.68%
CARDIOME PHARMA NEW [CRME] +3.17%
NEXMED INC [NEXM] +3.12%
Drug Related Products
SCHIFF NUTRIT INTL [WNI] +9.91%
PACIFICHEALTH LABS [PHLI.OB] +5.71%
NATROL INC [NTOL] +5.63%
IMAGENETIX INC [IAGX.OB] +3.96%
MANNATECH INC [MTEX] +2.02%
Generic Drugs
CATALYST PHARMACEUTI [CPRX] +10.34%
WATSON PHARMACEUTCLS [WPI] +1.35%
BARR PHARMA INC [BRL] +1.30%
ISOLAGEN INC [ILE] +1.14%
Medical Appliances & Equipment
WORLD HEART CORP [WHRT] +44.07%
RESTORE MEDICAL INC [REST] +10.64%
CRYOLIFE INC [CRY] +9.50%
PATIENT SAFETY TECH [PSTX.OB] +8.80%
REFLECT SCIENTIFIC [RSCF.OB] +8.33%
Medical Instruments & Supplies
ENCISION INC [ECI] +16.67%
MILESTONE SCIENTIFIC [MLSS.OB] +16.13%
NEPHROS INC. [NEP] +14.78%
LEMAITRE VASCULAR [LMAT] +11.70%
OPHTHALMIC IMAGING SYS INC [OISI.OB] +10.29%
Medical Laboratories & Research
INSIGHT HLTH SVC HLD [ISGT.OB] +14.29%
BIO-IMAGING TECH [BITI] +5.98%
RADNET INC [RDNT] +4.34%
BIO-REFERENCE LAB [BRLI] +3.12%
LABORATORY CORP NEW [LH] +1.68%
- Thursday’s Top Biotech & Medical Stocks
- Wednesday’s Top Biotech & Medical Stocks
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Thursday’s Top Biotech & Medical Stocks
by H.S. Ayoub
BioHealth Investor
Biotechnology
HEMISPHERX BIOPHARMA [HEB] +16.44%
SEQUENOM INC [SQNM] +15.03%
SINOVAC BIOTECH LTD [SVA] +12.72%
NORTHWEST BIOTH NEW [NWBO.OB] +9.76%
CERUS CORP [CERS] +9.50%
Diagnostic Substances
NYMOX PHARM CORP [NYMX] +5.47%
NEOGEN CP [NEOG] +3.94%
INTERLEUKIN GENETICS [ILI] +3.64%
AVALON PHARMACEUTIC [AVRX] +3.33%
GENELABS TECH INC [GNLB] +3.28%
Drug Delivery
ULURU INC [ULU] +4.35%
COLUMBIA LABS INC [CBRX] +1.93%
INSITE VISION INC [ISV] +1.71%
ACURA PHARMACEUTICAL [ACUR.OB] +1.18%
BENTLEY PHARMACEUTIC [BNT] +0.87%
Drug Manufacturers
TAPESTRY PHARMA INC [TPPH] +24.60%
SIGA TECH INC [SIGA] +16.34%
DUSA PHARM INC [DUSA] +11.39%
ELITE PHARMA INC [ELI] +9.76%
NEURO-HITECH INC [NHPI] +8.62%
Drug Related Products
TIENS BIOTECH GR USA [TBV] +8.11%
PRESTIGE BRAND HLGS [PBH] +4.17%
XELR8 HOLDINGS, INC [BZI] +3.96%
MANNATECH INC [MTEX] +3.93%
ZILA INC [ZILA] +2.70%
Generic Drugs
MYLAN LABS INC [MYL] +4.57%
HELICOS BIOSCIENCES [HLCS] +1.71%
HI-TECH PHARMACAL [HITK] +1.01%
BARR PHARMA INC [BRL] +0.55%
Medical Appliances & Equipment
ROCKWELL MED TECHS [RMTI] +18.45%
NATUS MEDICAL INC [BABY] +9.99%
ENDOCARE INC [ECRE.OB] +6.29%
ALPHA PRO TECH [APT] +5.73%
GIVEN IMAGING LTD [GIVN] +5.71%
Medical Instruments & Supplies
EP MEDSYSTEMS INC [EPMD] +10.56%
ISORAY INC [ISR] +9.71%
NUCRYST PHARMACEUTIC [NCST] +7.51%
XTENT INC [XTNT] +6.79%
STRATEGIC DIAGNOST [SDIX] +6.57%
Medical Laboratories & Research
AETERNA ZENTARIS [AEZS] +4.35%
PREMD INC [PME] +4.07%
ERESEARCHTECHNOLOG [ERES] +2.15%
RADNET INC [RDNT] +2.03%
GENOMIC HEALTH, INC. [GHDX] +0.97%
- Wednesday’s Top Biotech & Medical Stocks
- Tuesday’s Top Biotech & Medical Stocks
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Wednesday’s Top Biotech & Medical Stocks
by H.S. Ayoub
BioHealth Investor
Biotechnology
NPS PHARM INC [NPSP] +18.81%
EMERGENT BIOSOLUTION [EBS] +18.36%
INCYTE CORP [INCY] +13.50%
SINOVAC BIOTECH LTD [SVA] +11.57%
GENITOPE CORPORATION [GTOP] +11.56%
Diagnostic Substances
MERIDIAN BIOSCIENC [VIVO] +6.18%
LEXICON PHARMACEUTCL [LXRX] +4.87%
ASPENBIO PHARMA INC [APPY] +3.72%
AKORN INC [AKRX] +3.45%
IMMUNOMEDICS INC [IMMU] +3.14%
Drug Delivery
ALKERMES INC [ALKS] +7.43%
FLAMEL TECH SA ADR [FLML] +6.41%
COLUMBIA LABS INC [CBRX] +6.15%
QUIGLEY CORP THE [QGLY] +5.71%
EMISPHERE TECH [EMIS] +5.63%
Drug Manufacturers
PROTALEX INC [PRTX.OB] +8.00%
SIMCERE PHARMA ADS [SCR] +7.32%
ALLOS THERAPEUTICS [ALTH] +6.38%
PHARMACYCLICS INC [PCYC] +4.44%
Drug Related Products
CHINA SHENGHUO PHARM [KUN] +25.00%
MANNATECH INC [MTEX] +9.14%
AUXILIUM PHARMACEUT [AUXL] +3.77%
USANA HEALTH SCIEN [USNA] +3.46%
DRAXIS HEALTH INC [DRAX] +3.17%
Generic Drugs
ISOLAGEN INC [ILE] +3.53%
HELICOS BIOSCIENCES [HLCS] +2.94%
BARR PHARMA INC [BRL] +1.88%
CATALYST PHARMACEUTI [CPRX] +1.66%
WATSON PHARMACEUTCLS [WPI] +1.58%
Medical Appliances & Equipment
LECTEC CORP [LECT.OB] +20.00%
ACCURAY INCORPORATED [ARAY] +11.56%
ZYNEX MEDICAL HLDGS [ZYNX.OB] +6.67%
SPAN AMERICA MED S [SPAN] +6.32%
SPECTRASCIENCE NEW [SCIE.OB] +5.26%
Medical Instruments & Supplies
MEMRY CORPORATION [MRY] +8.23%
NUCRYST PHARMACEUTIC [NCST] +5.40%
PROTHERICS PLC ADR [PTIL] +5.33%
CHINA MEDICAL TECH [CMED] +3.74%
NEUROMETRIX, INC. [NURO] +3.71%
Medical Laboratories & Research
NSIGHT HLTH SVC HLD [ISGT.OB] +47.37%
MEDTOX SCIENTFIC INC [MTOX] +7.36%
BIO-IMAGING TECH [BITI] +3.10%
ERESEARCHTECHNOLOG [ERES] +2.73%
QUEST DIAGNOSTC [DGX] +1.18%
- Tuesday’s Top Biotech & Medical Stocks
- Monday’s Top Biotech & Medical Stocks
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Tuesday’s Top Biotech & Medical Stocks
by H.S. Ayoub
BioHealth Investor
Biotechnology
SEQUENOM INC [SQNM] +16.04%
CERAGENIX PHARMACUTL [CGXP.OB] +13.45%
VIA PHARMACEUTICALS [VIAP] +11.44%
CYTORI THERAPEUTICS [CYTX] +6.43%
CERUS CORP [CERS] +6.24%
Diagnostic Substances
ASPENBIO PHARMA INC [APPY] +25.18%
SYNTA PHARMACEUTICAL [SNTA] +4.47%
LEXICON PHARMACEUTCL [LXRX] +3.25%
NYMOX PHARM CORP [NYMX] +2.81%
AKORN INC [AKRX] +2.59%
Drug Delivery
ACURA PHARMACEUTICAL [ACUR.OB] +9.33%
ELAN CP PLC ADR [ELN] +2.43%
ULURU INC [ULU] +2.27%
PETMED EXPRESS INC [PETS] +1.86%
MATRIXX INITIATVS [MTXX] +1.63%
Drug Manufacturers
PRANA BIO LTD ADS S1 [PRAN] +8.95%
UNIGENE LABS INC [UGNE.OB] +7.89%
MARSHALL EDWARDS [MSHL] +6.87%
ELITE PHARMA INC [ELI] +5.64%
NOVOGEN LTD ADS [NVGN] +5.61%
Drug Related Products
CHINA SHENGHUO PHARM [KUN] +22.53%
CURATECH INDUSTRIES [CUTC.OB] +20.00%
LABOPHARM INC. [DDSS] +11.84%
ZILA INC [ZILA] +3.54%
MEDICAL NUTRITN USA [MDNU] +2.82%
Generic Drugs
CATALYST PHARMACEUTI [CPRX] +5.59%
HELICOS BIOSCIENCES [HLCS] +5.59%
ISOLAGEN INC [ILE] +2.74%
BARR PHARMA INC [BRL] +1.09%
MYLAN LABS INC [MYL] +0.79%
Medical Appliances & Equipment
SIGNALIFE INC. [SGN] +18.06%
IVIVI TECHNOLOGIES, [II] +8.68%
CAMBRIDGE HEART INC [CAMH.OB] +7.62%
ACCURAY INCORPORATED [ARAY] +7.34%
DYNATRONICS CP [DYNT] +6.67%
Medical Instruments & Supplies
INOVIO BIOMED CORP [INO] +18.10%
STEN CORPORATION [STEN] +6.37%
OCULUS INNOVATIVE SC [OCLS] +6.20%
ARISTOTLE CP [ARTL] +5.56%
CRYOCOR, INC. [CRYO] +5.38%
Medical Laboratories & Research
INSIGHT HLTH SVC HLD [ISGT.OB] +18.75%
SPHERIX INC [SPEX] +5.42%
MEDTOX SCIENTFIC INC [MTOX] +3.34%
GENOMIC HEALTH, INC. [GHDX] +2.94%
QUEST DIAGNOSTC [DGX] +1.78%
- Monday’s Top Biotech & Medical Stocks
- Friday’s Top Biotech & Medical Stocks
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Several Lessons to be Learned from Sonus
by Brett Scott
Sizz’s Biotech Blog
Sonus Pharmaceuticals (SNUS) announced today that its breast cancer drug Tocosol paclitaxel did not meet its primary endpoints in a phase III trial and, therefore, the company will not pursue a new drug application. The announcement sent shares tumbling some 85% in pre-market trading. I got burned in this one as well, but there are several lessons that we (including myself) can take away from this one.
1: Risk
As I have mentioned before, and as should be pretty common understanding to most investors, development-stage biotech companies carry a lot of risk, and their stocks should only be traded by those that are willing to take on risk. Sonus is very speculative, especially considering all of its future was riding on this one clinical trial.
Investors should be willing to hedge this risk, so that they aren’t just gambling. To do that, investors can use options (I suggested using options to play Sonus back in August) or split their speculative money between companies. Option players right now are probably a lot better off than longs. October $5 call options would have cost you $0.90 last week, and losing $90 is a considerable less loss than buying 100 shares at $4.35 and having to sell today at $0.70 for a loss of $365.
Personally, I have my speculative money split between several companies, which included Sonus. I will take a good loss on Sonus, but like I said, it was with speculative money and I was willing to take that risk. However, with my other positions, I have been able to hedge some of that risk because (if I’ve done my homework right) I will make (or already have made) money on those positions.
2. If it seems too good to be true, it probably is
When I wrote about Sonus in August, there were several factors that made this seem too good to be true. 1) There were few shorts, 2) All the analysts were talking good about it, and 3) The message boards were too positive. Development-stage biotechs, especially ones with data coming out that is going to make-or-break the company should have more people on both sides of the fence. Sonus was dominated with positive sentiment. This is a lesson that I’ll definitely take out of this experience.
The positive sentiment was very encouraging, and the fact that I had found Sonus to be undervalued based on my fair value estimation make this a tough one to believe. But it just goes to show, that stock trading is not for the weak and a fair value estimation, is just that: an estimation.
Sizz’s Biotech Blog is a regular contributor to BioHealth Investor
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Monday’s Top Biotech & Medical Stocks
by H.S. Ayoub
BioHealth Investor
Biotechnology
XOMA LTD [XOMA] +12.19%
NEURALSTEM INC [CUR] +10.55%
GENITOPE CORPORATION [GTOP] +7.40%
THIRD WAVE TECH IN [TWTI] +7.18%
NORTHFIELD LABS IN [NFLD] +6.40%
Diagnostic Substances
[IMRX] +13.95%
MYRIAD GENETICS [MYGN] +6.75%
ASPENBIO PHARMA INC [APPY] +5.69%
MONOGRAM BIOSCIENCES [MGRM] +4.08%
EZ EM INC [EZEM] +3.79%
Drug Delivery
ACURA PHARMACEUTICAL [ACUR.OB] +6.38%
INSITE VISION INC [ISV] +3.48%
QUIGLEY CORP THE [QGLY] +2.34%
ELAN CP PLC ADR [ELN] +0.80%
ARADIGM CORP [ARDM.OB] +0.72%
Drug Manufacturers
LANNETT COMPANY INC [LCI] +5.99%
SANTARUS, INC. [SNTS] +5.42%
ALEXZA PHARMACEUTICA [ALXA] +4.78%
ACUSPHERE INC [ACUS] +4.61%
JAVELIN PHARMACEUTIC [JAV] +4.31%
Drug Related Products
MANNATECH INC [MTEX] +8.56%
TIENS BIOTECH GR USA [TBV] +5.56%
USANA HEALTH SCIEN [USNA] +4.01%
SCHIFF NUTRIT INTL [WNI] +1.69%
PRESTIGE BRAND HLGS [PBH] +1.27%
Generic Drugs
PHARMACUTICAL CO [PRX] +2.37%
ISOLAGEN INC [ILE] +1.22%
BARR PHARMA INC [BRL] +0.15%
WATSON PHARMACEUTCLS [WPI] +0.06%
Medical Appliances & Equipment
PATIENT SAFETY TECH [PSTX.OB] +26.21%
SIGNALIFE INC. [SGN] +15.20%
SRI/SURGICAL EXPRE [STRC] +9.08%
HANSEN MEDICAL, INC. [HNSN] +7.22%
IVIVI TECHNOLOGIES, [II] +5.81%
Medical Instruments & Supplies
EP MEDSYSTEMS INC [EPMD] +9.43%
MILESTONE SCIENTIFIC [MLSS.OB] +8.02%
ORTHOVITA INC [VITA] +6.76%
VASCULAR SOLUTIONS [VASC] +5.31%
KENSEY NASH CP [KNSY] +5.24%
Medical Laboratories & Research
NATL DENTEX CP [NADX] +9.90%
MEDTOX SCIENTFIC INC [MTOX] +2.15%
PREMD INC [PME] +1.71%
NEOGENOMICS INC [NGNM.OB] +0.75%
SPHERIX INC [SPEX] +0.61%
- Friday’s Top Biotech & Medical Stocks
- Thursday’s Top Biotech & Medical Stocks
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Wall Street Journal 2007 Technology Innovation Winners
by H.S. Ayoub, DMD
BioHealth Investor
The Wall Street Journal announced its annual Technology Innovation Winners of 2007. Here are the winners and runners-up in the Medical/Biotech and Medical Devices categories:
MEDICAL/BIOTECH
Winner:
Novarits (NVS) & Speedel (J6H1.F)
For finding a new approach to lowering high blood pressure. Novartis licensed Tekturna to Speedel to manufacture commercial quantities, then Novartis bought the drug back in 2002.
Runners-Up:
Genaco Biomedical Products, a unit of Qiagen (QGEN)
Using a single test to identify infectious organisms
Shire (SHPGY)
Treatment for Hunter syndrome, Elaprase
Abbott Laboratories (ABT)
Self-injectable treatment for Crohn’s Disease, Humira
Schering-Plough (SGP)
Treatment for invasive fungal infections, Noxafil
MEDICAL DEVICES
Winner:
SeQual Technologies
The Eclipse, a 17-pound portable system that can provide concentrated oxygen for therapy.
Runners-UP:
Fonar (FONR)
Upright MRI, with improved imaging for babies, negating use of sedation.
Kyphon (KYPH)
Titanium implate to treat symptoms of lumber spoinal stenosis, X-Stop.
BioHealth Investor.com
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Friday’s Top Biotech & Medical Stocks
by H.S. Ayoub
BioHealth Investor
Biotechnology
SIRTRIS PHARMA INC. [SIRT] +14.00%
SINOVAC BIOTECH LTD [SVA] +11.03%
GENETIC TECH SPON [GENE] +10.22%
CORCEPT THERAPEUTICS [CORT] +9.84%
LIPID SCIENCES INC [LIPD] +8.85%
Diagnostic Substances
SYNTA PHARMACEUTICAL [SNTA] +10.12%
ORCHID CELLMARK INC [ORCH] +9.36%
ASPENBIO PHARMA INC [APPY] +9.24%
NYMOX PHARM CORP [NYMX] +6.46%
PRESSURE BIOSCIENC [PBIO] +5.60%
Drug Delivery
QUIGLEY CORP THE [QGLY] +17.74%
FLAMEL TECH SA ADR [FLML] +5.71%
BENTLEY PHARMACEUTIC [BNT] +4.12%
ELAN CP PLC ADR [ELN] +3.57%
MATRIXX INITIATVS [MTXX] +2.10%
Drug Manufacturers
LANNETT COMPANY INC [LCI] +21.64%
[SCMP] +8.82%
SIMCERE PHARMA ADS [SCR] +8.74%
REGENERX BIOPHARM IN [RGN] +5.88%
DEPOMED INC [DEPO] +5.07%
Drug Related Products
TIENS BIOTECH GR USA [TBV] +12.50%
CHINA SHENGHUO PHARM [KUN] +5.26%
MEDICAL NUTRITN USA [MDNU] +2.44%
N B T Y INC [NTY] +1.72%
PACIFICHEALTH LABS [PHLI.OB] +1.58%
Generic Drugs
ISOLAGEN INC [ILE] +4.70%
PHARMACUTICAL CO [PRX] +2.24%
BARR PHARMA INC [BRL] +2.05%
HELICOS BIOSCIENCES [HLCS] +1.98%
MYLAN LABS INC [MYL] +0.66%
Medical Appliances & Equipment
CYNOSURE, INC. [CYNO] +12.85%
SHAMIR OPTICAL INDUS [SHMR] +7.43%
VISION SCIENCES IN [VSCI] +7.07%
DEL GLOBAL TECH CORP [DGTC.OB] +5.56%
CANDELA CP [CLZR] +5.49%
Medical Instruments & Supplies
OCULUS INNOVATIVE SC [OCLS] +11.84%
NUCRYST PHARMACEUTIC [NCST] +10.84%
BIOMIMETIC THERAPEUT [BMTI] +8.55%
ADVANCED MED OPTICS [EYE] +5.79%
MEMRY CORPORATION [MRY] +5.30%
Medical Laboratories & Research
ALLIANCE IMAGING INC [AIQ] +4.59%
ARRAY BIOPHARMA IN [ARRY] +3.21%
NEOGENOMICS INC [NGNM.OB] +3.08%
MEDTOX SCIENTFIC INC [MTOX] +2.97%
AETERNA ZENTARIS [AEZS] +2.72%
- Thursday’s Top Biotech & Medical Stocks
- Wednesday’s Top Biotech & Medical Stocks
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Profile: RxElite Holdings
RxElite Holdings
1404 North Main Street
Suite 200
Meridian, Idaho 83642
U.S.A.
Phone: 800-414-1901
Fax: (208) 288-1191
consumercare@rxelite.com
RxElite Holdings, Inc. (SOUT.OB) is a specialty pharmaceutical company that develops, manufactures, and markets generic prescription drug products in specialty generic markets. These markets include products in the areas of anesthesia, sterile liquid dose drugs (including respiratory inhalation drugs, ophthalmics, and injectable drugs), and transdermal patch products.
By utilizing “best in class” manufacturing and research and development partners, RxElite has created a dynamic, integrated team with a deep knowledge of the generic prescription pharmaceutical market. RxElite has built a strong base in sterile liquid dose manufacturing and is continuing to add select oral solid dose manufacturing capabilities.
The RxElite management team brings together experience in customer relationship management, pharmaceutical manufacturing, generic pharmaceutical development, supply chain management, and finance.
Founded in December 2000, RxElite has built significant sales and distribution channels in the U.S. Market. RxElite has implemented an aggressive generic product development and launch plan that will considerably strengthen our product portfolio over the next five years, through internal ANDA registrations and growing our partnerships with major international generic manufacturers.
Positioned as a strong player in the generic pharmaceutical market, RxElite is committed to providing the highest quality products at the best prices, with 100% deliverability.
We are committed to provide the following benefits to our clients and their customers:
Quality - RxElite products meet or exceed the industry’s highest quality standards ensuring long-term satisfied customers.
Price - Utilizing the latest manufacturing technology and low cost distribution methods, RxElite is positioned to maintain price leadership.
Deliverability - RxElite has maintained a 100% order fulfillment rate since inception and will continue to strive to meet this standard.
RxElite’s end goal: To be the generic buyer’s “vendor of choice” in each of our products.
This is a BioHealth Investor company profile. Promote your company, learn how…
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Morons and Other Biotech Management Types
by Michael Shulman
BiotechBlitz
There is an aura around life sciences and biotech companies — an aura that projects the notion that management is very intelligent and the best our nation or the world can produce. They have Ph.D.s and M.D.s out the wazoo. What this aura often hides is the incredible number of morons that also exist in the industry.
One dictionary defines moron as a stupid person, a dolt. Dolt is defined as stupid, a person who is not very bright. Now we are getting somewhere! Someone who is not very bright, like a research scientist turned manager who cost shareholders in BioCryst $100 million dollars in market cap last night. Needless to say, I am a shareholder. And also needless to say I am not happy.
BioCryst (BCRX) announced yesterday that the company’s Phase II trial for flu treatment Peramivir failed to reach its clinical endpoint. The headline made me nauseous and caused aftermarket investors to bid the stock down more than 30%. Sadly, the information that the company was moving on to Phase III trials — and the drug was quite effective in a large subgroup of more than 100 patients and the reason it failed to meet its endpoint was that the needles used in the trial were too small to penetrate the increasingly fat butts found in patients — was placed too far down in the copy for nervous investors and traders.
You can’t make this stuff up!
Obesity is epidemic, airlines are widening seats and the rocket scientist at BCRX who designed the trial used a needle that was too small to properly administer the drug. The Phase I trial for Peramivir used a longer needle.
BioCryst switched to a shorter needle because it thought it might be more comfortable for the patients — and either did not bother to test the new needle beforehand, or tested it on the wrong sampling of a patient group before finalizing design of the trial.
Surreal! The best analogy would be NASA re-doing heat shields on the shuttle and not testing them with real heat to see of they worked.
In (grudging) fairness to BCRX, the relatively new CEO Jon Stonehouse — a very operations-oriented exec recruited out of big pharma — inherited this trial, as did several new members of his management team.
I don’t envy him the past few months. He also inherited a trial for leukemia treatment Fodosine that was canceled because the stopper used for the vials that held the drug corroded a bit and contaminated the drugs used in the trials.
As I said you cannot make this stuff up.
Sadly for may investors, these miscues that cost investors hundreds of millions of dollars are more the rule than the exception among smallish biotechs. These outfits, typically started by doctors and scientists (occasionally accused of arrogance) place their emphases on molecules and raising money, while operational details often get lost, including crucial ones like the size of a needle for a clinical trial.
For example, Dendreon (DNDN) did not bring an attorney to its FDA panel meeting and initially allowed the panel to vote on its drug based on the wrong wording of the question dictated by FDA regulations. I have been to investor presentations where companies truly needing to broaden their investment base speak in biotech-lab gibberish and are frustrated when they cannot get their message across.
I have had the good fortune of spending time with Jon Stonehouse — don’t take this post personally Jon — and he is a highly competent fellow with the advantage of not having a Ph.D. or M.D. next to his name on his business card.
He will figure this out — but take some unsolicited advice, Jon — hire some more guys like you and get rid of the weenies with too many graduate degrees. They are better suited to a college campus or managing a clinical trial program in China.
Do you know of a company that has made these kinds of gaffes? Come and post.
BiotechBlitz is a regular contributor to BioHealth Investor
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