Forget ImClone, Cadence Pharma Is Today’s Biotech Winner (CADX, IMCL)
You’ve already seen and read all over the web about Carl Icahn receiving a letter from Bristol-Myers that the company is offering $60.00 to acquire Imclone Systems Inc. (NASDAQ: IMCL). There is a stock moving far more than ImClone, yet it is no buyout.
Cadence Pharmaceuticals, Inc. (NASDAQ: CADX) has received written guidance from the FDA noting that one post-operative pain trial and one fever trial are sufficient to meet the pivotal clinical trial requirements for its New Drug Application for Acetavance
This pertains to the company’s intravenous formulation of acetaminophen to treat acute pain and fever in adults and children. Both studies have already been completed with positive outcomes and it is not required to initiate any additional clinical trials of Acetavance for its NDA submission.
What is crucial here is that teh company is pre-revenue stage and has only been spending cash on R&D. Cadence is up 75% in early trading at $11.28, which is actually styill not a new high.
52-Week range: $4.84 to $15.70
Avg. Volume: 115,000 shares
Market Cap: $433 million (after huge gains)
Options: N/A
Jon Ogg
July 31, 2008