24/7 Wall St. » LJPC

Many Biotechs Barely On Life Support (BPAX, CEGE, EPIX, IDMI, LJPC, NRGN, NFLD, TPTX)

247wallst — Wed, 13 May 2009 16:31:51 +0000

We have run a watch list of companies under their own strategic review, and the number of biotech (or grouped with biotech) stocks under this description is just staggering. We published a full review of this over at BioHealthInvestor.com. The list includes Biosante Pharmaceuticals, Inc. (NASDAQ: BPAX), Cell Genesys, Inc. (NASDAQ: CEGE), EPIX Pharmaceuticals, Inc. (NASDAQ: EPIX), IDM Pharma, Inc. (NASDAQ: IDMI), La Jolla Pharmaceutical Co. (NASDAQ: LJPC), Neurogen Corporation (NASDAQ: NRGN), Northfield Laboratories Inc. (NASDAQ: NFLD) and TorreyPines Therapeutics, Inc. (NASDAQ: TPTX) are all under strategic reviews and their futures are probably questionable at best.

You can read that full report here at the BioHealthInvestor.com website.

Jon C. Ogg
May 13, 2009

Posted in Accounting, Biotech, Drug companies, FDA, Medical, Mergers and Buy Outs, Pharmaceuticals, Trading Alert Tagged: BPAX, CEGE, EPIX, IDMI, LJPC, NFLD, NRGN, TPTX

La Jolla Gets More Hope (LJPC, BMRN)

247wallst — Tue, 06 Jan 2009 17:01:01 +0000

La Jolla Pharmaceutical Company (NASDAQ: LJPC) has been more than just a troubled biotech. It has even been considered an at-risk entity by some traders after it had been down more than 90% at one point, but the company may have just gotten a much needed lifeline.

It has signed a development and commercialization pact with BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) for its Riquent®. This is La Jolla’s investigational drug for lupus nephritis, a candidate being evaluated in a Phase 3 clinical study for orphan disease Lupus Nephritis. Under the terms of the agreement, BioMarin will receive a co-exclusive license to develop and commercialize Riquent. La Jolla could receive up to $289 million in cash if everything materializes properly.

Full details of the pact are available at BioHealthInvestor.com.

Jon C. Ogg
January 6, 2009

Posted in Biotech Tagged: BMRN, LJPC

Biotech Business Daily (BIIB, GSK, ILMN, IVGN, LJPC, SIRT, STEM)

247wallst — Wed, 23 Apr 2008 11:55:00 +0000

Biogen Idec (NASDAQ: BIIB) is sliding marginally despite reported earnings today that showed a 23% increase in earnings riding on sales growth on Avonex and Rituxan. The earnings beat estimates and the company raised its outlook. Shares are down $1.06 to $63.56 on a 52-week range of $45.77 to $84.75.

GlaxoSmithKline (NYSE: GSK) is up a marginal 1.5% to $44.42 on a 52-week range of $40.51 to $59.15. Today, the company showed a 13% decline in profit due to increased generic purchases that cut into sales on anti-depressants and heart medications. Yesterday, the company offered to purchase Sirtris Pharmaceuticals for $720 million.

Illumina Inc. (NASDAQ: ILMN) shares are up $8.12, 11%, after solid first quarter earnings that beat estimates and a strong positive outlook. The company posted earnings of $13.4 million after showing a loss of $298 the same quarter last year. Shares are trading at $80.59 and the 52-week range is $31.66 to $79.90.

Invitrogen Corp. (NASDAQ: IVGN) is up 7% after first quarter earnings showed doubled profit on sales increases, beating estimates. The company posted earnings of $58.7 million and $1.19 EPS. Shares are trading at $93.73 on a 52-week range of $65.00 to $99.15.

La Jolla Pharmaceutical Co. (NASDAQ: LJPC) reported positive results on interim antibody data on Riquent for treatment of lupus. Lupus is a condition in which antibodies attack tissues. The results showed that higher dosages of the treatment reduced levels of antibodies more effectively. The late stage trial is expected to close in the second half of 2009. Shares are up 18% to $2.15 on a 52-week range of $1.45 to $7.10.

Sirtris Pharmaceuticals, Inc. (NASDAQ: SIRT) is seeing shares up a whopping 82% after GlaxoSmithKline (NYSE: GSK) offered to buy the company yesterday for $22.50 per share, an 84% premium to Tuesday’s close, for a total value of $720 million. Sirtris focuses on enzymes that affect the aging process and is developing a type-II diabetes treatment. Sirtris shares are up $10.07 to $22.30. The 52-week range is $9.50 to $21.99.

StemCells (NASDAQ: STEM) received a patent for neural stem cells from all tissue sources. This patent will require all other third parties seeking to commercialize neural stems cells to obtain a license from StemCells. Shares are up $0.18 to $1.55, a 13% jump. The 52-week range is $1.00 to $2.83.

Rachel Lopez
April 23, 2008