Posts for Ticker ‘PCOP’

Biotech Bonanza: Ligand Takes out Pharmacopeia (LGND, PCOP)

This might not be the biggest of biotech mergers out there, but deals are continuing in the bio-space.  Ligand Pharmaceuticals Incorporated (NASDAQ: LGND) has entered into a definitive merger agreement to acquire Pharmacopeia (NASDAQ: PCOP) in a deal valued up to $70 million.

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Posted on: September 24, 2008 – 5:52 pm in Biotech, Mergers and Buy Outs, ,

Hypertension Results Drive Pharmacopeia (PCOP)

Pharmacopeia, Inc. (NASDAQ: PCOP) is seeing shares surge in pre-market and at the open of trading today.

The company said that PS433540, its first-in-class Dual Acting Receptor Antagonist, showed statistically significant blood pressure reductions in a Phase IIa study in patients with mild to moderate hypertension.

PS433540 is being evaluated and developed as a potential treatment for hypertension and diabetic nephropathy, and the company said this is a novel blood pressure product candidate that possesses two validated action mechanisms in a single molecule.

The data will be presented today at the at the American Society of Hypertension Scientific Meeting and Exposition in New Orleans.

The company has also announced that it will seek to release a Phase IIb result of 375 subjects in Stage I and II hypertension to evaluate safety and efficacy at three different doses versus placebo at the end of 2008.

While there are millions of Americans with hypertension and while there are many hypertension medications that have been on the market for years, the novel aspect of this is the single molecule that addresses hypertension and the possible complications from that mixed with diabetes.

Shortly after the open, shares are up almost 40% at $4.49 on nearly 1 million shares.  Its 52-week trading range is $2.89 to $6.14 and its current market cap is only $133 million.  As of last look, the company had $61.4 million in cash on the books.

Jon C. Ogg
May 16, 2008

Posted on: May 16, 2008 – 8:43 am in Biotech,

Pharmacopeia Scores Another Milestone (PCOP, GSK)

Pharmacopeia (Nasdaq: PCOP) has announced that it will receive a milestone payment of $5 million from GlaxoSmithKline (NYSE: GSK), bringing the total received to over $16 million in connection with its ongoing development and commercialization alliance.

The trigger for the additional milestone was Pharmacopeia’s completion of certain early discovery activities under its agreement with Glaxo. This alkso notes that Pharmacopeia is entitled to success-based milestone payments that can total up to $83 million per program for any drug development program pursued through the multi-program alliance.  It can also receive up to double-digit royalties on the sales of any products commercialized by Glaxo under the alliance.

Before any pop here, Pharmacopeia had a mere $102 million market cap and had roughly $71.3 million in cash and equivalents on the books, and it also carried $67.3 million in total liabilities.

Jon C. Ogg
March 18, 2008

Posted on: March 18, 2008 – 6:38 am in Biotech, ,

The Day In Biotech Stocks (January 28, 2008) (ACOR, BIIB, CELG, PHRM, CRXX, LIPD, MDVN, PCOP)

Acorda Therapeutics inc. (NASDAQ: ACOR) showed late stage trial results on its drug candidate Fampridine-SR for treating multiple sclerosis.  This data showed that Fampridine, which is designed to treat multiple sclerosis, did not increase patients’ QT interval Associated with Arrhythmia more than a placebo did.  Shares were up $4.29 at $26.07 mid-day.

Amylin Pharmaceuticals Inc. (NASDAQ: AMLN) is set to report earnings after the closing bell, with First Call estimates at -$0.44 EPS on revenues of $202.58 million Shares were up less than 1% at $32.74 on the day ahead of earnings.

Carl Icahn has nominated three individuals for the board of directors in Biogen-Idec (NASDAQ: BIIB) in his activist efforts to move the shares.  Biogen-Idec shares were down $0.90 to $58.02 mid-day.

Celgene Corporation (NASDAQ: CELG) was cleared today by German regulation to proceed with its acquisition of Pharmion. Stocks are up over 3% to $53.31 at mid-day. Pharmion Corp. (NASDAQ: PHRM) shares were up 1.8% to $67.44.

CombinatoRx Inc. (NASDAQ: CRXX) shares fell almost 7% to $4.80 mid-day on thin trading volume.  Technically there was no news today, although this followed guidance last week of losses below view.

Lipid Sciences, Inc. (NASDAQ: LIPD) announced positive trial results in non-human SIV-infected primates in its proprietary deplidated autogolous virus vaccine. Share prices were up more than 15% or $0.09 to $0.65 at mid-day.

Medivation, Inc. (NASDAQ: MDVN) rose after it announced that, based on its end-of-Phase 2 meeting with the FDA, it plans to begin a pivotal confirmatory Phase III trial of Dimebon for mild-to-moderate Alzheimer’s Disease in the second quarter of 2008.  Shares rose $2.36 to $17.21 by mid-day on this data.

Pharmacopeia, Inc. (NASDAQ: PCOP) shares fell over 10% to $4.37 at mid-day on thin-trading volume. There has been no recent news.

Jon C. Ogg
January 28, 2008

Posted on: January 28, 2008 – 1:43 pm in Biotech, , , , , , , , , , ,

Pre-Market Stock News (November 27, 2007)

Below is a snapshot of much of the pre-market news moving individual stocks this morning:

  • Activision (ATVI) raised guidance on Guitar Hero III sales; stock up 8% pre-market.
  • Barrier Therapeutics (BTRX) announced positive results of higher dose escalation clinical safety study with pramiconazole.
  • Casual Male (CMRG) indicated lower after missing earnings and guiding lower.
  • CIGNA (CI) is acquiring Great-West Healthcare for $1.5 Billion.
  • Citigroup (C) sold a $7.5 Billion stake to Abu Dhabi Fund.
  • GlobalSantaFe (GSF) has received a subpoena from the SEC seeking documents related to the company’s ongoing internal investigation.
  • Hydrogenics (HYGS) received a $1.7 million order for three fuel cell hybrid MiniBuses for an Expo in Spain.
  • Osiris Therapeutics (OSIR) announced positive one-year data from Chondrogen trial for knee repair in its preparation of adult stem cells formulated for direct injection into the knee.
  • Penford Corp (PENX) announced a 2 Million share common stock offering, although this was under the existing shelf offering.
  • Pharmacopeia (PCOP) and GlaxoSmithKline identified two new additional lead compounds that will trigger milestone payment of $1 million to Pharmacopeia.
  • Qiao Xing (XING) telegraphss medium and long-term business plans and will continue to take steps to ensure growth of 20% to 30% per year for the next 5-years.
  • Sepracor (SEPR) announced the completion of its SEC investigation and no enforcement action was recommended.
  • Smith & Nephew (SNN) announces precautionary knee recall.
  • Staples (SPLS) $0.42 EPS vs $0.40 est.
  • Tech Data (TECD) $0.73 EPS vs $0.60 est. (unsure if comparable) sales guidance for Q4 looks a tad light.
  • Tenet Healthcare (THC) entered into a new national insurance coverage agreement with UnitedHealthcare (UNH).

Jon C. Ogg
November 27, 2007

Jon Ogg produces the 24/7 Wall St. Special Situation Investing Newsletter; he does not own securities in the companies he covers.

Posted on: November 27, 2007 – 8:14 am in Pre-Market Activity, , , , , , , , , , , , , , , ,