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Editor's Note:
Looking to start the second half of this year with fresh perspective? Start with Biotech 2013: Capturing Value, Burrill & Company's invaluable, one-stop resource for making sense of today’s changing life sciences landscape. Order the print and digital edition bundle for $50 off when you use the code: BESTOFBOTH.
Will Harlem Be the Next Hotspot for Innovation
Podcast: July 8, 2013
New York’s Harlem is not generally thought of as a hotbed of biomedical innovation, but a new incubator looking to hatch life sciences startups may soon change that. This fall, Harlem Biospace will launch with $626,000 in backing from the New York Economic Development Corporation. We spoke to Sam Sia, founder of Harlem Biospace and an associate professor of biomedical engineering at Columbia University, about the incubator, the challenges entrepreneurial academics face in New York City, and the environment for biomedical startups in the Big Apple. Read More Here
By The Numbers
|
Biggest movers for the week ending July 5, 2013
|
| TICKER |
COMPANY |
CLOSING PRICE 6/28/2013 |
CLOSING PRICE 7/5/2013
|
PRICE CHANGE |
PERCENT CHANGE |
|
| ADVANCERS |
| ONXX |
Onyx Pharmaceuticals |
86.82 |
136.03 |
49.21 |
56.7% |
| TSE:4584 |
Gene Techno Science |
2976 |
4610 |
1634 |
54.9% |
| CLDX |
Celldex Therapeutics |
15.61 |
21.27 |
5.66 |
36.3% |
| JASDAQ:4582 |
SymBio Pharmaceuticals |
450 |
600 |
150 |
33.3% |
| Nasdaq:AMBI |
Ambit Biosciences |
7.00 |
9.20 |
2.20 |
31.4% |
| DECLINERS |
| ACHN |
Achillion Pharmaceuticals |
8.18 |
6.19 |
-1.99 |
-24.3% |
| KIOR |
KiOR |
5.71 |
4.75 |
-0.96 |
-16.8% |
| PPGN.Y |
Phosphagenics |
3.58 |
3.05 |
-0.53 |
-14.8% |
| JASDAQ:4978 |
ReproCell |
18300 |
15730 |
-2570 |
-14.0% |
| INSM |
Insmed |
11.96 |
10.34 |
-1.62 |
-13.5% |
| Includes life sciences stocks with closing price of $1 or more on June 28, 2013, |
Onyx Pharmaceuticals Soars On Acquisition Speculations
Stocks moved higher in a shortened trading week. Recently released jobs data suggest that the seasonal weakness interrupting minor recoveries in 2011 and 2012 was largely insignificant this year. Some analysts are confident that the economy will withstand the transition from a stimulus-driven economy to a market-driven economy as the Fed reduces supports. For the week, the Dow Jones Industrial Average was up 1.5 percent, the S&P 500 up 1.6 percent, and the Nasdaq Composite was up 2.2 percent. Biotech led the index advancers, with the NYSE Biotech index up 4.1 percent and the Burrill Select index up 3.6 percent.
Onyx Pharmaceuticals shares rose 56.7 percent during the week, to $136 per share from $86.8 per share due to activity surrounding it’s rejection of an unsolicited $120 per share cash takeover bid from Amgen. “We are actively exploring the potential to combine Onyx with another company,” said Onyx CEO Tony Coles, while calling the Amgen offer “significantly undervalued.” The offer was 37 percent greater than Onyx’s 20-day average per share price before the bid was disclosed. More than 8.5 million shares traded during the week, the largest volume since June 2012.
Achillion Pharmaceuticals was down 24.3 percent during the week after it announced that the U.S. Food and Drug Administration placed a clinical hold on its experimental drug for the treatment of hepatitis C. Results of a drug-drug interaction study in healthy subjects indicated a metabolic interaction that elevated liver enzymes, markers of toxicity. Achillion expects to provide the FDA with additional data to clear the clinical hold within six weeks.
Cardio3 BioSciences Goes Public
Belgian biotech’s IPO brings to 30 the number of completed life sciences initial public offerings so far in 2013.
Cardio3 BioSciences became the third European biotech to go public so far this year, following the IPO of the French biotech Erytech at the beginning of May, and the U.S. IPO of Dutch biotech Prosensa at the end of June. The Belgian maker of an experimental treatment for heart failure priced 1.38 million shares at $21.50 each, at the low end of its target range, to raise $29.7 million. Read More Here
| BURRILL INDICES |
12/31/2012 |
6/28/2013 |
7/05/2013 |
Week Change |
Year Change |
| Burrill Select |
589.98 |
784.72 |
812.86 |
3.6% |
37.8% |
| Burrill Large Cap |
711.61 |
934.69 |
994.62 |
6.4% |
39.8% |
| Burrill Mid-Cap |
309.52 |
384.17 |
407.87 |
6.2% |
31.8% |
| Burrill Small Cap |
105.48 |
130.81 |
141.52 |
8.2% |
34.2% |
| Burrill Diagnostics |
191.32 |
206.26 |
210.76 |
2.2% |
10.2% |
| Burrill Personalized Medicine |
118.52 |
146.77 |
149.33 |
1.7% |
26.0% |
| Burrill Biogreentech |
163.09 |
174.62 |
177.29 |
1.5% |
8.7% |
| NASDAQ |
3019.51 |
3403.25 |
3479.38 |
2.2% |
15.2% |
| DJIA |
13104.14 |
14909.60 |
15135.84 |
1.5% |
15.5% |
| S&P 500 |
1426.19 |
1606.28 |
1631.89 |
1.6% |
14.4% |
| Amex Biotech |
1547.03 |
1956.26 |
2036.95 |
4.1% |
31.7% |
| Amex Pharmaceutical |
369.57 |
413.90 |
418.60 |
1.1% |
13.3% |
| NASDAQ Biotechnology Index |
1430.81 |
1813.15 |
1900.59 |
4.8% |
32.8% |
California Life Sciences Companies Lead in Venture Financings
Golden State startups account for 38 percent of total raised in first half of 2013.
Privately-held life sciences companies based in California raised $1.8 billion in financing in the first half of 2013, accounting for 38.1 percent of the $4.8 billion in total capital raised during that time, according to an analysis by The Burrill Report. Read More Here
Genentech Strikes Immunotherapy Deal with Immunocore
Biotech’s platform generates modified T-cell receptors as drugs that target cancer and viral infection.
Genentech has agreed to pay Immunocore between $10 million and $30 million each for new cancer immunotherapies developed using the U.K. biotech’s drug development platform.Read More Here
Eisai Suspends Sales of Anti-epileptic Drug Fycompa In Germany
Japanese drugmaker says assessment falls short of recognizing its product's value.
Eisai has temporarily suspended commercial distribution of its anti-epileptic drug, Fycompa, in Germany after regulators issued an assessment that would sharply limit what Eisai could charge for the drug there. Read More Here
Biogen licenses Myelin Repair Foundation Tech in Fight Against MS
MRF mouse model provides unique characteristics for development of wide range of therapeutics.
Biogen Idec says it will use technologies sub-licensed from The Myelin Repair Foundation to generate a novel mouse model for all demyelinating diseases, including multiple sclerosis.Read More Here
FDA Gives Antibacterial Drug Developers New Guidance
To address growing drug resistance, agency seeks new mechanisms of action, ability to neutralize resistance.
The U.S. Food and Drug Administration has issued new draft guidance for companies developing antibacterial drugs to fight infections caused by drug-resistant organisms. Read More Here
Unique Treatment for Type 1 Diabetes Shows Promise
Novel reverse DNA vaccine improves pancreas function.
An innovative DNA vaccine against type 1 diabetes has shown potential in a mid-stage trial to target rogue cells that kill off insulin-producing beta cells in people with the chronic disease. Read More Here
Decision Misprision
SCOTUS ruling a set back to addressing quality concerns in generic drugs.
It seems that lately, when it comes to healthcare policy, we are living in the land of unintended consequences. Read More Here
SEC Investigates Call Options Trading of Onyx Pharmaceuticals Stock
The weekly round-up of failed trials, missed targets, and other business mishaps.
The United States Securities and Exchange Commission has filed a complaint alleging that traders using call options made $4.6 million in potentially illegal profits over three days by trading on insider knowledge related to Amgen’s purchase offer for Onyx Pharmaceuticals.Read More Here
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