Health Care Sector Update for 03/17/2017: CRMD,THLD,INNL

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Health care stocks were set for a mixed close on Friday, with the NYSE Health Care Index rising less than 0.1% while shares of health care companies in the S&P 500 were down over 0.3% as a group.

In company news, CorMedix Inc ( CRMD ) slumped Friday after the therapeutics products company disclosed it isn't generating enough revenue to be profitable and will need additional funding to complete a late-stage trial that began in December examining how its Neutrolin anti-infective solution works with patients receiving hemodialysis treatments.

The company also is looking to bring on a partner to assist with its financial needs and warned it may have to pare back its operations if it is unable to find extra funding, according to a regulatory filing this morning. In addition to the current study with dialysis patients, CorMedix is hoping to begin Phase III testing of Neutrolin in oncology patients using catheters.

CRMD shares were down over 17% at $1.71 each, bouncing back from an over 30% mid-morning decline to a session low of $1.44 a share.

In other sector news,

(+) THLD, Agrees to merge with Molecular Templates in a stock swap that will give THLD shareholders with a 34.4% stake in the combined companies. Longitude Capital also pledges $20 mln equity investment at the close of the transaction.

(-) INNL, Reports non-GAAP Q4 net loss of $0.26 on about $600,000 in revenue compared with Street view expecting a $0.39 per share net loss on $1.34 mln in revenue. Also continuing to explore strategic options and plans to soon update investors on recent discussions with FDA about its Xaracoll implant device.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , US Markets
Referenced Symbols: CRMD ,

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