Healthcare Stocks in Decline; Oxygen Biotherapeutics Rallies on Plans to Bring Heart Drug to Late-Stage Trial

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Healthcare stocks are lower this afternoon with the NYSE Healthcare Sector Index sliding about 0.1% and shares of healthcare companies in the S&P 500 are down 0.4% as a group.

Healthcare stocks are lower this afternoon with the NYSE Healthcare Sector Index sliding about 0.1% while shares of healthcare companies in the S&P 500 are down 0.4% as a group.

In company news, Oxygen Biotherapeutics ( OXBT ) is up nearly 28% this afternoon and the clinical-stage drug manufacturer saying it expects to enroll the first patients for Phase III testing of its recently acquired levosimendan drug candidate in cardiac surgery patients at risk for developing low cardiac output syndrome in July 2014.

OXBT obtained levosimendan as part of its acquisition of selected assets from Phyxius Pharma completed last month. Phyxius co-founder and CEO John Kelley also joined OXBT, along with two other senior executives.

Levosimendan was discovered and developed by a Finnish drug-maker, Orion Pharma, and is already approved for use in over 50 countries although is not yet available in the United States. OXBT obtained exclusive rights to develop the drug in North America from Phyxius, which previously secured FDA fast-track status for a Phase III trial.

In other sector news,

(+) PSDV, (+34%) Said licensee Alimera Sciences ( ALIM ) has begun labeling discussions with the FDA for its Iluvien drug candidate, making a scheduled meeting next month with an advisory panel about the potential diabetic macular edema treatment unnecessary.

(-) CVM, (-20%, near record lows) Prices offering of 4.76 mln equity units at 63 cents each, generating $3 mln in gross proceeds to fund Phase III testing of its Multikine vaccine for brain and head cancer. Units consisted of one share and one warrant exercisable at $1.25.



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This article appears in: Investing , Commodities

Referenced Stocks: ALIM , OXBT

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