Healthcare Stocks Losing Ground in Late Trade; RedHill Biopharma Adds 8% After Pocketing $2.5 Mln in New Funds

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Healthcare stocks were ending slightly lower this afternoon, giving back small gains earlier in the session and with the NYSE Healthcare Sector Index down 0.1% and shares of healthcare companies in the S&P 500 also declining about 0.1% as a group.

In company news, RedHill Biopharma ( RDHL ) was holding on to a better than 8% gain in late Tuesday trade, with shares maintaining a perch within 20 cents of its session high at $12.00 each after the company announcing a $2.5 million private placement of stock and warrants with Broadfin Capital.

The clinical-stage drug-maker plans on using proceeds from the financing for general working capital as well as ongoing research and development, including work on its lead gastrointestinal programs - RHB-104 for Crohn's disease and RHB-105 for H. pylori infection.

Both prospective drugs are currently in Phase III testing.

In other sector news,

(+) QDEL, FDA grants 510(k) clearance for the company's AmpliVue Group B Strep Assay, the company's non-instrumented molecular diagnostic test for the virus carried by 10% to 30% of pregnant women and causing sepsis and pneumonia in newborns.

(-) STSI, Confirms receipt of FDA warning letter about Anatabloc and CigRx because the two consumer products contain anatabine, a new dietary ingredient requiring premarket notification. Also arranges $15 mln credit facility running through April 15 with former CEO Jonnie Williams Sr.



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This article appears in: Investing , Commodities

Referenced Stocks: RDHL

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