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.

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

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: RDHL

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