Healthcare stocks were narrowly mixed in late trade with the
NYSE Healthcare Sector Index declining less than 0.1% while shares
of healthcare companies in the S&P 500 were ahead about 0.1% as
In company news, shares of Biodel Inc. (
) fell Monday after the specialty drug-maker today disclosed a
purchase agreement with an institutional investor for as much as
$15 million of its stock.
Under the terms of the purchase agreement, Lincoln Park Capital
LLC agreed to buy up to $15 million of BIOD stock - equal to around
7.3 million shares at Friday's closing price of $2.06 a share -
over the next three years in groups of between 150,000 to 250,000
shares at time of BIOD's choosing.
The company issued 95,000 shares to Lincoln Park Capital when
the deal was finalized, according to securities documents filed
today. BIOD expects to use proceeds from upcoming stock sales to
fund its auto-reconstitution glucagon rescue program through the
filing of a New Drug Application with the U.S. Food and Drug
BIOD shares were down nearly 4% in late trade at $1.98 apiece,
just 2 cents off its session low. The stock has traded within a
52-week range of $1.85 to $6.08 a share, falling 55% over the past
In other sector news,
(+) CCM, Declares special dividend of $0.30 per share, payable
Sept. 30 to shareholders of record on Aug. 8.
(-) ACRX, Receives Complete Response Letter from the FDA seeking
additional information about its Zalviso pain-management system for
post-operative patients. The company expects to resubmit its New
Drug Application by the end of the year.
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