Healthcare stocks are mostly higher, with the NYSE Healthcare
Sector Index advancing 0.4% while shares of healthcare companies in
the S&P 500 are up 1.1% as a group.
In company news, Echo Therapeutics (
) is down 3% at $2.59 a share, just 4 cents off its intra-day low
after late Thursday disclosing CEO Patrick Mooney was fired,
effective Sept. 28, and is being replaced on an interim basis by
board executive chairman Robert Dorman.
The medical device firm also said in a regulatory filing on
Thursday it has laid off 33% of its workforce - equal to around
about 15 employees - and is expecting to record around $91,000 in
severance costs during Q3. No other expenses are expected connected
to the downsizing.
In a move likely connected to its cost-cutting efforts, ECTE
said Dorman's salary also was cut roughly 36% from $2,500 per day
to $8,000 weekly.
In other sector news,
(+) DSCO, (+41.7%) FDA agrees to the company's updated product
specifications for Surfaxin intratracheal suspension and approves
it for the prevention of respiratory distress syndrome in premature
(-) LCI, (-12.5%) Proposes underwritten public offering of new
shares by the generic drug-maker as well as shares now held by
selected shareholders. The number of shares to be offered and by
whom has not yet been disclosed.
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