Healthcare stocks are steeply lower, with the NYSE Healthcare
Sector Index plunging more than 1.7% while shares of healthcare
companies in the S&P 500 dropped 1.8% as a group.
In company news, NanoString Technologies (
) shares were lower Friday after the genetic testing company late
Thursday priced a $55 million, follow-on offering of common stock
at $18.50 apiece, or about 6.5% below the stock's closing price on
Jan. 17 before the company earlier this week disclosed plans to
sell more stock.
The company, which has developed tools that can extract genetic
information from minute amounts of tissue, plans to use net
proceeds from the offering to further commercialize its Prosigna
prognostic assay for the gene signature for breast cancer,
including establishing a dedicated oncology sales force.
It also wants to target a portion of the funds to expand the
clinical uses for the Prosigna system and enlarge the customer base
among researchers in the life sciences for the company's nCounter
analysis systems. It also may use funds to acquire or license
complementary products and technologies, adding it does not have
any deal in the works at this time.
Shares were down nearly 10% at $17.70 each in recent trade,
after establishing a new intra-day low of $17.65 earlier this
afternoon. The stock has a 52-week range of $7.01 to $20.79 a share
and was up 95.6% through Thursday's close after pricing its June 26
initial public offering of stock at $10 a share.
In other sector news,
(+) BDSI, (+32.5%) Together with Endo Health Solutions Inc. (
) announces positive top-line results from Phase III efficacy study
of their BEMA buprenorphine to treat moderate to severe chronic
pain in patients requiring around-the-clock opioid therapy for an
extended period of time. ENDP was down 0.7%.
(-) KIPS , (-14.1%) Prices underwritten public offering of 5.525
mln shares of its common stock at $0.70 each, generating $3.675 mln
gross proceeds. Net proceeds are slated for development, clinical
trials and seeking regulatory approval for the company's eSVS Mesh
in the U.S. and abroad.