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Sector Update: Healthcare Stocks Higher; Pluristem up 8% as Clinical Hold Lifted

Posted
9/16/2013 7:54:00 AM
By: MT Newswires
Referenced Stocks:CHMT;IC;PSTI;TEVA

Healthcare stocks:

JNJ: +0.90%

PFE: +0.74%

ABT: flat

MRK: flat

AMGN: +0.83%

Healthcare shares are higher in pre-market. Pluristem Therapeutics ( PSTI ) is up 8.4% at $3.49 after the FDA has lifted the clinical hold previously placed on the company's U.S. Phase II Intermittent Claudication ( IC ) study on June 4.

In its letter to Pluristem, the FDA indicated Pluristem had satisfactorily addressed all the clinical hold issues and the company may proceed with the study.

And, Teva Pharmaceutical Industries Ltd. ( TEVA ) and Cancer Research Technology Ltd., Cancer Research UK's technology development arm, have signed a multi-project alliance agreement to research and develop cancer drugs that modulate DNA damage and repair response processes in cancer cells.

The alliance will span the drug discovery process - from new target validation - proving a protein's importance as a therapeutic target, though to lead optimization - synthesizing compounds for further development as potential drugs. TEVA slipped $0.08 cents to $38.26 in pre-market trade.

Finally, Chemtura ( CHMT ) is flat in pre-market trade after it said it will be implementing a price increase for Diphenylamine in all packages by $0.10 per kilo, effective Sept. 15, 2013, or as contracts allow. The price revision came as a compensation for continuous increases in raw material and manufacturing costs.

Additionally, the company's business unit Petroleum Additives declared a price hike for its Naugalube ADPA products including Naugalube 438L, Naugalube 640, Naugalube 680 and Naugalube 750 by $0.50 per kilo, effective Sept. 15, 2013, or as per the contracts. This price increase is also a compensatory action against the cost increases. Prices for its natural fatty acid-based lubricant products were also increased by up to 20%, effective Oct. 1, 2013, or as contracts allow. This price hike resulted from a global supply and demand imbalance that led to an escalation of raw material costs required to manufacture the lubricants.