Top Health Care Stocks
Health care stocks were posting strong gains on Monday, including a 0.7% rise for the the NYSE Health Care index. Also, shares of health care stocks in the S&P 500 index climbing nearly 0.9% while the Nasdaq Biotechnology Index was edging 0.3% higher.
Among health care stocks moving on news:
+ Mylan ( MYL ) advanced almost 2% on Monday after the pharmaceuticals company began US sales of a generic version of Norartis' ( NVS ) Exelon transdermal patch to treat dementia and other memory problems in patients with mild, moderate or severe Alzheimer's disease and mild or moderate forms of Parkinson's disease. Mylan previously received final approval from the US Food and Drug Administration of the abbreviated new drug application for two dosing levels of its Rivastigmine transdermal patch. "The launch of generic Exelon Patch is another example of the investment Mylan is continuing to make into products that are difficult to develop and manufacture, particularly in transdermal drug-delivery systems," Mylan president Rajiv Malik said in a statement.
In other sector news:
+ Benitec Biopharma ( BNTC ) was more than 67% higher Monday afternoon, easing from a nearly 119% advance soon after the opening bell, that followed the Australian specialty drugmaker announcing an exclusive agreement granting global rights to its AXO-AAV-OPMD treatment for oculopharyngeal muscular dystrophy to Axovant Sciences ( AXON ). Under terms of the new partnership, Benitec will receive a $10 million upfront cash payment plus another $17.5 million after four meeting near-term manufacturing, regulatory, and clinical milestones. The companies will also collaborate on a total of five additional investigational gene therapy products for neurological disorders, with Axovant fully funding each research program.
+ Soligenix ( SNGX ) jumped as much as 16% early Monday after saying the biotech company said it received notices of allowance from regulators in Europe and Canada for patent applications seeking to extend protections for its proprietary ThermoVax vaccine heat stabilization technology. The main claims in these new patents cover formulations of the biotech company's RiVax thermo-stabilized vaccine for ricin toxin.
- Cytori Therapeutics (CYTX) has turned lower during Monday trading, quickly giving back a nearly 11% opening surge that followed the biotech company saying its Cytori cell therapy continued to show a statistically significant improvement in patients with erectile dysfunction 12 months after their initial procedures in a follow-up phase I study. According to the company, the median erection hardness score was unchanged in the combined group of 21 patients one year after surgery although patients in the continent subset showed improvement from a baseline median score of one point to a median of two points higher and a score of 8 after 12 months.