Top Health Care Stocks
Health care stocks extended their declines this afternoon, with the NYSE Health Care Index declining nearly 0.5% while shares of health care companies in the S&P 500 were down over 0.3% as a group.
In company news, shares of Chinese herbal medicine company Shineco Inc ( TYHT ) slumped Monday, sinking over 14% to a session low of $2.81 apiece after the holding company today said it has agreed to a strategic cooperation pact with an experienced grower and seller of apocynum, a herb that grows throughout most temperate regions of the world and can be used to make tea, fiber or even a cardiac stimulant for patients with heart arrhythmia.
Under terms of the Sept. 21 agreement, Shineco will invest around RMB47.5 million, or about $7.19 million, and will hold a 95% stake in the new joint venture to be known as Xinjiang Shineco Taihe Agriculture Technology Ltd. Jianjun Wang, an apocynum expert, will put up a RMB2.5 million stake and own the remaining 5% of the venture.
The joint venture expects to eventually farm around 50,000 acres of apocynum amd Shineco is estimating the new business will contribute around $40 million in revenue to the company by the end of 2018.
In other sector news,
(+) ARDM, FDA begins accelerated priority review of its Linhaliq drug candidate for non-cystic fibrosis bronchiectasis in patients with chronic Pseudomonas aeruginosa infections. The agency also set a Jan. 26, 2018, deadline to finish its review of the new drug application for Linhaliq.
(-) ATOS, Contracts with Stockholm South General Hospital in Sweden to conduct a Phase II evaluation of its Endoxifen topical treatment for women to reduce mammographic breast density, which other studies have shown to lower the risk of developing breast cancer.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.