Top Health Care Stocks
Health care stocks were ending with small declines, with the NYSE Health Care Index slipping 0.3%, giving back a narrow advance, while shares of health care companies in the S&P 500 were down 0.1% as a group.
In company news, Oasmia Pharmaceutical ( OASM ) was finishing with a strong gain, with American depository shares of the Swedish oncology drug company rising over 18% this afternoon after acquiring a novel cancer project from Karo Pharma for around $2.7 million in stock.
In a regulatory filing, Oasmia late Friday disclosed it was in talks about a potential deal, adding it expected to release more information by Monday "at the latest." The company today said Karo's KB9520 has demonstrated promising results for a number of different types of cancer during pre-clinical testing.
Oasmia issued around 3 million of its shares to Karo priced at SEK 8.12 (91 cents) apiece, diluting its existing investors by about 2.6%. During development, Oasmia will be responsible for all project costs and it has also pledged to share 20% of all future revenues generated by KB9520 with Karo.
OASM ADS were up nearly 15% in late trade at $3.09 apiece, easing slightly from a session high of $3.20 a share.
In other sector news,
(-) INO, FDA places clinical hold on proposed Phase III trial for VGX-3100 drug candidate, seeking more information to support shelf-life of disposable parts of Cellectra 5PSP immunotherapy delivery device.
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