Healthcare stocks were slightly lower today with the NYSE Healthcare Sector Index falling about 0.1% and shares of healthcare companies in the S&P 500 retreating less than 0.1% as a group.
In company news, Adamis Pharmaceuticals Corp ( ADMP ) rose Wednesday and the specialty drug-maker late yesterday closing on a $5 million private placement of 1.42 million shares of Series A convertible preferred stock.
The new preferred shares are convertible into common stock on a 1-for-1 basis. The transaction with an unnamed institutional healthcare investor also saw the company issue an unspecified number of five-year warrants to purchase additional stock with a $3.40 exercise price.
Net proceeds from the deal will be used for general corporate purposes, including the expected commercial launch of ADMP's pre-filled epinephrine syringe product. The company filed a New Drug Application for the single-use syringe in May and the U.S. Food and Drug Administration July 29 accepting that application for review.
ADMP shares recently were ahead more than 9% at $3.70 apiece, earlier rising to a session high of $3.81 a share. The stock has traded within a 52-week range of $2.62 to 11.90 a share, falling nearly 52% over the past 12 months.
In other sector news,
(+) PTX, (+15.5%) Acquires all of GlaxoSmithKline's ( GSK ) rights to Treximet migraine treatment after securing necessary financing. Agrees to continue GSK's current product developments efforts with Pozen ( POZN ) and undertake certain new activities.
(-) NBY, (-34.9%) Said its NVC-422 ophthalmic drug candidate did not meet primary or secondary endpoints during Phase II study in patients with adenoviral conjunctivitis.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.