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Sector Update: Healthcare; Cardiome Posts Wider Q2 Loss, Concordia Healthcare Enrolls First Patients in Phase 2 Trial of Photodynamic Therapy with PHOTOFRIN

Healthcare stocks were mixed in afternoon trading, with the S&P/TSX Healthcare index down 0.7%.

Valeant Pharmaceuticals (VRX.TO): -2.6%

Cardiome Pharma (COM.TO): +5.2%

Tekmira Pharmaceuticals (TKM.TO): +10.4%

Concordia Healthcare (CXR.TO): -0.8%

Cipher Pharmaceuticals (DND.TO): +6.7%

In company news, Cardiome Pharma Monday reported a wider Q2 net loss that was bigger than analyst expected while revenue from drug sales increased sharply but also missed the Street view. The pharmaceutical company posted a Q2 net loss of $4.2 million, or $0.26 per share, compared with a net loss of $2.8 million, or $0.22 per share, a year earlier. On average, analysts surveyed by Capital IQ expected a loss of $0.12 per share. Revenue for the quarter soared to $7.7 million from $107,000 a year earlier; Cardiome had no product sales in Q2 2013, so its only revenue source in the prior-year period was from licensing, royalty and other fees. Analysts were expecting revenue of $8 million for the latest period.

Meanwhile, Concordia Healthcare said its subsidiary Pinnacle Biologics, Inc., a biopharmaceutical research and development company specializing in rare diseases, enrolled the first patients in a randomized Phase 2 trial to evaluate Photodynamic Therapy ( PDT ) with PHOTOFRIN for patients with epithelioid malignant pleural mesothelioma (MPM).

Mesothelioma is a rare, aggressive and deadly cancer that most often manifests itself in the lining of the lungs and is caused almost exclusively by exposure to asbestos. The study is expected to enroll 102 patients over four years.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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