Healthcare Biz Recap: Complete Genomics CUTS Costs, Abbott Labs Teams Up
Complete Genomics (NASDAQ:GNOM) says that it’s laying off about 20 percent of its workforce in order to cut costs and has hired a financial adviser to help it explore ‘strategic options’, which could mean the possible sale of the company. In addition, the firm also announces that it is postponing the expansion its monthly genome capacity until customer demand increases. However, Leerink Swann views these factors as positives for Illumina (NASDAQ:ILMN), and also predicts that GNOM’s steps might stabilize pricing in the entire human genome sequencing market.
Abbott Labs (NYSE:ABT) and Neurocrine Biosciences (NASDAQ:NBIX) jointly launch a 24-week Phase III trial of elagolix, a treatment for endometriosis, which is a debilitating gynecological disease that affects around 100 million women globally and can cause infertility.
Earnings Report: Cooper Companies Second Quarter Earnings Sneak Peek.
Shares of BioSante (NASDAQ:BPAX) continue their huge upwards rise on heavy volume, following the reverse stock split on Friday that allowed the firm to retain its Nasdaq listing. On Wednesday, CEO Stephen Simes is scheduled to provide an update on the Phase III trials of BioSante’s LibiGel testosterone gel and a review of results involving its GVAX cancer immunotherapies, as well.
The Medicines Co. (NASDAQ:MDCO) may benefit from new antibiotics regulation that, if passed, will extend the market exclusivity period for new antimicrobial drugs by five years, and grant six additional months of data exclusivity for antibiotics with companion diagnostics, says Leering Swann. The analyst also opines that MDCO’s Oritavancin could qualify for an additional five years of “antibiotic exclusivity,” which it estimates could double the drug’s value.
Want news like this in real-time so you can get an edge? Click here for Wall St. Cheat Sheet Pro.