Healthcare Biz Wrap: Arena Gets DISSED, Eli Lilly Gets A SETBACK
Eli Lilly (NYSE:LLY) gets a setback in its attempts to overcome its patent expirations, reporting that its pomaglumetad methionil treatment for an acute exacerbation of schizophrenia missed the primary endpoint in an evaluation. For the present, the firm will await the results of additional trials prior to deciding its next steps.
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Arena’s (NASDAQ:ARNA) near-famous new drug Belviq won’t be the cash cow that people expect, says Jim Cramer, as he noted that Arena will receive only 40 percent of the revenues from treatment, and the treatment isn’t as effective as was first thought. Cramer also remarked that Belviq is not as good as Vivus’ (NASDAQ:VVUS) yet-to-be-approved Qnexa. Needless to say, shares moved down Wednesday.
Shares of ImmunoGen (NASDAQ:IMGN) tumble after hours, subsequent to an announcement of a stock offering of undisclosed size. ImmunoGen is working to bring its cancer treatments to market, and is thus hemorrhaging cash as it does so.
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