Pfizer Makes Payment To Isis, AtriCure Survives Miss: Healthcare Business Update
Pfizer (NYSE:PFE) will pay a $1.25 million contingent payment to Isis Pharmaceuticals (NASDAQ:ISIS), triggered by the former’s decision to advance EXC 001 into a Phase 2 study. Last year, Isis received $4.4 million for its equity ownership of Excaliard from Pfizer’s purchase of Excaliard Pharmaceuticals and, except for the $1.25 million, is eligible to receive $8.35 million more in contingent payments upon the achievement of various milestones linked with the clinical and commercial progress of EXC 001, also referred to as PF-06473871. Additionally, Isis remains eligible for milestone and royalty payments under its licensing agreement with Excaliard for EXC 001.
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Shares of AtriCure (NASDAQ:ATRC) moved up despite a disappointing third quarter report that missed on all points. However, total revenue increased, and investors seem to be optimistic after the firm named Michael Carrel as its new president and chief executive, who joins the company effective immediately.
A less-than-anticipated 33 cents per share loss for the third quarter sent Dendreon Corporation (NASDAQ:DNDN) much higher on the day. Revenues jumped by 21.3 percent year-over-year to $78 million on the strength of its urology and oncology divisions, but that figure still slightly missed estimates by $2.7 million.
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