Sanofi & Isis Report Negative EU Opinion, Cytori’s Stock Offering: Healthcare Business Recap
The Sanofi-Aventis (NYSE:SNY) subsidiary Genzyme and Isis Pharmaceuticals (NASDAQ:ISIS) said that the Committee for Medicinal Products for Human Use of the European Medicines Agency has adopted a negative opinion for their marketing authorization application for Kynamro (mipomersen) for the treatment of patients suffering from Homozygous Familial Hypercholesterolaemia. However, Genzyme will request a re-examination of the Committee opinion.
Shares of Boston Scientific Corporation (NYSE:BSX) were upgraded from Equal Weight to Overweight at Barclays along with a price target boost from $6 to $7. The stocks are up modestly in late afternoon trading, having closed Thursday at $5.63.
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Cytori Therapeutics (NASDAQ:CYTX) reported Friday the sale of 7.02 million shares of its common stock in an underwritten public offering at a price to the public of $2.85. The net offering proceeds to the firm are anticipated to be about $18.5 million after the subtraction of underwriting discounts and commissions along with other estimated offering expenses but excluding any exercise of the underwriters over-allotment option.
Vanda Pharmaceuticals (NASDAQ:VNDA) reported on Friday that the European Medicines Agency’s Committee for Medicinal Product for Human Use has released a negative opinion, recommending against approval of Fanaptum (oral iloperidone tablets) for the treatment of schizophrenia in adult patients in the European Union. The Committee’s opinion was that the benefits of Fanaptum did not surpass its risks and thus recommended against marketing authorization at this time. For its part, Vanda will appeal this opinion and ask for a re-examination of the decision.
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