Biotech and the cancer treatment segment of the biotech market has been a hot area for some time with important cancer stocks like large cap Celgene Corporation (NASDAQ: CELG) and small caps Array BioPharma (NASDAQ: ARRY), Cancer Genetics Inc (NASDAQ: CGIX), EXACT Sciences Corporation (NASDAQ: EXAS) and MetaStat Inc (OTCMKTS: MTST) all producing a steady flow of important news for investors this week or in recent weeks. Consider the following:
Celgene Corporation Reports Strong Earnings. Yesterday, large cap Celgene Corporation beat third-quarter estimates and raised guidance when it reported an 18% revenue increase to $1.67 billion (thanks in part to new cancer drugs) while adjusted net income increased 19% to $669 million. Celgene Corporation also said that full-year product sales are now expected to exceed the previously guided $6.2 billion (but didn't say by how much) plus the company lifted and tightened its 2013 EPS range to $5.90 to $5.95. However, CFO Jacqualyn Fouse also stated that this year's fourth quarter will suffer from the entrance of a generic version of its Vidaza drug, a treatment for myelodysplastic syndromes, plus the company is ramping up spending ahead of the expected launch of apremilast, a psoriasis treatment awaiting an FDA decision by the end of the first quarter. Celgene Corporation is up 103.2% since the start of the year, up 110.2% over the past year and up 174.9% over the past five years.
AstraZeneca Initiates Phase 3 Clinical Trial For Array BioPharma's Selumetinib. Earlier this week, AstraZeneca plc (NYSE: AZN) announced the first patient randomized in a Phase 3 clinical trial for selumetinib, an oral, potent, selective MEK inhibitor that is being investigated as second-line therapy in patients with advanced or metastatic non-small-cell lung cancer (NSCLC) whose tumors are KRAS mutation-positive. That's good news for small cap Array BioPharma which invented and licensed worldwide rights to develop and commercialize selumetinib to AstraZeneca in 2003 as AstraZeneca's Phase 3 trial triggered a $5 million milestone payment. Array BioPharma also retains significant economic rights to selumetinib, including double digit royalties on global commercial sales and the potential for approximately $70 million in additional milestone payments. Small cap Array BioPharma is up 54.4% since the start of the year, up 23.8% over the past year and up 42.6% over the past five years.
Cancer Genetics Announces the Pricing on a Share Offering. Small cap Cancer Genetics, a diagnostics company focused on developing genomic-based, oncology tests and services, recently announced the pricing of its underwritten public offering of 2,858,000 shares at a price to the public of $14.00 per share to raise gross proceeds of $40 million to fund its Mayo Clinic joint venture, expand sales and marketing, continue research and development and for general corporate purposes. The offering is expected to close on October 28th. Cancer Genetics' shares are up 25.3% since last April.
Exact Sciences Corp to Report Earnings Next Week. Small cap Exact Sciences Corp, a molecular diagnostics company focused on colorectal cancer, is scheduled to report third-quarter 2013 earnings on Tuesday, October 29th, before the market opens. Exact Sciences Corp is up just 6.6% since the start of the year and up 13.2% over the past year, but its also up 1,514.5% over the past five years.
MetaStat Inc Makes Further Progress. Small cap MetaStat Inc, a life science company focused on understanding and treating systemic metastasis, recently filed a Form 10-Q plus announced that a study of nearly 500 women with breast cancer showed the value of the Company's MetaSite Breast™ test in the prediction of metastatic disease. The results of the study have been submitted for publication and will be presented at the 2013 San Antonio Breast Cancer Symposium along with other scientific meetings. MetaStat Inc also recently announced the commencement of a comprehensive drug development program after hiring two former employees of OSI Pharmaceuticals, Inc. which was acquired by Astellas Pharma, Inc. – one of whom will become MTST's Chief Scientific Officer of Therapeutics and lead the drug discovery program in its new research facility while the other will be the Lead Scientist of Therapeutics. Both will work in close collaboration with Dr. David Epstein, the company's Head of Drug Development and the former Chief Scientific Officer of OSI Pharmaceuticals.
No comments:
Post a Comment