Molecular Insight Pharmaceuticals (MIPI) shares soared 37% Wednesday morning, after the company presented clinical data on its diagnostic agent Trofex which showed the potential to rapidly detect prostate cancer in soft tissues and bone within 1 to 2 hours after injection. Trofex targets a special protein released by prostate tumor cells, allowing imaging that detects lesions otherwise missed by conventional imaging techniques. More than 2.5 million American men suffer from prostate cancer, with 200,000 new cases diagnosed each year and 30,000 deaths annually.
Savient Pharmaceuticals (SVNT) announced that the FDA's Arthritis Advisory Committee has recommended marketing approval of KRYSTEXXA for the treatment of chronic gout, by a 14 to 1 vote. Shares gained over 32% in early trading on Wednesday.
Danvers Bancorp (DNBK) is acquiring Beverly National (BNV) in an all-stock deal valued at just under 62 million dollars. Beverly stockholders will receive 1.66 shares of Danvers common stock for each share of Beverly owned, which values the Beverly shares at just about 23 dollars per share based on yesterday's closing prices. Beverly shares were trading over 27% higher Wednesday morning; Danvers shares down nearly 4%.
Shares of WiMAX company Alvarion (NASDAQ:ALVR) gained over 14% on news of a five-year 100 million dollar contract with Open Range Communications, for a 4G network expected reach 6 million people in rural America. Alvarion separately announced a new partnership with MarketLink Services; the collaboration will expand Alvarion's reach into the government, enterprise, and education channels.
Antigenics (NASDAQ:AGEN) announced that GlaxoSmithKline (NYSE:GSK) has launched a Phase 3 study of a malaria vaccine which contains Antigenics' QS-21 component. This marks the 15th vaccine under clinical trial containing QS-21. If GlaxoSmithKline's study produces positive results as is expected, the vaccine could be submitted to regulators for review by 2011, could be introduced for children by 2012, and could have full availability by 2014, potentially saving hundreds of thousands of lives a year. Antigenics shares gained over 9% in Wednesday morning trading.
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