Southern California REIT Maguire Properties (MPG) announced the sale of 3161 Michelson located at the Park Place campus in Irvine, California. With the disposition, Maguire eliminated the project-level debt that was scheduled to mature in September and eliminated 90 million dollars of guarantees and potential exposure associated with lease obligations. Maguire also made a joint announcement with its partner Macquarie Office Trust that said a payment default is possible under the mortgage backed securities covering the Quintana Campus in Irvine, California. The FDIC, as receiver for Washington Mutual Bank, relinquished the majority of its Quintana lease effective March 2009, reducing the occupancy rate to just 40%. Maguire CEO Nelson Rising said the FDIC's rejection of the leases at Quintana was a highly unusual and unfortunate event. Rising said Maguire remains focused on addressing its near-term debt maturities, liquidity issues and improving occupancy levels.
Maguire shares gained almost 18% on Monday morning.
Shares of specialty finance REIT Resource Capital (RSO) were trading 12% higher on Monday morning. The company declared a quarterly cash dividend of 30 cents per share, representing an annualized dividend yield of over 30%. The company which is externally managed by a subsidiary of Resource America (REXI), kept its dividend steady compared to its 30 cent quarterly dividend in March; that dividend was a reduction from the 39 cent dividend in December of last year.
Aeterna Zentaris (AEZS) is trading 25% higher Monday morning, after the company announced it will report data from the safety study of its drug setrorelex pamoate, ahead of schedule. The study will now be complete by the end of the week, and reports will now be made in Q3 instead of Q4.
Shares of Jazz Pharmaceuticals (JAZZ) gained over 70%, after the company announced data suggesting its sodium oxybate treatment significantly improves pain, fatigue, and sleep disturbances in patients suffering from fibromyalgia. Fibromyalgia is a chronic condition characterized by widespread pain, and is estimated to affect up to 5% of adults worldwide.
A new study of Serdaxin on hamsters, rats, and tamarin monkeys, suggested the drug may be an effective therapeutic for the treatment of anxiety disorders in humans. Rexahn Pharmaceuticals (RNN), maker of Sedaxin, says the drug produces results that are unlike any current commonly prescribed drugs used to treat anxiety disorders.
Rexahn shares gained over 10% in early trading Monday.
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