Syneron Medical (ELOS) and Candela Corporation (CLZR) announced the two companies will merge in an all stock transaction, creating a large global medical aesthetic devices company with pro-forma annual revenue of 180 million dollars. Candela shareholders will receive approximately .29 shares of Syneron for each share of Candela owned, representing a premium to its recent stock price. Candela shares up over 32 percent Wednesday morning on the news, while Syneron shares were down about 9 and a half percent.
VIVUS (VVUS) announced positive results from two phase III trials of its weight loss drug Qnexa. The studies involved 3,750 patients who weighed in at an average of just over 250 pounds at the beginning of the studies. Patients lost an average of 37 pounds, or over 14 percent of their body weight, over the 56 week period of the studies. Patients also had significant improvements in blood pressure and type 2 diabetes. VIVUS said it now plans to file a New Drug Application with the FDA by the end of 2009. VIVUS shares rocketed 72 percent higher in early trading Wednesday, to a new 52 week high.
Shares of Hi-Tech Pharmacal (HITK) jumped over 25 percent, after the company announced record sales and earnings for its quarter ended July 31. Sales were up 175 percent over the same quarter last year, driving a profit of 73 cents per share, up from 13 cents in the same quarter last year.
And shares of Mediware Information Systems (MEDW) advanced nearly 16 percent after the company reported earnings for the quarter ended June 30. The company earned 7 cents per share for the quarter, up from 4 cents in the same quarter last year. For its full fiscal year, earnings more than doubled to 20 cents per share, from 9 cents last year.
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