As part of their Q2 report, Cumberland Pharmaceuticals execs yesterday said they've been scooping up their own shares since May because they view it as an attractive investment at less than $7. They followed that up with a note in their 10-Q saying they've been buying more since June 30 — search for 'subsequent events' — lifting their total buyback to 1.5 percent of March 31 outstanding shares. Chances are they're in the market for more shares today: Investors have drummed down the stock (Ticker: CPIX) by more than 8 percent and aren't too far from testing its early-July lows.
Aug 17, 2010 9:46 AM
Pharma firm grows revenue but misses in a busy Q2
Aug 16, 2010 4:02 PM
BioMimetic Therapeutics this morning said it’s received the Food and Drug Administration’s orphan drug designation for the use of its wound-healing protein therapeutic —recombinant human platelet derived growth factor, or rhPDGF-BB — in treating a specific type of joint condition in the knee, elbow and ankle. Orphan drug status is a special FDA designation given to products that treat disease affecting fewer than 200,000 people across the country. Drugs that achieve orphan status receive an accelerated path to FDA approval as well as a possible seven years of market exclusivity, tax credits for clinical trial costs and other FDA assistance. The designation means BioMimetic can submit a proposal to the FDA to begin a clinical trial for the treatment of osteochondritis dissecans, or OCD, in the knee, elbow and ankle. OCD is a condition in which cartilage and a bone fragment detach from the end of a bone due to loss of blood supply, causing swelling, stiffness, pain, decreased movement or joints that “lock” or “click” when moved. BioMimetic spokeswoman Kearstin Patterson said the company probably won't file the proposal until next year, given that the company is currently focused on receiving final FDA approval for its Augment Bone Graft. On the sports medicine front, BioMimetic has already completed preclinical trials for other indications, including injuries to the rotator cuff and Achilles tendon. The company has said it wants to begin enrolling patients in a sports medicine clinical trial by the end of the year, but it's not yet revealed what indication the trial will target.
Aug 12, 2010 11:48 AM
The U.S. arm of French drug giant sanofi-aventis has signed on to supply excess drugs to the Dispensary of Hope, a national pharmacy venture run under the umbrella of Saint Thomas Health Services. Sanofi's work with the Dispensary will focus on cardiology, internal medicine and diabetes medicines.
“It is important to our organization to use every avenue possible as we work to provide our patients with medications that are needed for daily life, so to have sanofi-aventis U.S. join us as we strive to seek and dispense medications speaks highly of the company’s commitment to help patients in need obtain quality prescription medication,” said Scott Cornwell, chief operating officer of Dispensary for Hope.
Jul 29, 2010 1:11 PM
Meharry Medical College President Wayne J. Riley has been named to the board of directors of Massachusetts-based Vertex Pharmaceuticals, a biotechnology company working to discover and develop small molecule drugs for serious diseases.
“Throughout his career, Dr. Riley has been a leader in public health administration and patient care and will provide a unique perspective to our board as we seek to bring breakthrough medicines to people with serious diseases," said Matthew Emmens, Chairman, President and Chief Executive Officer of Vertex Pharmaceuticals. “In addition, Dr. Riley’s clinical and operational experience in the public health systems of major urban centers and at large academic medical institutions will be invaluable in our efforts to address the needs of people with hepatitis C and those involved with treatment of this disease.”Riley is an independent director on the board, with his term expiring in 2011. His re-election will go before Vetex's shareholders in May of next year.
Jul 14, 2010 8:14 AM
Worker claims company 'thwarted' his rights
Jul 8, 2010 1:50 PM
BioMimetic Therapeutics Inc. today reported positive results from a 52-week clinical trial of its Augment Bone Graft product. In short, the study reinforces data from previous 24-week trial, showing BioMimetic's product is as effective as, and in some cases superior to the current standard of care for foot and ankle fusion surgery.
“The 52 week data from the Augment North American pivotal clinical trial demonstrate that patients treated with Augment have just as good an outcome after one year, and a favorable safety profile, compared to patients treated with autograft," said BioMimetic CEO Sam Lynch in a statement. "And, the patients treated with Augment have the added benefits of not having the additional pain and risk of a procedure to harvest the autograft from another bone in their body."In addition, that bone harvesting costs between $1,100 and $2,400, according to BioMimetic. The company's stock (Ticker: BMTI) was rising on the news Wednesday morning.
Jul 7, 2010 10:01 AM
Food and Drug Administration officials have told BioMimetic Therapeutics they have accepted the company's application for its Augment bone graft. A panel review ruling should come in about six months.
Jun 29, 2010 7:41 AM
Pharmacy giants CVS Caremark and Walgreens have resolved a dispute that would have forced $5 billion worth of the former's prescription customers to avoid the latter.
“Both sides had good reasons to resolve this situation quickly,” said Adam Fein, president of Philadelphia-based Pembroke Consulting Inc., a health-care distribution consulting firm. “CVS Caremark needed to minimize damage to its PBM business, while Walgreen faced an enormous revenue hit from the loss of Caremark. Everyone also recognized the enormous disruption for patients caused by a permanent split.”SEE ALSO: BlueCross members: Switch from Walgreens
Jun 18, 2010 8:33 AM
The execs at Walgreen Co. have just made contract renewals a whole lot more tricky for Caremark by saying they will not renew or sign new contracts with the latter's pharmacy benefit management plans. Among the reasons cited by Walgreens officials: Lack of communication and the 'growing unpredictability' of reimbursements. Shares of CVS Caremark (Ticker: CVS) fell 8 percent yesterday and are set for another down day. SEE ALSO: Walgreen's full statement
Jun 8, 2010 7:18 AM
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