In September, the fund bought more than 1 million BMTI shares, bringing its stake in the company to 5.3 percent. According to a recent filing with the SEC, that percentage has fallen to 4.
Shares of HCA Holdings and Community Health Systems may not be the best long-term bet for investors eyeing the hospital space, says analyst Ralph Giaccobe at Credit Suisse. But if you're looking for a quick pop — albeit with the volatility that could swing the other way quickly — the local companies are a better idea than his overall top pick, Universal Health Services.
Collins Stewart last week became the sixth firm to formally cover shares of Franklin-based BioMimetic Therapeutics. The firm's analysts have the local stock (Ticker: BMTI) rated a 'buy' and see it climbing to $7. That rise — which would reverse about half of the stock's 2011 losses — is likely to come at the hands of the Food and Drug Administration.
Over the next couple of months, BMTI should receive official comments from FDA regarding the regulatory pathway for Augment. We believe that any clarity on the next steps for Augment would be a catalyst for BMTI shares. We recently saw this with three companies whose share prices had fallen significantly only to rise later (by 75% on average) following FDA feedback that provided visibility on the regulatory pathway.
BioMimetic Therapeutics has recieved the regulatory go ahead to commercialize its Augment Bone Graft in Australia.
the Therapeutic Goods Administration (TGA) has approved the Company’s medical device application for Augment® Bone Graft clearing the way for commercialization of the product in Australia and its listing on the Australian Register of Therapeutic Goods (ARTG). Based on the clinical data from the North American pivotal trial and Canadian registration trial evaluating Augment Bone Graft, the product has been approved in Australia for use as an alternative to autograft, the current gold standard in bone grafting
The company's stock (Ticker: BMTI) has seen a big pop from the news rising 11 percent to $3.33 in early morning trading.
New York hedge fund Millennium Management has in recent weeks acquired more than 1 million shares of local medical device maker BioMimetic Therapeutics. Millennium, which is run by Izzy Englander, now controls 5.3 percent of BioMimetic, making it the fourth 5 percent owner of the Franklin-based company. The fund held about 1.2 percent of the company as of June 30.
SEE ALSO: A July Journal story about Englander's talks to sell a stake in Millennium
BioMimetic Therapeutics said today it has completed enrollment of 30 patients in a pilot clinical trial to assess the safety and performance of Augment Rotator Cuff Graft for the repair of large rotator cuff tears. The company expects to release data from the trial in the first half of 2012.
“Rotator cuff tears are a painful and debilitating condition in which the rotator cuff tendon no longer fully attaches to the head of the humerus and results in prolonged weakness and pain in the shoulder and an overall impaired quality of life,” said Robert Litchfield, MD, principle investigator for the Augment Rotator Cuff pilot study. “Rotator cuff tears are one of the most common problems encountered by orthopedic surgeons, and their repair is among the most commonly performed procedures in orthopedic soft tissue indications. The rapid enrollment of patients in this pilot study speaks to the surgeons’ desire to improve the outcomes of this frequent and difficult-to-treat condition."
The graft is a combination of BioMimetic's recombinant human platelet-derived growth factor-BB (rhPDGF-BB) and a collagen matrix. BioMimetic has received a patent for the treatment that will remain in force until February 2029.
BioMimetic recently received a recommendation for Food and Drug Administration approval of its Augment Bone Graft for foot and ankle surgeries by an FDA advisory panel. The company's stock (Ticker: BMTI) rose slightly on the news Tuesday morning. The company's shares are trading about 50 percent below their value prior to the FDA panel hearing.