Tuesday, September 14, 2010

Day Trader's Alert: OMX, ICGN, GNVC

Shares of Icagen, Inc. (NASDAQ: ICGN) slumped as much as 26% after it announced  that due to the occurrence of a serious adverse event in the photosensitivity study of ICA-105665, the Company has suspended further enrollment in the study. The serious adverse event occurred in the 600mg patient cohort following completion of the 500mg patient cohort. The Company will be discussing the status of the study with its clinical advisors and with the FDA. Additionally, the Company has completed the conduct of the multiple ascending dose study in healthy volunteers at daily doses of 500mg and 600mg for a period of seven days. There have been no serious adverse events noted, pending a final review of laboratory data. Analyses of the complete data set from both studies are ongoing.

Shares of GenVec, Inc. (NASDAQ: GNVC) surged as much as 13% on Tuesday after it announced that it has achieved the first milestone in its collaboration with Novartis (NYSE: NVS), related to the development of treatments for hearing loss and balance disorders. The milestone was triggered by the successful completion of certain preclinical development activities. "Completion of this milestone signifies progress made in moving the potential product toward clinical development," said Dr. Paul Fischer, GenVec's President and Chief Executive Officer. "The rapid completion of this initial milestone in our collaboration with Novartis validates our strategy to work with the best collaborators in the industry. We look forward to reaching additional milestones with Novartis as the program progresses." 

OfficeMax (NYSE: OMX) said Tuesday that for the third quarter, it anticipates that the total company sales will be slightly lower than the prior year's third quarter, including the favorable impact of foreign currency translation, which is in line with the company's previous guidance. The company now anticipates that adjusted operating income margin rate will be slightly higher than the prior year's third quarter due primarily to favorable settlements of sales/use tax issues in the third quarter of 2010. Excluding these settlements, adjusted operating income margin rate for the third quarter will be in line with the company's previous guidance.

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