News Column

Healthcare Review: Gentiva Health Services, Northwest Bio, Prima BioMed, Celgene, Palatin Technologies

July 9, 2014

U.S. stocks pared gains after minutes from the Federal Reserve’s last meeting indicated some officials were concerned investors may be growing too complacent about the economic outlook.

{nfg}The Standard & Poor’s 500 Index (SPX) rose 0.2 percent to 1,966.59 at 2:07 p.m. in New York, trimming an earlier gain of 0.3 percent. Fed officials said the central bank should be on the lookout for excessive risk-taking, according to the minutes of a June 17-18 meeting, when policy makers trimmed monthly bond purchases to $35 billion. Officials are debating the timing for the first increase in the main interest rate since 2006.

Gentiva Health Services ($GTIV) reports that Q2 revenues will be at least $496M, EBITDA $52M and diluted EPS at least $0.33.The company also reaffirms its 2014 guidance: net revenues: $1.9B - 2.1B; adjusted EBITDA: $177M - 195M; diluted EPS: $0.85 - 1.15.

Northwest Bio ($NWBO)CEO Linda Powers denies charges contained in yesterday's Seeking Alpha article by Richard Pearson that the driving force behind gains in the stock price is a string of promotional pieces, asserting that the author didn't mention "the real reason, that the company has made tremendous operational progress."

The BOD of Sydney-based Prima BioMed ($PBMD) appoints Chief Business Officer, CFO and GM of European Operations Marc Voigt Chief Executive Officer replacing U.S.-based Matthew Lehman. The company believes that its CEO should be based in Europe because its operational focus is there.

Celgene's ($CELG) phosphodiesterase 4 (PDE4) inhibitor Otezla (apremilast) failed to achieve its primary endpoint in a Phase 3 study in patients with active ankylosing spondylitis. The Otezla arm did not demonstrate statistically significant improvement versus placebo as measured by an Assessment of SpondyloArthritis 20 response at week 16.

The USPTO issues a Notice of Allowance for Palatin Technologies' ($PTN) patent app 13/910,422 covering composition of matter on broad families of melanocortin receptor 1-specific peptides with potential utility for the treatment of inflammatory diseases and disorders.

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Source: BioMed Reports

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