BioTech in Focus: Myriad Genetics (NASDAQ:MYGN), Cantel Medical (NYSE:CMN), WuXi (NYSE:WX)

Technology Stocks News 14

Myriad Genetics (NASDAQ:MYGN) is lower after the molecular diagnostic company disclosed in a regulatory filing Tuesday that the U.S. District Court for the District of Utah has denied the company’s motion for preliminary injunctive relief against Ambry Genetics’s sale of certain testing services that MYGN believes infringes on its patents. Shares are down 9.80% at $34.04, with a 52-week range of $20.02 – $39.15. Myriad Genetics (NASDAQ:MYGN) and the other patent owners, including University of Utah, National and Institute of Environmental Health Sciences, filed a complaint against Ambry in July 2013, alleging that Ambry’s testing services infringe various patent claims related to the BRCA1 and BRCA2 genes.

These two genes are associated with increased risk for breast cancer. The company also said that no trial date has yet been scheduled.

Myriad Genetics (NASDAQ:MYGN) is trading down 8.77% intraday.

Cantel Medical (NYSE:CMN) is weaker after the company reported financial results for its fiscal Q2 that topped analysts’ expectations. Shares are down 2.69% at $33.70, with a 52-week range of $19.11 – $38.04. The provider of infection prevention and control products and services reported Q2 earnings of $0.27 per share, compared with the prior-year period’s $0.25 per share. Cantel Medical (NYSE:CMN) revenue was $119.04 million, up 12% from $106.36 million in the same quarter last year. Analysts polled by Capital IQ were expecting EPS of $0.26 on revenues of $117.73 million.

Cantel Medical (NYSE:CMN) is down 4.94% intraday.

WuXi PharmaTech (Cayman) Inc. (ADR )(NYSE:WX) and Pacific Biomarkers announced a biomarker collaboration. In a new agreement, PBI will provide access to its extensive menu of validated biomarker assays to support WuXi’s integrated clinical trial testing services. This includes bioanalysis and central laboratory services for pharmaceutical and biotech companies performing clinical drug development in China. Biomarkers from PBI complement WuXi(NYSE:WX)’s own biomarker capabilities. PBI has a leading position in biomarkers for cardiovascular diseases, diabetes, obesity, acute kidney injury, musculoskeletal disorders, and inflammation. WuXi (NYSE:WX) offers clinical biomarker services in anatomic pathology, hematology, genomics, and soluble biomarkers focusing on oncology and infectious diseases.

Caisson Biotech announced that it has expanded the scope of its partnership with Novo Nordisk A/S. This latest license agreement gives Novo Nordisk exclusive rights to commercialize insulin conjugated to HEPtune and non-exclusive rights to leverage the HEPtune technology across other core therapeutic areas including other diabetes care products, human growth hormone therapy, treatments for obesity and for inflammatory diseases, such as Crohn’s, lupus, rheumatoid and psoriatic arthritis. Under the terms of the agreement, Caisson will be eligible to receive up to $167M in milestone payments upon achievement of certain predefined clinical, regulatory and commercial objectives plus potential long-term residual royalties.

 

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