Shares of Adventrx Pharmaceuticals (ANX) plunged 58.27% to $1.06 today, the day after the biotech firm said the U.S. Food and Drug Administration has refused to approve its new lung-cancer drug Exelbine. Exelbine is a proprietary reformulation of the chemotherapy drug vinorelbine. Based on inspections of clinical trial sites, FDA reviewers were unable to verify the “authenticity” of the drugs used in the bioequivalence study, which put the results of the study in question, according to Adventrx’s explanation of the FDA rejection letter.
We don’t want any speculations for the “destiny” of ANX-514 and ANX-188 (two other ANX’s drugs in pipeline). ANX is trading below its cash/share value & should bounce for at least 15%.
ADVENTRX Pharmaceuticals, Inc. is a specialty pharmaceutical company focused on acquiring, developing and commercializing proprietary product candidates.
The Company’s lead product candidates are Exelbine™, or ANX-530, a novel emulsion formulation of the chemotherapy drug vinorelbine (Navelbine®); ANX-514, a novel, detergent-free emulsion formulation of the chemotherapy drug docetaxel (Taxotere®); and ANX-188, a novel, purified, rheologic and antithrombotic compound initially being developed as a first-in-class treatment for pediatric patients with sickle cell disease in acute crisis. The company is based in San Diego, California.
Shares of Motricity, Inc. (MOTR) lost 59.12% on Wednesday’s trading session. On Tuesday Motricity announced that it lost $4.3 million, or 9 cents a share, in the June-ended period on revenue of $34.6 million. On an adjusted basis, the company earned $2 million, or 4 cents a share, in the quarter. The average estimate of analysts polled by Thomson Reuters was for earnings of 9 cents a share on revenue of $37.1 million. Company’s expectations for the third-quarter are down as well, saying it expects a loss on an adjusted basis with revenue ranging from $31.5 million to $32.5 million.
We day-traded MOTR today for a quick 13% bounce.
Motricity is a leading provider of relevance-driven mobile merchandising, marketing, and advertising solutions, enabling mobile operators, enterprise brands and advertising agencies to deliver mobile optimized, consumer-centric experiences that drive interaction, content consumption and commerce across the mobile ecosystem. Motricity breaks through the complexity of the mobile data ecosystem by providing a comprehensive set of hosted, managed service offerings which enable our customers to deliver customized, branded mobile data experiences.
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