Biggest Biotechnology Stock Losers today are PARD, CYTR, INO
Biotechnology Stock
Dallas, TX 11/24/2009 04:55 PM GMT (TransWorldNews)
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Poniard
Pharmaceuticals, Inc. (NASDAQ:PARD) plunges 5.58% to $2.20 on 2.20 million shares
after the company yesterday announced that the sale of 3,465,878 of its common
shares to Azimuth Opportunity Ltd. for gross proceeds of approximately $7.4
million, or approximately $2.15 per share, under its existing committed equity
financing facility with Azimuth. The Company intends to use the $7.3 million in
net proceeds from this sale to focus on regulatory and partnering activities
for picoplatin, clinical development, other general corporate purposes and
working capital.
CytRx Corporation (NASDAQ:CYTR)
decreases 7.08% to $1.05 after the company announced that it plans to initiate
a multinational Phase 2 clinical trial with its doxorubicin prodrug INNO-206 as
a treatment for patients with advanced soft tissue sarcomas who have failed
surgery and radiation. Soft tissue sarcomas are cancers that are formed in the
muscle, fat, fibrous tissue, blood vessels or other supporting tissue of the
body. In the open-label Phase 2 clinical trial, 50 patients will receive
INNO-206 once every three weeks for four consecutive cycles.
Inovio Biomedical
Corp. (AMEX:INO) plunges 8.28% to $1.44. The stock hit an intraday high and
an intraday low of $1.55 and $1.40 respectively. In the last six months the
stock went up over 229%. Inovio Biomedical Corporation is a San Diego-based
biomedical company focused on the development of vaccines to prevent or treat
cancers and chronic infectious diseases.
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