Recent Financial Results and Corporate Updates
Several companies within our Research Library this week reported financial results, including Pro-Pharmaceuticals, Inc. (PRWP-OTC), Authentidate Holding Corp. (ADAT-NASDAQ), Antares Pharma, Inc. (AIS-NYSE Amex), and Bioniche Life Sciences Inc. (BNC-TSX).
On November 12, 2010, Pro-Pharmaceuticals, Inc. announced financial results for the third quarter and nine months ended September 30, 2010. Pro-Pharmaceuticals is developing therapeutics to treat cancer and fibrosis by targeting Galectin receptors, which have been shown to have a role in cancer and cell development. Pro-Pharmaceuticals recently shipped the first commercial order of its lead product candidate, DAVANAT®, to Colombia-based PROCAPS S.A., which the company believes could facilitate approvals in other South American countries. As well, Pro-Pharmaceuticals is preparing to commence a Phase lll trial in the U.S. using DAVANAT® in colorectal cancer patients.
On November 11, 2010, Authentidate Holding Corp., a global provider of secure health information exchange, workflow management services, and telehealth solutions, reported financial results for its first quarter fiscal 2011 ended September 30, 2010. The company also announced several projects for its Inscrybe® Healthcare platform and ExpressMD™ Electronic House Call™ monitoring solutions, including Lehigh Valley Respiratory Care, Primary Wound Care Specialists, LLC, and a telehealth distribution agreement with Rotech Healthcare Inc. Further, in October 2010, the company completed a private placement for net proceeds of approximately $4.5 million.
On November 10, 2010, Antares Pharma, Inc., a pharmaceutical company offering self-injection products and topical gel-based medicines, announced financial results for the third quarter ended September 30, 2010. The company’s product revenues increased 79%, from $0.9 million in the third quarter 2009 to $1.7 million for the corresponding 2010 timeframe. Milestones for the quarter included the announcement of positive results from a pivotal Phase III study of Anturol® Gel—a therapy designed to treat overactive bladder (OAB) symptoms—after meeting its primary endpoint of significantly reducing urinary incontinence episodes in both evaluated doses.
Also on November 10, 2010, Bioniche Life Sciences Inc., a Canadian biopharmaceutical company operating in the human and animal health markets, announced financial results for the first quarter FY 2011 ended September 30, 2010. The company and its development partner, Endo Pharmaceuticals Inc. (ENDP-NASDAQ) are finalizing the protocol for a second Phase III clinical trial with Urocidin™, a therapy for non-muscle-invasive bladder cancer. Bioniche expects to begin enrolling patients for this trial in 2010. As well, analysis of data from the first Phase III clinical trial is nearing completion.