The FDA approved a 1st-of-its-kind treatment for Type 2 diabetes, Johnson & Johnson‘s (NYSE:JNJ) Invokana, with the federal watchdog agency citing it as a pioneer in a new class of diabetes drug.
Invokana is a potential blockbuster drug that acts by reducing the amount of blood sugar that’s normally stored in the liver, instead causing the body to excrete the excess sugar in urine.
The FDA gave Invokana the green light based on 9 clinical studies involving some 10,000 patients that showed the drug helped control blood sugar levels along and alongside other drugs, according to Minnesota Public Radio.
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JNJ shares were up 0.3% today, the 1st trading day since news of the approval broke late last week, to $81.78 apiece as of about 1:20 p.m.
TriReme Medical inks Chinese distribution deal
Vascular device maker TriReme Medical said it inked a distribution deal in China with Weihai Weigao Medical Devices, part of "TriReme’s strategy of focusing on Asia, the fastest-growing market in interventional cardiology," according to a press release.
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Hansen Medical applies for 30 new robotic surgery patents
Hansen Medical (NSDQ:HNSN) said it filed 30 new patent applications with the U.S. Patent & Trademark Office cover technology for flexible medical robotics, based on its research & development program.
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Covidien OKs new $3B share buyback
Covidien (NYSE:COV) said its board approved a new share buyback program worth up to $3 billion, on top of the $425 million remaining from an existing $2 billion stock repurchasing program. The Mansfield, Mass.-based medical device company said it’s returned more than $1.75 billion to shareholders in dividends and share repurchases, "representing nearly 100% of its free cash flow" according to a press release.
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PLC Systems swings to Q4 black, raises $4M
PLC Systems (PINK:PLCSF) posted 4th-quarter black ink and drummed up $4 million from an equity funding round.
The Milford, Mass.-based medical device company posted profits of $3.0 million, or 9¢ per share, on sales of $485,000 for the 3 months ended Dec. 31, 2012. That compares with losses of 1.0 million, or 3¢ per share, on sales of $189,000 during Q4 2011.
PLC Systems also said it grossed more than $4.0 million from the sale of 26.9 million shares of stock at 15¢ apiece, plus another 26.3 million shares worth of 5-year warrants at an exercise price of 20¢ each. PLC said it plans to use the cash to fund U.S. pivotal trials of its RenalGuard treatment.
PLCSF shares were up 37.5% to 22¢ each today as of about 1:25 p.m.
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Analysts’ ups and downs
- Edwards Lifesciences (NYSE:EW): Credit Suisse lowers price target from $96 to $88, "neutral" rating.
- Johnson & Johnson (NYSE:JNJ): UBS raises price target to $89, "buy" rating.
- Medtronic (NYSE:MDT): Oppenheimer boosts price target from $49 to $52, "outperform" rating.
- Smith & Nephew (FTSE:SN, NYSE:SNN): Galvan Research reiterates buy rating.
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