DRRX Feels Pain, Bitter Pill For MDCO, RTRX Soars To New High, TRGT On Watch

(RTTNews) - DURECT Corp. (DRRX) plunged over 20 percent on Thursday to close at $1.55 following FDA's decision of not to approve POSIDUR, the company's investigational drug for administration into the surgical site to produce post-surgical analgesia.

The regulatory agency has required the company to conduct additional clinical safety studies for POSIDUR before it can be approved.

The Medicines Co. (MDCO) dropped more than 11 percent to close Thursday's trading at $29.28 as an FDA panel recommended against its antiplatelet therapy Cangrelor for use in patients undergoing percutaneous coronary intervention or cardiac stent procedures or those that require bridging from oral antiplatelet therapy to surgery.

The FDA's final decision is slated for April 30, 2014.

PhotoMedex Inc. (PHMD) has agreed to acquire LCA-Vision Inc. (LCAV), a provider of laser vision correction services, for $5.37 per share in cash or about $106.4 million.

The transaction is expected to close in the second quarter of 2014 and be accretive to PhotoMedex's cash EPS in 2014, excluding one-time, transaction-related items.

PHMD closed Thursday's trading at $13.82, up 0.29%.

Retrophin Inc. (RTRX) touched an all-time high of $17.86 on Thursday before closing the day's trading at $16, as investors cheered the company's decision to acquire privately-held Manchester Pharmaceuticals LLC, a specialty pharmaceutical company that focuses on treatments for rare diseases.

The acquisition brings Manchester Pharma's two FDA-approved products namely Chenodal and Vecamyl under Retrophin's fold.

Chenodal is indicated for patients suffering from gallstones in whom surgery poses an unacceptable health risk due to disease or advanced age and Vecamyl is indicated for the management of moderately severe to severe essential hypertension and uncomplicated cases of malignant hypertension.

Chenodeoxycholic acid, the active ingredient in Chenodal is also the standard of care for cerebrotendinous xanthomatosis, a rare inborn error of cholesterol metabolism. Retrophin plans to move quickly to pursue FDA approval of Chenodal for cerebrotendinous xanthomatosis.

Targacept Inc. (TRGT) expects to report top-line results from its two ongoing phase 2b clinical trials evaluating TC-5214 as a treatment for overactive bladder and TC-1734 as a treatment for mild to moderate Alzheimer's disease in mid-2014.

TRGT closed Thursday's trading at $4.59, down 3.57%.

ThermoGenesis Corp. (KOOL) said it has received stockholder approval for the acquisition of TotipotentRX. Incident to the acquisition, ThermoGenesis will also change its corporate name to Cesca Therapeutics Inc., which stands for Clinical Excellence in Stem Cell Applications.

The merger is expected to close early next week.

KOOL closed Thursday's trading 6.48% higher at $2.30.