| Insurers Press for Tighter Oversight Insurance-industry executives are urging state regulators to thwart what they call widening efforts by professional investors to use various consumer products to turn a profit. online.wsj.com |
Hedge Fund Axial Capital Buys QLT Shares Market Folly submits:Eliav Assouline and Marc Andersen's hedge fund Axial Capital recently filed a Form 4 with the SEC regarding shares of QLT Inc (QLTI). We see that Axial acquired 100,000 shares at a price of $6.24 on June 4th as well as 100,000 shares on June 7th at $6.27 and finally 100,000 shares on June 8th at $6.10. In total, the hedge fund acquired 300,000 new shares and its total position now stands at 5,776,229 shares. QLTI is currently trading slightly below Axial's purchase price at around $6.01. This is only the second time we've detailed portfolio movements from Assouline and Andersen's firm but we will continue to do so in the future. (We previously posted when Axial added to another position as well). Axial was founded in 2005, was seeded by legendary hedgie & Tiger Management founder Julian Robertson and in fact offices out of 101 Park Avenue, the prior address of famed Tiger Management. As such, Axial is a 'Tiger Seed' and you can view the proverbial Tiger Management family tree here. As of its last 13F filing, Axial Capital reported assets to the SEC totaling $799 million.Complete Story » seekingalpha.com |
Biotech IPO: NuPathe SA Editor Mohit Manghnani submits:NuPathe (PATH), a pharmaceutical company focused on the development and commercialization of branded therapeutics for diseases of the central nervous system, is expected to price its IPO this week. Business Overview (from prospectus)Complete Story » seekingalpha.com |
Genzyme Spurns Sanofi Bid Genzyme confirmed that its board had unanimously rejected an $18.5 billion all-cash offer from Sanofi-Aventis, raising the prospect of a hostile takeover attempt from the French pharmaceutical company. online.wsj.com |
Acorda Hopes to Meet Huge Need in Challenging Stroke Market Douglas Cress submits:By vandersonTime is critical when a patient suffers from a stroke. Approximately 87 percent of strokes are caused by blood clots blocking blood flow to the brain, a condition known as ischemic stroke. The drug tPA can restore normal blood flow, but physicians only have a brief window of opportunity—just a few hours from the first symptom—to treat the patient. Furthermore, only 3 to 5 percent of patients are eligible for this treatment option. According to a recent USA Today article, only about a third of stroke sufferers reach the hospital in time for testing to determine their eligibility for tPA therapy. In the United States, stroke affects approximately 800,000 people each year. It is the third leading cause of death as well as the leading cause of disability in the U.S. In many cases, the patient survives but suffers permanent disability or neurological damage. The American Stroke Association estimates that Americans will pay about $73.7 billion in 2010 for stroke-related medical costs and disability. The clinical need is clear: Patients who suffer an ischemic stroke but do not reach the hospital in time to qualify for tPA therapy desperately need a pharmacological alternative. Complete Story » seekingalpha.com |