Lawmakers have rejected a controversial bill that would have given California regulators the authority to reject “excessive” insurance-rate increases. The news has WellPoint (NYSE:WLP) shares trading higher as the insurer’s business is heavily concentrated in the state.
Oxigene (NASDAQ:OXGN) has halted Phase 2 and Phase 3 studies of its thyroid cancer drug Zybrestat due to lack of funding. The pharmaceutical company announced today a plan to reduce its workforce by 60%.
Delcath’s (NASDAQ:DCTH) chemosaturation system proved not to be effective in patients with colorectal cancer in a mid-stage trial. Only a week ago, the same treatment proved effective in treating primary liver cancer.
With the patent on Pfizer’s (NYSE:PFE) cholesterol treatment Lipitor set to expire in May of next year, the pharmaceutical company has reportedly licensed Sanofi (NYSE:SNY) to produce a generic version of the drug, possibly even before the patent expires.
Sagent Pharmaceuticals (SGNT) received FDA approval late yesterday of its skeletal muscle relaxant Orphenadrine Citrate Injection, USP.
Stryker (NYSE:SYK) has bought privately held Concentric Medical in a $135 million all-cash deal.
Apricus Bioscience (NASDAQ:APRI) subsidiary NexMed USA has received FDA clearance for its third OTC drug, Diphenhydramine-D, which treats itching associated with insect bites, small cuts, and other minor skin irritations.