Cornerstone Therapeu (NASDAQ:CRTX) announced that the Cardiovascular and Renal Drugs Advisory Committee of the FDA has advised against the approval of the company’s New Drug Application for lixivaptan to treat symptomatic hypervolemic and euvolemic hyponatremia related to heart failure and syndrome of inappropriate antidiuretic hormone, respectively. The company stated, “Cornerstone is committed to continuing to work with the FDA throughout the approval process building upon meeting our primary endpoint in each pivotal Phase 3 trial.” Shares of Cornerstone Therapeutics remain halted. The shares closed at $5.10, down $1.37 or 21.17% on the day. They have traded in a 52-week range of $4.45 to $7.99.
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Summer Infant (NASDAQ:SUMR) has named Paul Francese as the company’s new CFO. Francese will take the place of Interim CFO Edmund J. Schwartz, who has been in the position since March 2012. Schwartz is to remain with Summer Infant in a for consultation until at least the end of 2012 to make sure there is a smooth transition. In his new CFO position Francese is to give financial and organizational leadership to make sure that the Company possesses the right people, processes, infrastructure, and controls that are necessary for improvement, ensure its financial strength, and better its competitive position. The shares closed at $2.42, up $0.13 or 5.68% on the day. They have traded in a 52-week range of $2.22 to $8.33.
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