The major averages have trimmed their losses after stocks found support near levels that coincided with Friday’s opening surge. All three indices trade down close to 0.2% as action holds on session highs.
Shares of Par Pharmaceutical (PRX 50.11, +13.53) are up 37% on news the company will be taken private at $50.00 per share in cash which is a 37% over Friday’s closing price. The transaction values the company at $1.9 billion. Today’s gains have the stock trading at levels last seen in April 2004.
PGSY - Trade Alert
Up 54.32% in morning trading to $.125 with 1M shares traded
Portlogic Systems Inc. is a mobile and Internet software developer and solutions provider for electronic payments, ticketing and marketing delivery and community communication systems. Portlogic’s goal is to continually research, develop and market the most convenient and advanced software tools that receive information and manage daily tasks. Portlogic Systems Inc. (PGSY) today announced it has appointed Mr. Joe Putegnat as CEO.
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ANTH – News Alert
Up 19.67% in morning trading to $.85 with 4M shares traded
Anthera Pharmaceuticals is a biopharmaceutical company focused on developing and commercializing products to treat serious diseases associated with inflammation and autoimmune diseases. Anthera Pharmaceuticals, Inc. (ANTH) today announced the final set of clinical data from the Phase 2b PEARL-SC study in patients with systemic lupus erythematosus. Final data from the PEARL-SC clinical study with 200mg weekly blisibimod suggest sustained and greater treatment effects versus placebo utilizing 6, 7, and 8-point improvements in the SELENA-SLEDAI disease-scoring index (Table 1). In the predefined population of patients with severe disease who were also taking corticosteroids, the SRI-8 treatment benefit in the 200mg weekly blisibimod cohort was seen as early as week eight and achieved statistical significance starting at week 16 (35.4% blisibimod response versus 17.0% placebo response, p=0.04) through the 24 week endpoint (41.7% blisibimod response versus 10.4% placebo response, p<0.001).
To Read Full Story go to: http://www.pennytrader.com/
CONM – News Alert
Up 13.33% in morning trading to $3.91 with 1M shares traded
Conmed Healthcare Management, Inc. (NYSE Amex: CONM), a leading full service provider of correctional facility healthcare services to juvenile and adult county detention centers, and Correct Care Solutions, LLC (CCS), a national provider of medical, mental health, care management and medical technology services to municipal, county, state and federal jail and correctional facilities serving both adult and juvenile populations, today announced that they have entered into a definitive merger agreement providing for CCS to acquire Conmed, for $3.95 per share in cash. The purchase price represents an approximately 33% premium over the average closing price per share for the 30 days prior to Conmed’s announcement of its intention to explore strategic alternatives and represents an equity value of approximately $59 million.
To Read Full Story go to: http://finance.yahoo.com/q?s=conm&ql=1
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