Pre-market: Progen speeds up drug development
Shares of Progen Pharmaceuticals Limited (Nasdaq: PGLA) are down even though the Australian company announced earlier today it will aggressively fast-track the development of its liver cancer drug PI-88 into further trials after the success of a recent study. Shares are down $0.14, or 1.80%, to $7.64.
Canadian biotechnology company Biomira Inc. (Nasdaq: BIOM) announced earlier today that it has selected PX-866 as its next clinical development candidate. The drug inhibits cancer growth and showed promising results in preclinical trials. Shares are down $0.01, or 0.79%, to $1.27.
Shares of nanotechnology company Arrowhead Research Corporation (Nasdaq: ARWR) are up following news subsidiary Insert Therapeutics’ novel delivery system Cyclosert will be featured in a poster presentation at the 2007 American Association for Cancer Research (AACR) Annual Meeting. Pasadena, Calif.-based Arrowhead made the announcement earlier today. Shares are up $0.06, or 1.12%, to $5.31
Scottsdale, Ariz.-based software solutions provider JDA Software Group, Inc. (Nasdaq: JDAS) has gained ground after announcing today that total revenues for the first quarter ended March 31, will be $89.7 million to $90.7 million, compared with total revenues of $47.9 million a year earlier. Analysts were expecting total revenue of $85.75 million. Shares are up $0.22, or 1.47%, to $15.14.
Shares of offshore oil and gas exploration and exploitation company Hyperdynamics Corporation (AMEX: HDY) are flat following a news report late Sunday that the company said this morning was inaccurate. Sugar land, Texas-based Hyperdynamics insists its oil contract in Guinea has not been withdrawn. Shares are trading at $1.76.
Palm Beach, Fla.-based hotel real estate investment trust Innkeepers USA Trust (NYSE: KPA) says it will be bought by Apollo Investment Corporation (Nasdaq: AINV) for $17.75 per share in cash plus the assumption of debt, or a total of $1.5 billion. The transaction will be completed in the second quarter. Shares are flat at $16.45.
