Thursday after hours: Labopharm down 47% to $3.30
Labopharm Inc. (Nasdaq: DDSS) said it received a second approvable letter from the U.S. Food and Drug Administration, which said the company has not shown the efficacy of its once-a-day formulation for tramadol. Tramadol is an analgesic for the treatment of moderate to severe pain. The FDA letter said the statistical methods used by Labopharm in clinical trials did not sufficiently address missing data about subjects who dropped out. Labopharm, based in Laval, Canada, said it seeks to talk with the FDA as soon as possible to find out the best way to address the issue and to move forward toward final approval. Shares of Labopharm were down $3.01, or 48%, to $3.30 in after-hours trading.
Other small caps making news in after-hours trading:
CRA International (Nasdaq: CRAI), a management consulting company, said results for the second quarter ended May 11 would be below expectations, and it lowered guidance for full fiscal 2007. The Boston, Mass.-based company now expects 2007 revenue growth in the 10% to 12% range and earnings per share growth of 12% to 17% above 2006. For the second quarter, CRA International said preliminary results showed revenue would be about $88 million, compared with $84 million in the same quarter last year; analysts had expected $96.79 million. Net income is expected at $0.53 per share, including a net tax benefit, compared with $0.55 the previous year and forecasts for $0.64. Shares of CRA International were down $8.89, or 17%, at $44.00 in after-hours trading.
A judge denied a motion in an antitrust lawsuit brought against WPT Enterprises (Nasdaq: WPTE), the Los Angeles-based company that created the World Poker Tour, a television show based on a series of poker tournaments. The lawsuit was brought against the company by seven professional poker players. Shares were unchanged in after-hours trading at $4.55.
ISTA Pharmaceuticals, Inc. (Nasdaq: ISTA), said it had positive results from the preliminary analysis of a phase IIb clinical study of ecabet sodium. The Irvine, Calif.-based ophthalmic pharmaceutical company is developing ecabet sodium as a treatment for dry eye syndrome. Pending final analysis of the results of the study, the company plans to initiate a phase III study in 2008. ISTA shares were up 13%, or $1.04, at $9.00.
San Diego, Calif.-based DexCom, Inc. (Nasdaq: DXCM) said it received Food and Drug Administration approval for SEVEN(TM), its 7-Day STS Continuous Glucose Monitoring System. DexCom, a medical device company, said it also received approval for its DM2 Data Manager(TM) software, which permits the downloading of continuous glucose data by patients and healthcare professionals. DexCom said it anticipates launching the DM2 Data Manager in concert with the SEVEN. Shares of DexCom reacted positively to the news and last traded in after hours up 4.73% at $6.87, a new 52-week high.
