The upturn in bioscience shares stayed alive another day, asthe AMEX Biotechnology Index picked up 1 point to close at155.52.
Centocor Inc. shares (NASDAQ:CNTO) gained 50 cents to $12.25despite downgrading of its $232 million of long-term debt byMoody's Investor Services. The rating, formerly B-2, wasdropped to Caa, indicating danger of default. Moody's citedCentocor's failure to gain FDA approval for Centoxin.
Lidak Pharmaceuticals Inc. (NASDAQ:LDAKA) gained 6 cents to$1.47 after announcing that it has an agreement in principlewith an unnamed partner for licensing of its Lidakol topicaltreatment for herpes and other skin conditions.
The La Jolla, Calif., company said the prospective licensee, ajoint venture between a "health products and pharmaceuticalcompany," would carry the product through the clinic andregulatory approvals in exchange for marketing anddistribution rights in the U.S. and Canada. Ophthalmic useswould be excluded.
In light of the development, Lidak said it has extended to May18 the deadline to exercise its Class A warrants.
Immunomedics Inc. (NASDAQ:IMMU) fell $1.50 to $8.25 afterannouncing late Tuesday that it had lost a European patentcovering its imaging technology.
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