Synergen Inc. shares shot up $8.75 to $55.25 on Wednesdayafter the company said it would present data next week on itsPhase II trial of Antril interleukin-1 receptor antagonist.
The trial tested Antril in about 100 patients with sepsissyndrome, which is sepsis with clinical evidence of alteredorgan perfusion. Data will be presented on Nov. 7 at theAmerican College of Chest Physicians meeting in SanFrancisco.
Chief Executive Officer Jon Saxe predicted in September thatAntril would be the second or third product on the market totreat sepsis. Centocor Inc.'s Centoxin has been recommendedfor approval by a Food and Drug Administration advisorycommittee. Xoma's E5 product is still under review. Centocorstock (NASDAQ:CNTO) lost $2.25 on Tuesday, closing at $46.Xoma (NASDAQ:XOMA) closed at $20.25, up 75 cents.
Synergen also reported a net loss of $1.5 million, or 7 centsper share, on revenues of $6.8 million for the third quarterended Sept. 30. For the comparable 1990 quarter, the Boulder,Colo., company had net earnings of $11,600 on revenues of $5million.
Synergen said the loss for the quarter was largely due toincreased research and development costs. The company hasadded more than 75 employees this year to support its clinicaltrials and general expansion.
A 3-for-2 split of Synergen stock (NASDAQ:SYGN) took effectafter the market closed on Tuesday. Adjusted for the split,Tuesday's $69.76 closing price would have been $46.50. Afterthe split, the company has 20.4 million shares outstanding.
Last week, Synergen's directors adopted a so-calledshareholders' rights plan that would apply in the event of atakeover attempt. In announcing the plan, the company said itwas not aware of any existing takeover attempt.
Under the plan, for each share of common held, a shareholderwill receive one Right that can be used to acquire a new classof preferred stock in the event of a tender or exchange offer,or to buy Synergen common stock if 20 percent of thecompany's shares are acquired.
The Rights, to be distributed to stockholders of record as ofNov. 5, will expire on Nov. 5, 2001.
-- Karen Bernstein BioWorld Staff
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