Unusual Biotech Movers (DSCO, GNTA, IDMI, DDSS, POTP, DARA)

Discovery Laboratories Inc. (NASDAQ: DSCO) shares are up after a report that their drug Surfaxin, a respiratory distress syndrome treatment for premature infants, should gain FDA approval by May. In pre-market trading, the shares rose 6% to $2.08. Since opening, shares are up almost 13% to $2.21 in mid-morning trading. The 52 week range is $1.75 to $3.75.

Genta Incorporated (NASDAQ: GNTA) shares are down over 22% to $0.53 per share after news this morning that they have entered into an agreement to sell 6 million shares of common stock to institutional investors for $3.1 million in proceeds.

IDM Pharma, Inc. (NASDAQ: IDMI) shares are recovering today after last week’s plunge due to a delisting threat from the Nasdaq Stock Market. The company has until August 4, 2008 to close at over $1 for 10 consecutive days. Shares are up over 30% this morning to $2.20. The 52 week range is $0.57 to $10.75.

Labopharm Inc. (NASDAQ: DDSS) shares continue to rise after Friday’s announcement that late-stage clinical trials for Trazodone once-daily antidepressant showed improvement in patients’ quality of sleep. The drug has FDA approval for a twice-daily treatment and the company expects to apply for the FDA approval of the once-daily version later this year. Shares are up over 15% in early morning trading to $2.68.

Stockholder approval for Point Therapeutics, Inc. (NASDAQ: POTP) pending merger with DARA BioSciences, Inc. is expected this afternoon. Assuming the merger closes February 12 as expected, the new entity will trade under “DARA” on Nasdaq. Shares rose up over $0.06 in early morning trading but have slipped back down to opening price ranges to $0.14 in mid-day trading on relatively high trading volume.

Rachel Lopez
February 11, 2008