Monday, October 10, 2011

Rough Day on Wall Street for Former VA Biotech Companies

It has been a tough day on Wall Street for two former Virginia bioscience companies. Details from BusinessWeek:

Allos Therapeutics Inc. (ALTH US) slumped 17 percent, the third-most in the Russell 2000 Index, to $1.46. The cancer drug developer said an anonymous bidder has withdrawn a takeover offer of $2.20 a share in cash and stock. Amag Pharmaceuticals Inc. (AMAG US), which is also vying to acquire Allos, gained 2.4 percent to $13.49.

Insmed Inc. (INSM US) fell the most in the Russell 2000, plunging 31 percent to $3.01. The maker of drugs for endocrine disorders said the U.S. Food and Drug Administration is continuing a clinical hold on its phase 3 trials for Arikace in cystic fibrosis patients with lung disease.

Both of these firms started out in Richmond, Virginia. Hang in there! It is always darkest before the dawn.

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