Shares of Opko Health Inc. (NASDAQ:OPK) ended Monday session in green amid volatile trading. The shares closed up +0.14 points or 1.44% at $9.89 with 3.84 million shares getting traded. Post opening the session at $9.66, the shares hit an intraday low of $9.55 and an intraday high of $9.90 and the price vacillated in this range throughout the day. The company has a market cap of $5.36 billion and the numbers of outstanding shares have been calculated to be 550.38 million shares.
Opko Health Inc. (OPK) on August 31, 2016 announced that it has completed its previously announced acquisition of Transition Therapeutics, Inc. (NASDAQ: TTHI, TSX: TTH), by way of a plan of arrangement (the “Arrangement”) which was approved by Transition Therapeutics’ shareholders at their meeting held on August 25, 2016. Pursuant to the Arrangement, shareholders of Transition Therapeutics will receive an aggregate of approximately 6.4 million shares of OPKO common stock, or 0.1657 shares of OPKO common stock for each common share of Transition Therapeutics. The Arrangement was approved by the Ontario Superior Court of Justice in its final order dated August 29, 2016.
“We are pleased to complete the acquisition of Transition Therapeutics as it provides us with two late-stage drug candidates, each of which holds exceptional market opportunity and has direct synergies with our clinical development pipeline,” said Phillip Frost, M.D., CEO and Chairman of OPKO Health. “With the transaction complete, we look forward to advancing these promising programs to the benefit of patients suffering from Type II diabetes and obesity or certain male hormone related problems.”
Shares of Biostar Pharmaceuticals Inc (NASDAQ:BSPM) ended Monday session in green amid volatile trading. The shares closed up +0.02 points or 0.99% at $2.05 with 39,509.00 shares getting traded. Post opening the session at $2.05, the shares hit an intraday low of $2.04 and an intraday high of $2.13 and the price vacillated in this range throughout the day. The company has a market cap of $4.30 million and the numbers of outstanding shares have been calculated to be 2.21 million shares.
Biostar Pharmaceuticals Inc (BSPM) on Aug. 22, 2016 announced its financial results for the second quarter ended June 30, 2016.
During the fiscal second quarter of 2016, the Company recognized:
- Net sales of $0.6 million, a decrease of approximately $13.6 million, or 95.6% as compared to the same period in 2015.
- Gross profit decreased by approximately $5.6 million, or 95.0% for the three months ended June 30, 2016 as compared to the same period in 2015.
- Sales of Shaanxi Weinan Products increased by approximately $0.4 million, or 302.9% as compared to the same period in 2015.
- Sales and Production of Aoxing Pharmaceutical Products remained temporarily suspended as the Company still working toward renewal of its GMP certificates.
- The Company recorded a provision for doubtful accounts in the amount of $6.3 million during the second quarter. Our results of operations were materially affected by this provision.
- Net loss of $6.9 million as compared to net loss of $0.5 million for the second quarter 2015.