Shares of Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) ended Thursday session in red amid volatile trading. The shares closed down -0.01 points or 0.56% at $1.77 with 4.08 million shares getting traded. Post opening the session at $1.79, the shares hit an intraday low of $176 and an intraday high of $1.83 and the price vacillated in this range throughout the day. The company has a market cap of $448.19 million and the numbers of outstanding shares have been calculated to be 243.26 million shares.
Arena Pharmaceuticals, Inc. (ARNA) on Sept. 1, 2016 announced the formation of Beacon Discovery Inc. (“Beacon”), an independent, privately-held drug discovery incubator.
Beacon will focus on identifying and advancing molecules targeting G-Protein Coupled Receptors (GCPRs) from concept to clinic leveraging the strengths and capabilities developed over close to two decades at Arena. Beacon plans to engage global pharmaceutical partners to facilitate discovery and early stage development.
Arena will have certain rights to compounds developed by Beacon and will collaborate with Beacon in support of Arena’s proprietary pipeline programs as well as the Boehringer Ingelheim International GmbH collaboration. Additionally, Arena will be entitled to certain rights to potential cash flows generated by Beacon in the future.
“The formation of Beacon underscores both our commitment to transitioning Arena from a historically research-oriented organization to a high-performing clinical development organization and our commitment to maximizing the value of our assets,” said Amit Munshi, CEO of Arena. “We believe that Beacon has the potential to unlock the value of Arena’s historical research platform for the long term benefit of patients and shareholders.”
Shares of Opko Health Inc. (NASDAQ:OPK) ended Thursday session in green amid volatile trading. The shares closed up +0.18 points or 1.69% at $10.86 with 3.96 million shares getting traded. Post opening the session at $10.65, the shares hit an intraday low of $10.62 and an intraday high of $10.95 and the price vacillated in this range throughout the day. The company has a market cap of $6.08 billion and the numbers of outstanding shares have been calculated to be 550.38 million shares.
Opko Health Inc. (OPK) on September 13, 2016 announced the appointment of Jane Pine Wood, Esq. as Chief Legal and Compliance Officer of its wholly owned subsidiary, BioReference Laboratories, effective October 1, 2016.
Ms. Wood is a nationally respected healthcare attorney who has been practicing law for 29 years. She specializes in laboratory regulatory and compliance matters, and has counseled more than 500 pathology groups and 350 clinical laboratories. For the past 28 years she has been with the multi-state law firm McDonald Hopkins LLC, where she is a member of the firm’s board of directors. Ms. Wood is a frequent speaker at national and state laboratory and pathology meetings, is a contributor to association publications and is regularly quoted in the national press. Ms. Wood graduated from the Vanderbilt University School of Law.
“We are delighted to welcome Jane to the BioReference Laboratories team. She has a distinguished legal career, having counseled a multitude of pathology practices and clinical laboratories across the country; she is considered one of the leading legal experts in the field. Her diverse experience and insight on matters impacting the diagnostics and laboratory industries will be of great value as we continue to deliver high quality diagnostic services to improve patient care,” said Gregory S. Henderson, M.D., Ph.D., President of BioReference Laboratories.