Wednesday, February 02, 2005
Back
Took a little break from posting while the market used January to correct the Fall, 2004 rally. My Outlook 2005 is still intact, I expect an up year, so any consolidation is a good time to add to positions. Today I added to my longer term position in QCOM, as it's about 20% off it's highs of December and is the chief beneficiary of the cell phone mania across the globe, including but not limited to China.
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Allan,
Glad you're posting again so I can post back. Remember DSCO? I added some on this news from yesterday.
Discovery Labs falls on drug delay
BOSTON (MarketWatch)-Shares of Discovery Laboratories Inc. tumbled more than 22 percent Tuesday on news that the company might not launch its respiratory product Surfaxin until late 2005.
Discovery Labs (DSCO: news, chart, profile) closed down 22 percent at $6.07 on Tuesday.
According to the company, the Food and Drug Administration informed the drug maker that it has found certain compliance problems at the factory where Surfaxin would be manufactured. The plant, in Totowa, N.J., is owned by Discovery's manufacturing subcontractor, Laureate Pharma Inc.
As a result of the FDA's concerns, Discovery said regulatory approval of Surfaxin may be delayed for six months, in part to allow time for the factory to be re-inspected. Discovery had expected an FDA decision on its market application on or about Feb. 13.
As a consequence, Discovery says it may not be able to launch Surfaxin until the fourth quarter.
Discovery and Laureate have filed a plan of corrective action to bring the Totowa plant and manufacturing processes into FDA compliance. Discovery expects the corrective actions to be completed by July.
Discovery said the FDA hasn't found problems with any of the materials sent by the company to Totowa for manufacturing Surfaxin.
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