January 19, 2007 -- Abbott Labs sold its laboratory diagnostics business to GE for $8 billion; Sanofi-Aventis reported positive results from a Phase III test of S-1 for gastric cancer; Penwest Pharma began a Phase I test of an extended-release oral medication for pain; Pharmos announced its cannabinor pain drug did not meet endpoints in a Phase IIa trial; Bionovo completed enrollment in a Phase II trial of MF101, a menopause treatment; recent IPO Vanda Pharma raised $96 million in new cash by selling 3.8 million shares at $27.29; and a topical anesthetic from Anesiva failed to provide any efficacy in a Phase I trial. The Centient Biotech 200™ gained 25 points to end at 4112, a rise of .61% and a new high. More details...
