Last week, the Cambridge-based Molecular Insight Pharmaceuticals presented nonclinical data demonstrating the utility of the Company’s novel radiopharmaceutical compounds for the molecular imaging of prostate and other tumors at the Society of Nuclear Medicine (SNM) annual meeting in Salt Lake City.
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“Molecular Insight has established a deep pipeline of novel radio-imaging and radiotherapeutic compounds capable of binding to specific disease-related changes at the cellular level for a given cancer for highly targeted results,” said John W. Babich, Ph.D., Executive Vice President, Chief Scientific Officer, and President of Research and Development for Molecular Insight Pharmaceuticals, Inc.
Molecular Insight also announced the receipt of SNM’s 2010 Berson-Yalow Award for a nonclinical study demonstrating the potential of Molecular Insight’s compound 99mTc-MIP-1340 to provide accurate imaging of metastatic prostate cancer. 99mTc-MIP-1340 is a small molecule inhibitor of PSMA for molecular imaging of prostate cancer. Preclinical results have confirmed that 99mTc-MIP-1340 binds specifically and with high affinity to PSMA and accumulates in human prostate cancer xenografts.
Other notable biotech for this week include: Neurocrine Biosciences, Inc. (Nasdaq: NBIX), Celgene Corp. (Nasdaq: CELG) and CardioNet, Inc. (Nasdaq: BEAT). Biotech could be a bright spot in the market this year, according to some experts.
For all you sub-penny stock traders, keep an eye on Shot Spirits Corp. (Pink Sheets: SSPT). Shares were up almost 92 percent on heavy volume in morning trading on Thursday after the company announced a deal with American Express, “which further positions GuestMetrics™ IP as a compelling advantage in an industry which turns over three trillion dollars a year,” according to Shot Spirits CEO, Brian Barrett.
We first covered Neurocrine Biosciences, Inc. (Nasdaq: NBIX) in late May 2010, when the stock was trading at $3.40 a share. About a week after our post, shares of NBIX climbed to a high of $5.20 a share. Neurocrine rallied again on Thursday, climbing almost 8 percent to a 52-week high of $5.79 a share in morning trading after the company announced a development deal with privately held German drug maker, Boehringer Ingelheim.
Shares of memory subsystems maker Netlist, Inc. (Nasdaq: NLST) continued their rally on Monday morning, climbing about 32 percent from Friday’s close. Shares gained about 30 percent on Friday as well, after the company announced that its HyperCloud™ memory module was been selected to run on servers owned by British IT solutions provider, Viglen to support High Performance Computing (HPC) applications.