Big Nano News from the FDA
Even in FDA speak this is by far the biggest news of the year. The market reacted accordingly and APPX stock jumped approximately 50% on the announcement.
American BioScience, Inc. is a privately held biotechnology company focused on the discovery, development and delivery of next-generation therapeutic moieties including biologically active molecules already existing within the human biological system, for the treatment of life-threatening diseases. American Pharmaceutical Partners, Inc. is a majority owned subsidiary of American BioScience, Inc.American Pharmaceutical Partners, Inc. (APPX) is a specialty pharmaceutical company that fulfills an important need in the medical community as a reliable provider of a broad portfolio of primarily injectable pharmaceutical products, including difficult to manufacture, sterile, urgently needed medical products.
APPX’s business is profitable and growing. For the first six months in 2004, the company reported net sales of $187 million, and net income of $21 million, equal to $0.29 per fully diluted share. The company completed its initial public offering in December 2001 and the overallotment was exercised in full in January 2002, raising approximately $154 million in proceeds and providing the company with a sound financial position. (Source: http://www.corporate-ir.net/ireye/ir_site.zhtml?ticker=APPX&script=2100 )
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