Health Care Stocks Extend New Retreat to a Third Day

Health care stocks were extending their losses for another session, with the NYSE Health Care Index Tuesday falling just under 1.0% while shares of health care companies in the S&P 500 were down over 0.7% as a group. In company news, Skyline Medical (SKLN) rallied Tuesday after the medical device company signed a distribution agreement for its Streamway infectious fluids collection and disposal system in the UK.

Under the new exclusive agreement, GLG Pharma will be responsible for all sales and marketing activities for the Streamway System, including hiring and training the appropriate number of direct sales representatives to cover the estimated 3,600 operating rooms throughout Great Britain. Financial terms of the commercial pact were not immediately disclosed. SKLN shares were up more than 52% at $2.50 each, retracing much of its initial run to a session high of $2.60 a share set soon after today’s opening bell.

In other sector news,  NSPR, Presents positive 12-month follow-up data for CGuard embolic prevention system, including no device-related adverse events and a 99.1% procedure and device success rate.  NVCN, Federal judge upholds $70 mln jury award against the company in addition to $21 mln in enhanced damages.

Leave a Comment