Winston-Salem, NC -- (SBWIRE) -- 12/11/2013 -- CytRX Corporation (NASDAQ: CYTR) Trading at $3.70, Up $1.31. Today announced highly positive top-line efficacy results from a multicenter, randomized, open-label global Phase 2b clinical trial. The trial investigated the efficacy and safety of aldoxorubicin compared with doxorubicin in subjects with first-line metastatic, locally advanced or unresectable soft tissue sarcomas (STS).
Aldoxorubicin combines the chemotherapeutic agent doxorubicin with a novel linker-molecule that binds specifically to albumin in the blood to allow for delivery of higher amounts of doxorubicin (3½ to 4 times) without the major dose-limiting toxicities seen with administration of doxorubicin alone.
CytRx President and CEO Steven A. Kriegsman commented, “Aldoxorubicin is a major advance for treating soft tissue sarcomas. We extend gratitude to the investigators who so adeptly managed the conduct of this trial and to the patients and their families who participated in it. These data prove that by applying our proprietary linker technology to target the release of doxorubicin directly at the site of cancer we are able to safely increase the dosage of doxorubicin by approximately three and one-half to four times with tremendous clinical benefit to the patient.”
In the Phase 2b clinical trial aldoxorubicin was found to be safe and well tolerated. All adverse events in subjects treated with aldoxorubicin were consistent with the known side effects of doxorubicin, resolved before the administration of the next dose and did not require treatment discontinuation. There were no treatment-related deaths in the aldoxorubicin group.
What They Do: CytRx Corporation is a biopharmaceutical research and development company specializing in oncology.
BG Medicine (NASDAQ: BGMD). Trading at $1.39, Up $0.31. Announced Tuesday after market close that the Centers for Medicare and Medicaid Services (CMS) have published the final determination of the 2014 Medicare national limitation amount for the Company's galectin-3 blood test (analyte-specific CPT(R) Code 82777) at the amount of a crosswalked test (analyte-specific CPT(R) Code 84244) whose 2014 national limitation amount is $30.01. This national limitation amount will replace the galectin-3 blood test's national limitation amount of $17.80 that was effective in 2013."We are very pleased that CMS has finalized the previously announced preliminary determination of the Medicare reimbursement rate for our galectin-3 test," said Dr. Paul R. Sohmer, President and Chief Executive Officer of BG Medicine.
This final determination by CMS comes in response to BG Medicine's request for reconsideration of the 2013 CMS determination and will apply effective January 1, 2014. The 2014 national limitation amount applies across the U.S. except in Ohio and West Virginia where rates of $23.99 and $26.40, respectively, will apply. In addition, the 2014 national limitation amount is subject to a 2% sequestration applicable to Medicare services if the current sequestration is extended beyond January 15, 2014.
What They Do: BG Medicine, the developer of the BGM Galectin-3 Test, is focused on the development and delivery of diagnostic solutions to aid in the clinical management of heart failure and related disorders.
1st Detect Corporation (NASDAQ: ASTC). Trading at $1.88, Up $0.31. Today announced that the United States Patent Office has allowed the issuance of a key patent for the company's unique ion trap used for chemical analysis and detection. "We are extremely pleased that the USPTO has allowed this patent. This patent is an important component of our intellectual property portfolio as it allows 1st Detect to enhance the performance of miniaturized mass spectrometers without an increase in size or cost," said Thomas B Pickens III, Chairman and CEO of 1st Detect. "The patent clearly validates our technology, while both demonstrating and protecting the progress we have made in the development of the 1st Detect mass spectrometer.
"The patent, entitled "A Mass Spectrometer Ion Trap Having Asymmetric End Cap Apertures", published as USPTO No. 8,610,055, represents a key technological advantage for 1st Detect to improve the sensitivity and resolution of small mass spectrometers without increasing the complexity or cost of the instrument.
What They Do: 1st Detect Corporation was formed by Astrotech Corporation to develop and commercialize miniature mass spectrometer technology first developed under an agreement with NASA for use on the International Space Station.
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