Three Need-to-Know Mid-Day Market Movers
China Housing & Land Development, Inc. (CHLN), Regeneron Pharmaceuticals, Inc. (REGN), and Sunesis Pharmaceuticals, Inc. (SNSS) are three need-to-know mid-day market movers.
China H&L Development Builds a Strong Quarter
China Housing & Land Development, Inc. [[CHLN]], a developer of residential and commercial properties in Northwest China, reported a 779% jump in third quarter net income to $12.7 million on the heels of a 215% jump in revenues to $23.8 million. Sequentially, net income moved up from a loss of $10 million in the second quarter and revenues rose 5.3%.
“We are pleased with our results for the third quarter as we continued to see stabilized sales trends and higher average selling prices,” said Chairman Pingji Lu. “We remain focused on providing a steady pipeline of quality, state-of-the-art residential housing and commercial units to meet the rising demand in the marketplace.
Regeneron Jumps on Expansion of Sanofi Deal
Regeneron Pharmaceuticals, Inc. [[REGN]], a biopharmaceutical company focused on serious medical conditions, announced the expansion of its drug deal with Sanofi-Aventis SA. Under the terms, the French drug maker will invest more than $1 billion for research at the biotech company over the next eight years.
Since the initial collaboration in 2007, the companies have put four compounds into early stage human studies with a fifth candidate awaiting approval. While Sanofi would be expanding its funding for the development, it would take the lead on commercial development of the compounds that the companies advance beyond initial human studies.
Sunesis to Present New Data at Conference
Sunesis Pharmaceuticals, Inc. [[SNSS]], a biopharmaceutical company focused on oncology therapeutics for the treatment of hematologic cancers, announced that it will present new data from nonclinical studies of voreloxin at the upcoming AACR-EORTC-NCI Molecular targets and Cancer Therapeutics Conference, which is being held between November 15th and 19th.
Clinical proof-of-mechanism is demonstrated in samples from patients treated with voreloxin in the company’s ongoing Phase II clinical study of voreloxin in combination with cytarabine in relapsed or refractory AML. Studies also show evidence of voreloxin’s synergistic and additive effects when combined with other acute myeloid leukemia treatments.
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