During Friday’s Afternoon trade, Shares of ITT Corp(NYSE:ITT), lost -1.68% to $35.67.
ITT Corporation (ITT) stated 2015 second-quarter financial results, counting stronger operating margins and earnings per share growth, that reflected net operating productivity, restructuring savings from proactive actions and effective cost containment in a challenging macroeconomic environment.
On a GAAP basis, the company delivered revenue of $628 million in the second quarter, reflecting a 5 percent decline, primarily due to unfavorable foreign exchange. GAAP segment operating margins expanded 90 basis points to 14.3 percent. Second-quarter GAAP EPS raised to $1.56, contrast with $0.44 in the preceding year, primarily due to the recognition of a $101 million pre-tax benefit, or $0.70 per share, associated with implementing a new single-firm asbestos defense strategy.
ITT Corporation manufactures and sells engineered critical components and customized technology solutions for the energy, transportation, and industrial markets worldwide. The company operates in four segments: Industrial Process, Motion Technologies, Interconnect Solutions, and Control Technologies. The Industrial Process segment manufactures industrial pumps, valves, and related equipment comprising centrifugal, chemical, slurry and process, and paper stock pumps, in addition to vertical, axial flow, multi-stage, and other pumps; twin screw, multiphase boosting system, and progressive cavity pumps; and industrial knife-gate and sanitary diaphragm valves.
Shares of Lipocine Inc(NASDAQ:LPCN), declined -2.66% to $16.09, during its Afternoon trading session.
Lipocine Inc. (LPCN), a specialty pharmaceutical company, recently declared that it has presented a 505(b)(2) New Drug Application (“NDA”) to the U.S. Food and Drug Administration (“FDA”) for LPCN 1021, an oral testosterone product candidate for testosterone replacement therapy (“TRT”) in adult males for conditions associated with a deficiency or absence of endogenous testosterone (“hypogonadism”).
The NDA filing is supported by results from Lipocine’s Study of Oral Androgen Replacement (“SOAR”) pivotal Phase 3 clinical study (http://clinicaltrials.gov/show/NCT02081300) evaluating efficacy and safety of LPCN 1021 in hypogonadal men with low testosterone. The study met its primary efficacy endpoint by successfully restoring testosterone levels to the normal range in 88% of the subjects. In addition, 85% of the subjects reached their final dose with no more than one dose titration. LPCN 1021 treatment was well tolerated with no hepatic, cardiac, gastrointestinal or drug related serious adverse events.
Lipocine Inc., a specialty pharmaceutical company, develops pharmaceutical products using its oral drug delivery technology in the areas of men’s and women’s health. The company offers a portfolio of proprietary product candidates designed to produce pharmacokinetic characteristics and facilitate lower dosing requirements, bypass first-pass metabolism, reduce side effects, and eliminate gastrointestinal interactions that limit bioavailability. Its lead product candidate, LPCN 1021, an oral testosterone replacement therapy designed for twice-a-day dosing, is in Phase III clinical study.
Molina Healthcare, Inc.(NYSE:MOH), during its Friday’s Afternoon trading session decreased -0.07% to $73.66.
Molina Healthcare, Inc. (MOH) and Accountable Care Chicago, LLC, also known as MyCare Chicago, jointly declared recently that Molina Healthcare of Illinois, Inc., a wholly owned partner of Molina Healthcare, Inc., has reached a definitive agreement to acquire certain assets of the Medicaid business of MyCare Chicago. As a part of the transaction, Molina Healthcare of Illinois will receive the right to assume MyCare Chicago’s Medicaid members in Cook County, Illinois, as well as certain assets related to the operation of the Medicaid business. Molina Healthcare of Illinois will fund the transaction with accessible cash on hand. Subject to regulatory approvals and the satisfaction of other closing conditions, the closing of the transaction is predictable to occur during the fourth quarter of 2015.
Molina Healthcare, Inc. provides Medicaid-related solutions to meet the health care needs of low-income families and individuals; and to assist state agencies in their administration of the Medicaid program. The company operates through two segments, Health Plans and Molina Medicaid Solutions. The Health Plans segment operates health plans in 11 states. As of December 31, 2014, this segment served about 2.6 million members who were eligible for Medicaid, Medicare, and other government-sponsored health care programs.
Finally, CytRx Corporation(NASDAQ:CYTR), gained 0.41%, to $2.46.
CytRx Corporation (CYTR), a biopharmaceutical research and development company specializing in oncology, recently stated financial results for the three months ended June 30, 2015, and also offered an overview of recent accomplishments and forthcoming milestones for its clinical development programs.
Second Quarter 2015 and Recent Highlights
Strengthened the Corporate Balance Sheet. In July 2015, CytRx successfully accomplished a public offering of common stock securing gross proceeds of about $28.8 million. CytRx intends to use the net proceeds of the offering to fund clinical trials of its drug candidate aldoxorubicin and its drug discovery activities and for general corporate purposes, which will comprise pre-commercialization activities regarding aldoxorubicin, working capital and capital expenditures.
CytRx Corporation operates as a biopharmaceutical research and development company specializing in oncology. The company’s product candidate is aldoxorubicin, which is in Phase III clinical trial as a therapy for patients with soft tissue sarcomas (STS) whose tumors have progressed following treatment with chemotherapy; in Phase IIb clinical trial in small cell lung cancer; in Phase II clinical trial in HIV-related Kaposi’s sarcoma; in Phase II clinical trial in patients with late-stage glioblastoma (brain cancer); in Phase Ib trial in combination with ifosfamide in patients with soft tissue sarcoma; and in Phase Ib trial in combination with gemcitabine in subjects with metastatic solid tumors.
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