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Troubled Biotechs Roundup: Avigen, Jazz, Alfacell, Panacos

This article was originally published in The Pink Sheet Daily

Executive Summary

Unlike other troubled biotechs, Avigen is not cash-poor; however, it is not advancing its small pipeline and its largest investor has called foul.

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Cash-Strapped Jazz Gets Stock Bump From Data On Fibromyalgia Candidate

Jazz Pharmaceuticals' stock price increased 39 percent on June 25, following the second announcement in a week of a successful Phase III trial for its fibromyalgia candidate, JZP-6 (sodium oxybate). The company's share price quickly retreated, dropping 56 cents on June 26 after analysts at Barclay's Capital downgraded the company because of concerns related to its financial health. Still the 21 percent increase in share value could position the specialty pharma to raise badly needed funds, given it has dwindling cash and defaulted on two recent quarterly interest payments on outstanding debt

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