Shares of Motorola Inc. (NYSE: MOT) rallied more than 5% on Wednesday after activist investor Carl Icahn disclosed in a regulatory filing that he has boosted his stake in the firm to 9.99%, from 8.7% in May.
Research In Motion Ltd. (NASDAQ: RIMM)slumped more than 3% after Saudi Arabia's communications and information technology commission said that it has ordered "Saudi Telecom Co, Mobily and Zain Saudi Arabia to (immediately) stop the BlackBerry service for businesses and individuals in the kingdom starting Friday, August 6." Earlier this week, UAE's telecom regulator said that it would ban key BlackBerry services from October 11.
XOMA Ltd. (NASDAQ: XOMA) soared more than 19% on Wednesday after the biopharmaceutical announced that the U.S. Food and Drug Administration has designated XOMA 052, an antibody to interleukin-1 beta, an orphan drug for the treatment of Behcet's disease. The Committee for Orphan Medical Products of the European Medicines Agency has already recommended the granting of orphan medicinal product designation for XOMA 052 for the same indication in the European Union. U.S. orphan drug designation is granted by the FDA Office of Orphan Drug Products Development to novel drugs or biologics that may treat a condition affecting fewer than 200,000 persons in the United States.
Depomed, Inc. (NASDAQ: DEPO) jumped more than 15% after it announced that pursuant to the Hatch-Waxman Act, the 45-day period for filing a patent infringement suit under the Act, and thus initiating a 30-month stay on the FDA's ability to approve the DM-1796 NDA, has expired. Depomed has confirmed with Pfizer Inc. that no suit under the Act has been filed. DM-1796 is an extended release, once-daily tablet formulation of gabapentin for post-herpetic neuralgia developed by Depomed. "We look forward to a potential approval of DM-1796 in the first quarter of next year," commented Carl A. Pelzel, Depomed's president and chief executive officer.
Funtalk China Holdings Limited (NASDAQ: FTLK) surged more than 15% on Wednesday after it announced that, as a result of volatile market conditions, the company has decided to postpone its previously announced proposed public offering of approximately 12,000,000 ordinary shares by it and certain selling shareholders.
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