After jacking up as high as $19 intraday on Friday, CV Therapeutics (CVTX) finally slipped $1.375 to $18.125 on 483,300 shares on Friday on news of its plans to float a 4 million share follow-on, but the cardiovascular company avoided the haircut that usually comes on the heels of a flotation announcement. The stock still gained $2.625 (17 percent) on the week as investors remained encouraged by positive data from the first of two Phase III trials of ranolazine to treat angina. Prior to the data announcement in mid-August, CVTX was trading in the $5-$6 range (see BioCentury, Aug. 23). Friday's close values CVTX at $223 million.

Hoping for a hat trick

Vertex (VRTX) added $1 to $28.75 on 361,800 shares on Thursday after expanding its 1993 inflammatory disease collaboration with Hoechst Marion Roussel, widely reported as a $206 million deal. But the compound must be successfully developed for three indications - rheumatoid arthritis, osteoarthritis and an undisclosed inflammatory condition - in order to hit those numbers (see B5). The momentum continued nonetheless, with VRTX closing Friday at $33.50, up $5.813 (21 percent).