Los Angeles Business Journal

LA BUSINESS JOURNAL DAILY NEWS

Puma Falls on Cancer Drug Data

Shares of Puma Biotechnology Inc. dropped 18 percent on Monday after the Westwood drug developer reported clinical trial results for its experimental breast cancer drug that were less dramatic than investors expected.

Long Beach Boeing Plant to Close Earlier Than Expected

Boeing Co. said Monday it expected to end production of its C-17 Globemaster III transport jet at its Long Beach plant three months earlier than expected.

MannKind Shares Fall on FDA Delay

Shares of MannKind Corp. fell nearly 8 percent Monday after the company announced that the FDA’s final decision on its inhalable insulin could be delayed beyond an expected April 15 deadline.

Former Mayor of Glendale Sentenced for Embezzlement

John Drayman, a former Glendale councilman and mayor, was sentenced Monday to one year in jail for embezzling some $300,000 from the Montrose farmers market, the L.A. County District Attorney announced.

Stocks Fall

In Monday trading, the Dow Jones industrial average closed down 167 points, or 1 percent, to 16,246. The Nasdaq fell 48 points, or 1 percent, to 4,080. The S&P 500 fell 20 points, or 1 percent, to 1,845. The LABJ Stock Index fell 2 points, or 1 percent, to 187.

Los Angeles Lures Large Convention from San Diego

Los Angeles has snagged a major environmental convention from San Diego.

True Car Registers for IPO

Santa Monica’s booming auto shopping website TrueCar has registered for an initial public offering with the Securities and Exchange Commission, seeking to raise up to $125 million.

Amgen Cancer Drug Results Disappoint

Shares of Amgen Inc. fell 4 percent on Friday after the Thousand Oaks biotech giant said an experimental skin cancer drug had not significantly improved survival rates in clinical trial patients although it reduced the size of tumors.

Ares, Wells Make Deals With Guitar Center

Guitar Center has announced deals with debtor Ares Management and lender Wells Fargo Capital Finance that the Westlake Village-based music retailer said puts it in a significantly stronger financial position.

MannKind, Mandalay Among Week’s Biggest Movers

The Los Angeles Business Journal’s index of largest local public companies gained slightly for the week.

Stocks Drop

In Friday trading, the Dow Jones industrial average closed down 160 points, or 1 percent, to 16,413. The Nasdaq fell 110 points, or 2.6 percent, to 4,128. The S&P 500 fell 24 points, or 1 percent, to 1,865. The LABJ Stock Index fell 3 points, or 2 percent, to 189.

Amgen Ends GlaxoSmithKline Partnership

Amgen Inc. on Thursday said it would pay GlaxoSmithKline more than $275 million to get out of a co-marketing agreement with the British drug company to promote Amgen’s osteoporosis drug Prolia in certain regions outside the United States.

Response Genetics Adds More Health Plans to Client List

Shares of Response Genetics Inc. jumped 18 percent on Thursday after the cancer diagnostic test company signed agreements with six additional health plans and two large health care groups.

Solid Concepts Is Acquired

Stratasys, an international 3-D printing company, said it plans to buy Valencia’s Solid Concepts Inc. and another private company in Texas, and will merge them with its own manufacturing subsidiary.

Stocks Fall

In Thursday trading, the Dow Jones industrial average closed down less than 1 point to 16,573. The Nasdaq fell 39 points to 4,238. The S&P 500 fell 2 points to 1,889. The LABJ Stock Index fell less than 1 point to 193.

Rubicon Project Goes Public

Shares of Rubicon Project Inc. on Wednesday rose more than a third in its New York Stock Exchange debut.

New CEO at ReachLocal

Internet advertising company ReachLocal Inc. has named Sharon Rowlands as its chief executive, the company announced Wednesday.

AwesomenessTV Buys Multi-Channel Network Big Frame

Los Angeles content maker and distributor AwesomenessTV has acquired Hollywood YouTube network Big Frame in a $15 million cash deal, marking yet another acquisition in the red-hot multichannel network market.

Platinum Equity Sells Tech Holding

Platinum Equity on Wednesday said that has sold Truesense Imaging to On Semiconductor Corp., a Phoenix maker of chips for electronic systems.

Stocks Gain

In Wednesday trading, the Dow Jones industrial average closed up 40 points to 16,573. The Nasdaq rose 8 points to 4,276. The S&P 500 rose 5 points to 1,890. The LABJ Stock Index rose less than 1 point to 193.