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Biotech / Medical : QCOR Questcor Pharmaceutical

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From: Savant	7/9/2012 10:56:50 AM
	of 107

Questcor Sees June Acthar Drug Shipments Climb; Shares Up Last Update: 7/9/2012 10:29:30 AM By Chelsea Stevenson Questcor Pharmaceuticals Inc.'s (QCOR) preliminary June estimates for its shipped paid Acthar prescriptions show month-to-month increases as the company has worked to broaden physician awareness for its prescriptions though expansion of its sales force. Shares climbed 8% to $54.34 in recent trading, setting a new high. The stock has soared 96% in the past 12 months. The company bought the rights to its only drug Acthar, a steroid alternative, from Aventis SA in 2001. The company's challenge has lied in convincing doctors there are new uses for the compound. Questcor reported paid prescriptions treating Nephrotic Syndrome came in at 115 to 120 for June, up from May's 103. In April, shipments for NS were below 100. Prescriptions treating multiple sclerosis are estimated between 400 and 410, up from 365 in May. Infantile spasms prescriptions are anticipated to be between 30 and 35, while April and May were 31 and 32 respectively. The company has completed the expansion of its nephrology sales force, increasing its representatives to 58 from 28. Its neurology sales force has increased to 109 from 77 representatives. The company believes these expansions will help broaden physician awareness of Acthar prescriptions. Total Acthar shipments reached 4710 vials for the second quarter ended in June. The company repurchased 3.7 million shares of its common stock during the second quarter, at an average price of $41.85. Questcor used $156.1 million in cash to buy back its shares. As of June 30, Questcor had 59.7 million shares outstanding. Questcor's first-quarter profit more than tripled due to increasing Acthar shipments, reaching 4111 shipments.

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