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Politics : Politics for Pros- moderated -- Ignore unavailable to you. Want to Upgrade?

To: ManyMoose who wrote (188523)	12/7/2006 9:35:20 PM
From: zeta1961	Read Replies (1) \| Respond to of 793974

Soros IS whirled peas hmm, does it make him an impeccable biotech market timer??? NEW YORK, Dec 7 (Reuters) - An investment fund controlled by billionaire George Soros sold $24 million worth of stock in Auxilium Pharmaceuticals Inc. (AUXL.O: Quote, Profile , Research) a day before the company announced problems with a key clinical trial, sending shares tumbling on Thursday, U.S. regulatory filings show. Auxilium shares fell 9.3 percent to $14.47 on Nasdaq after Auxilium issued a statement late on Wednesday night disclosing problems with the Phase III trial for its development drug aimed at treating a disease that causes fingers to curl. The Perseus-Soros Biopharmaceutical Fund, one of Auxilium's largest investors, sold 1.5 million shares at $16 apiece on Tuesday, according to a filing with the U.S. Securities and Exchange Commission. The sale represented 39 percent of the fund's holdings in Auxilium, the filing said. The fund now owns 2.38 million shares in Auxilium, founded in 1999 to develop and market drugs that focus on urology and sexual health. The company posted a net loss of $33.2 million during the nine months ended Sept. 30. The Perseus-Soros fund was formed in 2000 with capital commitments totaling $449 million to invest in life sciences companies. The fund could not be reached for comment late on Thursday. In a proxy filing in April, Auxilium said the Soros fund owned 4.22 million shares of the company's stock, or 14.2 percent of its shares. Auxilium Chief Executive Armando Anido said on Thursday during a conference call that the Phase III drug trial was suspended after higher-than-expected moisture was found in vials of AA4500, an injectable enzyme being tested on patients. He said the moisture issue may be related to equipment. There have been no reports of adverse reactions, the company said. "Since the issue was uncovered a few days ago, our manufacturing, quality, clinical and regulatory teams have been working feverishly to find the root cause and implement a corrective action plan," Anido said. (Additional reporting by Joel Rothstein in Washington) yahoo.reuters.com.