NASDAQ Stocks Company Updates (DSCO, MIND, IPC)

Discovery Labs (NASDAQ: DSCO) has reported the preliminary results from its Phase2 clinical trial of Surfaxin ® in children with Acute Respiratory Failure (ARF). Apart from evaluating the safety and tolerability of the drug, the aim was also to assess whether Surfaxin could reduce the duration of medical ventilation.

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The results of the trial are positive so far, but the analysis is still in progress.Surfaxin is an investigational drug candidate that has not been approved yet by the FDA. Discovery believes it is on track to complete the trial and submit a complete response to the FDA by early 2011.

Discovery’s stock has been taking a beating over the last few weeks, and is currently at $0.34, just marginally higher than the multi-year low of $0.32 last July. The stock has fallen 15.8% in today’s session alone, accompanied by a volume of 6.19 million shares. The average daily volume for Discovery is 2.54 million shares.

Mitcham Industries, Inc. (NASDAQ: MIND) has risen by more than 10% today following a good first quarter performance. Revenues for the first quarter stood at $16.5 million compared to $10.6 million last year. Net income rose to $2.4 million or $0.24 per share compared to a loss of $0.01 last year.

CEO Bill Mitcham said that the company’s equipment leasing segment saw an improved performance in the international market, while the Seamap segment saw another strong quarter. He added that equipment leasing revenues have grown by 51% y-o-y, while Seamap revenue doubled.

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Mitcham Industries, Inc., is a geophysical equipment supplier and offers for lease or sale, new and "experienced" seismic equipment to the oil and gas industry, seismic contractors, environmental agencies, government agencies and universities. The company is headquartered in Texas.

IPC The Hospitalist Company Inc. (NASDAQ: IPCM) has taken a beating of 15.26% today and slipped to $23.76. The stock is performing poorly relative to the healthcare sector which is up by 0.86%.

The slide follows news that IPC has received a request for information from the U.S. Department of Justice regarding certain claims submitted to Medicare and Medicaid. The civil investigative demand covers the period from the beginning of 2003 to the present and seeks a wide range of documents tied to the company's Medicare and Medicaid participation and other activities.

IPC The Hospitalist Company, Inc. is a provider of hospitalist services in the United States, and operates through 1,036 affiliated hospitalist and 475 hospitals and inpatient facilities in 21 states.

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