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Thursday, 1 November 2012

Biosensors shares down at 20-mth low

Biosensors is reporting its second quarter results on Nov 7 -PHOTO: SPH

SINGAPORE - Shares of Biosensors International fell as much as 5.5 per cent to a 20-month low, which OCBC Investment Research attributed to ongoing concerns over the impact of mandatory price cuts in stents in countries including India, China and Japan.

By 0436 GMT, Biosensors shares were down 2.8 per cent at S$1.055 with 6.8 million shares traded, 1.5 times its average daily volume over the last five sessions. Its shares have plunged 26 per cent since the start of the year, compared with the 25.4 per cent rise in the FTSE ST Mid Cap Index.

OCBC noted that Terumo Corp, which licenses Biosensors' drug-eluting stent technology for a royalty fee, said sales of one of its Nobori drug-eluting stent in Japan were hurt by an official price cut by the National Health Insurance and rising competition from new product launches.

This would affect Biosensors' licensing revenues in the second quarter ended September, OCBC said. Biosensors is reporting its second quarter results on Nov 7. - REUTERS

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