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Analysts at Jefferies & Co reiterate a “hold” rating on Medicis
MRX. One concern for investors lies within the health of the Solodyn franchise, which contributes roughly 60% to Medicis’ total revenue.
Yesterday, Medicis received note from the US Patent and Trademark Office that issued the company a notice of allowance for a third patent for Solodyn. Solodyn currently has five existing doses that are protected by just one patent. According to analysts, “Combining this with the PTO's allowance of Medicis' '817 patent application (notice issued in April 2010), Solodyn is now in a far better IP position, with all five doses being protected by three Orange Book patents.” New patents will give Medicis leverage against existing generic challengers that are continuously knocking on the door.
MRX has near-term plans to meet with the FDA to clarify remaining issues with its Liposonix drug, and the company will also by filing another 510K which has a 60-90 day window for the FDA to accept.
Shares of MRX starting the day trading at $24.82 and have a set target price of $27.00
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