Look back at pharma news to Jan 6

Shares of biotech Innocoll Holdings tumbled as much as 65% on December 30, after the US Food and Drug Administration issued a refusal to file letter for the company's product candidate for a treatment for post-surgical pain Xaracoll. Xaracoll had been expected to be the first competitor to Pacira’s Exparel, which is the main reason for that company’s $1 billion market capitalization.

Janney Capital cut Innocoll’s stock to neutral from buy and lowered its stock price target to $2 from $9, saying it does not believe the company has sufficient cash resources to fund its operations through 2017. Analyst Ken Trvobich said he expects the application to be delayed for at least a year and warned the company could be forced into a sale or bankruptcy if it fails to secure funding. “We expect the need for additional capital to lead to future financings that are far more dilutive than we previously estimated,” he wrote in a note.

Standpoint defends OPKO Health, thinks bad news will reverse