BIOTECH ISSUES LEAP FORWARD In its biggest one-day jump this month, the AMEX Biotechnology Index climbed 5.49 on Thursday to 154.06 amid a brisk rally in the overall market. The NASDAQ composite index, by comparison, rose 7.18 to 564.75. Two biotechnology stocks moved up following news and an analyst's views. -- Applied Biosystems Inc. (NASDAQ:ABIO), which announced late Wednesday that it formed Lynx Therapeutics Inc. to develop antisense drugs, gained $1 a share Thursday to close at $14.25
Imperial Chemical Industries plc of Wilmington, Del., has hitched its genetically engineered tomato project to two major consumer product marketers. The company announced Thursday agreements with Hunt- Wesson Inc. and Dole Fresh Vegetables Inc. ICI and Hunt- Wesson plan to share in the profits of a processed tomato product that it hopes will produce thicker sauces and ketchup. ICI expects to pay for product development costs, while Hunt- Wesson, a Con Agra company based in Fullerton, Calif., is
CellPro Inc. on Thursday said it has begun previously announced Phase III human clinical trials of its Ceprate SC Stem Cell Concentration System in autologous bone marrow transplantation to treat breast cancer. The randomized, multicenter trial is designed to demonstrate engraftment of marrow purified for stem cells with the system, the Seattle company said. Patients will undergo either a standard bone marrow transplantation or a bone marrow transplantation procedure using marrow stem cells
ChemTrak Inc. said it resumed shipments of its cholesterol test, which were suspended last month after a manufacturing problem surfaced. The Sunnyvale, Calif., company said that the problem with its AccuMeter Total Cholesterol Test has been identified and isolated and that quality-control measures are in place to prevent a recurrence. The company (NASDAQ:CMTR) said it will report a loss of between $3 million and $3.3 million for the quarter ended June 30, compared with a $996,000 loss for the
Applied Biosystems Inc. said Wednesday that it formed a subsidiary, Lynx Therapeutics Inc., to pioneer its efforts in the development of antisense therapeutic compounds. ABI of Foster City, Calif., aims to eventually build Lynx into a fully integrated pharmaceutical company, which could take drug development from basic research through final marketing. Lynx is to develop therapeutics based on its synthetic DNA technologies. Antisense compounds work by silencing the genetic message that sets in
Prudential Securities analyst Joseph Edelman on Tuesday lopped 10 cents off his 1993 earnings estimate for Amgen Inc. to reflect expected higher research and development costs. He lowered his estimate to $2.40 from $2.50. He continues to rate Amgen a "buy." (c) 1997 American Health Consultants. All rights reserved.
Collagen Corp. said that it received a notice of allowance for a U.S. patent application covering purified collagen conjugated to polyethylene glycol, a water soluble polymer. The material could be safer and more effective than existing injectable products used to repair skin and other soft tissue, the Palo Alto, Calif., company said. The patented technology also covers collagen matrices for localized delivery of biologically active agents, Collagen said. (c) 1997 American Health Consultants
Biotechnology investor David Blech has reduced his stake in Liposome Technology Inc., but still appears to be the company's largest shareholder. LTI said that several charitable trusts, which name Blech as beneficiary, recently sold 800,000 shares of its stock. The sale leaves the New York investor with 2.55 million shares, or 13.7 percent, of the Menlo Park, Calif., company's common stock. Blech acquired the shares in January 1990. Liposome stock (NASDAQ:LTIZ) closed Monday unchanged at $9.25
DURHAM, N.C. -- Sphinx Pharmaceuticals Corp. and the Washington University School of Medicine in St. Louis announced Wednesday a five-year collaboration to develop novel treatments for cardiovascular and inflammatory diseases. The Sphinx-WU collaboration is based on research into a group of human enzymes known as phospholipases A2 (PLA2). PLA2 enzymes convert specific lipid molecules present in the cell membrane into a lipid product known as arachidonic acid. The production of arachidonic acid
Applied Biosystems Inc. said Wednesday that it will take $22 million in write-offs against results in the just finished fourth quarter, largely reflecting goodwill and other intangible assets that are of little or no continuing value to the company. ABI of Foster City, Calif., expects to report a 15 percent rise in sales for the quarter ended July 3, up from the $40.7 million in sales reported for the comparable three-month period a year ago, the company said. "We’re especially encouraged by
Nova Pharmaceutical Corp. said Wednesday that it has entered into a three-year, $4.3 million contract with the National Institute of Mental Health (NIMH) Psychotherapeutic Drug Discovery and Development Program. According to the agreement, the company's NovaScreen division will provide screening services to identify new agents for the potential treatment of central nervous system disorders. The NovaScreen system uses a series of laboratory tests to discover bioactive compounds and to determine
BIOTECH STOCKS LEVEL OUT After charting an erratic course through June, when the AMEX Biotechnology Index fluctuated in a wide range from 137.67 to 162.57, biotechnology stocks seem to have leveled out in early July. On Wednesday, the index dropped 1.79 to close at 147.32. On a broader front, the Dow Jones industrial average fell 1.89 to 3,293.28 on Wednesday. The NASDAQ composite index was up 0.16 for the day to 557.57. On Tuesday, when the Dow average plummeted 44 points and the NASDAQ index
CellPro Inc. and Amgen Inc. plan to co-sponsor a series of Phase III human clinical trials of a cancer treatment that combines Amgen's Neupogen drug and CellPro's stem cell technology, CellPro announced Tuesday. The two companies plan a multicenter trial involving patients undergoing autologous bone marrow transplantation. The trials will use Neupogen, a recombinant human granulocyte colony stimulating factor (G-CSF), and CellPro's Ceprate SC stem cell concentration system. The body's stem
EcoScience Corp. on Tuesday said it has signed a Cooperative Research and Development Agreement (CRADA) with the U.S. Department of Agriculture's Agricultural Research Service to develop technologies to control post-harvest diseases of tree fruit. No money is involved in the CRADA, the company said.. The company's strategy is to develop naturally occurring organisms to compete with blue and gray molds that attack fruit damaged in post-harvest handling, said James Wylie, EcoScience's president
Genzyme Corp. announced Tuesday what it believes to be the first orphan drug designation granted to a proposed genetic therapy -- this one aimed at correcting the defective gene that triggers cystic fibrosis. Genzyme plans to take its cystic fibrosis gene therapy (CFGT) into clinical trials next year, said Alison Taunton-Rigby, Genzyme's senior vice president of biotherapeutics. Although other companies are pursuing therapeutic treatments of cystic fibrosis, Cambridge, Mass.-based Genzyme is
Plant Genetic Systems N.V. announced Tuesday that funds managed by Oppenheimer Management Corp. in New York have invested $10 million (U.S.) in the company. PGS, a privately held agricultural biotechnology company in Ghent, Belgium, has raised $70 million since it was formed in 1983. The funds involved are Oppenheimer's Global Securities fund, Oppenheimer's Growth and Income fund and Oppenheimer's Global Bio-Tech fund. PGS's primary focus is in crop hybridization and the development of insect
Elan Corp. plc of Athlone, Ireland, on Tuesday said its shareholders approved a special resolution authorizing purchases the company to repurchase its own stock at the discretion of the board of directors. Shareholders last week also approved a 3-for-2 stock split of the company's ordinary shares. The stock (ASE:ELN) closed Tuesday at $38, up 38 cents. (c) 1997 American Health Consultants. All rights reserved.
David M. Goldenberg, chief executive officer and founder of Immunomedics Inc., is stepping aside to make way for a new president and CEO. David W. Ortlieb will assume those duties and will be responsible for the company's worldwide activities and strategic planning. Immunomedics of Morris Plains, N.J., has been without a president since April, when Russell McLauchlan joined U.S. Bioscience Inc. as president. Ortlieb arrives at a pivotal time for Immunomedics (NASDAQ:IMMU), said company
Scios Inc. and Nova Pharmaceuticals Corp. said Tuesday that the waiting period for review by the Federal Trade Commision of their proposed merger expired on Monday without any requests from the FTC for additional information. Nova of Baltimore and Scios of Mountain View, Calif., announced in May an agreement to merge in which holders of Nova common stock (NASDAQ:NOVX) would exchange each of their shares for 0.39 shares of Scios common stock (NASDAQ:SCIO). The proposed merger, valued at $180
Pharmaceutical Proteins Ltd. (PPL) announced Tuesday that it raised about $11.6 million in its latest round of financing, bringing the total amount raised to $19.3 million. The proceeds will be used to fund research and for capital improvements, particularly manufacturing facilities, the company said. New investors in this round included Hancock Venture Partners of Boston and Patricof & Co. of New York, PPL's first U.S. investors. Another first-time investor, Sofinnova of Paris, joined previous
BIOTECH ISSUES LEAP FORWARD In its biggest one-day jump this month, the AMEX Biotechnology Index climbed 5.49 on Thursday to 154.06 amid a brisk rally in the overall market. The NASDAQ composite index, by comparison, rose 7.18 to 564.75. Two biotechnology stocks moved up following news and an analyst's views. -- Applied Biosystems Inc. (NASDAQ:ABIO), which announced late Wednesday that it formed Lynx Therapeutics Inc. to develop antisense drugs, gained $1 a share Thursday to close at $14.25