Glycomed Inc. on Thursday said it raised $37.5 million through a secondary offering of 2.5 million shares of stock priced at $15 per share. The offering was 500,000 shares larger than the company had previously announced. The Alameda, Calif., company, which is developing pharmaceuticals based on complex carbohydrates, now has 11.7 million shares outstanding. Underwriters Montgomery Securities and Hambrecht & Quist Inc. have a 375,000-share overallotment option. In June, Glycomed (NASDAQ:GLYC
Biomira Inc. has filed for a public offering of about 4 million shares of common stock. The Canadian company, which is developing cancer diagnostics and therapeutics, would have 17.4 million shares outstanding after the offering. Canadian underwriters will be ScotiaMcLeod Inc., Burns Fry Ltd. and Richardson Greenshields of Canada Ltd. In the United States, the offering will be led by ScotiaMcLeod (U.S.A.) Inc. There is no overallotment option. Altamira Capital Corp., which holds 14.5 percent
CytRx Corp. will supply its patented adjuvant for testing of malaria vaccines in a cooperative research effort sponsored by the Centers for Disease Control, the company said Thursday. The Norcross, Ga., company (NASDAQ:CYTR) did not disclose which vaccines will be tested or when the tests will start. Adjuvants work with vaccines to boost the body's immune response. The CytRx adjuvant is a copolymer of ethylene oxide and propylene oxide. Ribi ImmunoChem Research Inc. (NASDAQ:RIBI) of Hamilton
Liposome Technology Inc. on Thursday said it has filed for a 3 million-share stock offering. If the offering is completed, the Menlo Park, Calif., company will have 16 million shares outstanding. LTIZ is developing liposome and lipid-based products to treat infectious diseases and cancer. The company has two products in Phase II clinical trials: Amphocil liposomal amphotericin B anti-fungal drug and a bronchodilator inhaled liposomal albuterol product. Underwriters Oppenheimer & Co. Inc. and
Creative BioMolecules Inc. said Wednesday that it has raised $14 million through the sale of senior preferred stock, an increase of $2.8 million from the originally planned offering. The stock was sold to American and European institutional investors, plus some of the Hopkinton, Mass., company's previous venture investors. Privately held Creative plans to do an initial public offering within six to 12 months, President and Chief Executive Charles Cohen told BioWorld. Creative focuses on two
Strong revenue growth from its joint blood screening business and its ophthalmics unit helped Chiron Corp. earn $5.4 million, or 27 cents a share, on revenues of $29.9 million in the third quarter. The Emeryville, Calif., company earned about $4 million, or 23 cents, on revenues of $19.1 million in the comparable 1990 quarter. Revenues from Chiron's blood screening venture with Ortho Diagnostics Systems Inc. grew to $12.1 million in the quarter ended Sept. 30, compared with about $8 million in
Vestar Inc. announced Wednesday that AmBisome, its intravenous liposomal formulation of amphotericin B, has received approval for general sale in Mexico and a special license for sale in Italy. The drug is a broad-spectrum, anti-infective used to treat potentially fatal systemic fungal infections. AmBisome sales in Italy will be restricted to hospitals and will be based on specific therapeutic need. AmBisome was approved in December 1990 for general sale in Ireland. Elsewhere in Europe, it was
Envirogen Inc. last week completed a $7 million equity financing round. Investors were primarily private individuals, plus some institutions, according to Roger J. Colley, president and chief executive of the bioremediation company. D. Blech & Co. Inc. acted as sales agent. The Lawrenceville, N.J., company originally had hoped to raise about $4 million. Envirogen raised $700,000 in seed financing from investor Robert Johnston in late 1988 and $3 million in a first round from Schroeder Ventures
Amylin Corp. on Tuesday announced a collaboration with Glaxo Inc. to develop new diabetes therapies in an agreement that Amylin Chairman Howard Greene called "a true joint development deal." Instead of assigning royalties in exchange for equity or milestone payments, the agreement calls for the companies to devote essentially equal resources to the research effort and co-promote any resulting products. It is a model for future biotech collaborations, Greene told BioWorld, especially with the
Chiron Corp. and Cetus Corp. on Tuesday announced that stockholders meetings have been scheduled for Dec. 10 to vote on the proposed merger of the two companies. The Emeryville, Calif.-based companies were to send joint proxy statements to stockholders beginning today. Since Oct. 10, Chiron stock (NASDAQ:CHIR) has been trading above the $49 to $67 per share price range set in the deal. If the deal closes while Chiron stock is within that range, Cetus shareholders will receive three-tenths of a
Somatogen Inc. stock leaped $6.50 on Tuesday after the company said it has received Food and Drug Administration permission to begin human testing of its patented blood substitute in a small number of volunteers. The stock (NASDAQ:SMTG) closed at $40.50. The Boulder, Colo., company's hemoglobin is designed to replace blood lost in surgery or trauma, and would avoid the risk of contracting blood-borne infections such as hepatitis and AIDS through transfusion. The preliminary clinical trial
Alliance Pharmaceutical Corp. last week began Phase I clinical trials of its Imagent BP perfluorocarbon-based imaging agent. Imagent was developed for intravenous use with computed tomography to detect metastatic tumors, primarily in the liver. The San Diego company also said its underwriters, Oppenheimer & Co. Inc., Lehman Brothers, and Cowen & Co., sold a 390,000-share overallotment for$22.75 per share. Alliance recently completed a 2.6 million-share secondary offering. In addition
California Biotechnology Inc. said it has raised $56.9 million through an offering of 2.5 million shares of common stock at $22.75 per share. The Mountain View, Calif., company said Tuesday that the offering was increased from an anticipated 2 million shares. After the offering, the developer of products for cardiopulmonary diseases, tissue repair and metabolic disorders has 17.4 million shares outstanding. Underwriters Hambrecht & Quist Inc. and Cowen & Co. have a 375,000-share overallotment
Immunex Corp. stock picked up $1.50 on Tuesday, closing at $45, after Kidder, Peabody analyst Robert Kupor upgraded his rating to a "buy" from "hold," based on the potential of the company's antagonists to interleukin-1 and tumor necrosis factor. Kupor's six-month target price for the stock (NASDAQ:IMNX) is $55 to $60. "Importantly, Immunex will be the only biotech company with antagonists to both of these cytokines -- the two major endogenous mediators of inflammation -- and so be in the
Magainin Pharmaceuticals Inc. has filed for an initial public offering of 2 million shares of common stock with a proposed price range of $10 to $12 per share. If the offering is completed, the Plymouth Meeting, Pa., company will have 8.3 million shares outstanding. Magainin is developing drugs based on a family of host-defense peptides called magainins to treat infections and certain cancers, and to promote wound healing. Magainins kill infected or diseased cells by forming a channel through
Immune Response Corp. has grossed $44 million in a secondary stock offering, the company said Tuesday. Of the 1.3 million shares priced at $44, a stockholder sold 300,000 shares. After the offering, the San Diego company has 14.9 million shares outstanding. Underwriters Montgomery Securities and Robertson, Stephens & Co. have a 195,000-share overallotment option. The stock (NASDAQ:IMNR) gained $3.25 to close at $49 on Tuesday after Montgomery Securities analyst Brandon Fradd reiterated an
Genentech Inc. has won market exclusivity in Japan for its tissue plasminogen activator, the company announced on Monday. In a preliminary injunction issued last week, an Osaka District Court ruled that sales of t-PA by Toyobo Co. Ltd. infringed Genentech's Japanese patent for the heart attack drug. A final ruling is expected on Wednesday. The action makes Genentech's product the only t-PA sold in Japan. Genentech's licensees are Mitsubishi Kasei Corp. and Kyowa Hakko Co. Ltd. Mitsubishi has a
Collagen Corp. suffered a $2.5 million loss in the last quarter, primarily as a result of continuing legal and regulatory travails involving its injectable collagen products, the company said Monday. The Palo Alto, Calif., company lost 25 cents a share in its first quarter ended Sept. 30, compared with earnings of $479,000, or a 5 cent gain per share in the comparable 1990 quarter. Net income for the year prior period was reduced by $1.3 million in charges associated with discontinued
Genzyme Corp. stock rose $1.88 to $48.25 on Monday after the company reported record financial results for the third quarter ended Sept. 30. The Cambridge, Mass., company had net income of $5.2 million, or 22 cents a share, on revenues of $33.1 million. Genzyme (NASDAQ:GENZ) posted a net loss of $950,000, or 6 cents a share, on revenues of $13.9 million for the comparable 1990 quarter. Product sales for the 1991 quarter were $22.8 million, compared with $9.8 million for the 1990 quarter. Of
Escagenetics Corp. said Monday that it has entered into an agreement with Quest International, a division of Unilever, to scale up production of Escagenetics' PhytoVanilla and PhytoVanillin flavorings. The natural flavorings, which are derived from cell culture technology, were developed to compete with synthetic vanillin and the more expensive natural vanillin extract. Scale up will be undertaken at Quest's facilities for product development and market analysis. Quest will fund the work, said
Glycomed Inc. on Thursday said it raised $37.5 million through a secondary offering of 2.5 million shares of stock priced at $15 per share. The offering was 500,000 shares larger than the company had previously announced. The Alameda, Calif., company, which is developing pharmaceuticals based on complex carbohydrates, now has 11.7 million shares outstanding. Underwriters Montgomery Securities and Hambrecht & Quist Inc. have a 375,000-share overallotment option. In June, Glycomed (NASDAQ:GLYC