Neurogen Corp. stock jumped 73 percent on Friday after Robertson, Stephens & Co. analyst Mark Simon initiated coverage with a "strong buy" recommendation. "We would aggressively buy the stock up to $15 per share," he wrote. Stock of the Branford, Conn., developer of drugs to treat psychiatric and neurological disorders (NASDAQ:NRGN) closed at $12.13, up $5.13. Neurogen hopes in 1992 to begin clinical trials of its lead compound, NGD91-1, to treat anxiety. The company told BioWorld in August
Liposome technology is advancing on several fronts, with newly issued patents for the use of the fatty microspheres to lessen the number of injections for allergy sufferers, and to deliver drugs deep into the lungs. Researchers, meanwhile, are reporting that the liposomes can get cancer drugs to tumors. Liposomes are spherical shells of a double layer of phospholipid, made to precise sizes and solubilities to deliver desired drugs at controlled rates. Allergy Immuno Technologies Inc. on Sept
Dr. Thomas J. McKearn has been appointed president of Cytogen Corp. McKearn, who founded the company in 1981 and had been executive vice president, will manage day-to-day operations. George W. Ebright will remain chairman and chief executive officer. Cytogen has also appointed James H. Geddes to the newly created position of group vice president, with responsibilities for marketing, sales, business development and strategic planning. Geddes was previously vice president of marketing and sales
Univax Biologics Inc. said Friday that it has formalized its collaboration with the National Institute of Diabetes and Digestive and Kidney Diseases to develop a conjugated vaccine against Staphylococcus aureus. S. aureus most commonly causes gram-positive sepsis and bacteremia. "Staph is a real clinical headache because it's resistant to so many antibiotics," said W. Scott Harkonen, vice president of medical and regulatory affairs at Univax. "We're down to about one drug now, and it's making
Research published today shows that combination treatments for AIDS may sidestep the problem of drug resistance caused by genetic mutations of HIV. Mutations have enabled the virus to resist the nucleoside drugs AZT, ddI and ddC. The new findings suggest that the three corporate giants developing these AIDS drugs -- Burroughs Wellcome Co., Bristol Myers Squibb Co. and Hoffmann La Roche Inc. -- could end up with their products cooperating to fight the epidemic. Resistant strains of HIV have
Genetic Systems Corp. said Thursday that it has received Food and Drug Administration approval to sell the first combination test kit for both HIV-1 and HIV-2. The enzyme immunoassay (ELISA) test, which incorporates inactivated whole virus of both AIDS viruses, detects within four hours circulating antibodies to the viruses in human serum or plasma. Pricing information was not available. Although the FDA hasn't required HIV-2 antibody testing, FDA Commissioner David Kessler said the test may
Genetics Institute Inc. said that two class-action complaints have been filed against the company in connection with its proposed merger with American Home Products Corp. GI, based in Cambridge, Mass., said Lewis J. Bair has filed suits in Delaware and Massachusetts against the company, each of its directors and AHP. The suits allege that GI stockholders will receive inadequate consideration for their stock in the merger, and seek unspecified monetary damages and injunctive relief, according
Chiron Corp. stock picked up $4.25 on Thursday, closing at $74.25, after the Food and Drug Administration's blood products advisory panel recommended testing blood plasma for hepatitis C. Chiron (NASDAQ:CHIR), which dominates the screening market, estimates the recommendation will result in $25 million in total additional hepatitis C screening test sales annually. Chiron of Emeryville, Calif., and Ortho Diagnostic Systems of Raritan, N.J., which have a joint business, control about 60 percent
Amylin Corp. has received a Phase I small business innovation research grant of about $50,000 to develop monoclonal antibodies to amylin, a hormone that may play a key role in adult-onset diabetes. The monoclonals would be used to develop diagnostic tests. Amylin excess is thought to contribute to obesity and to adult- onset diabetes, which is linked to obesity. A lack of amylin, on the other hand, seems to underlie some of the problems that come with Type I, insulin-dependent diabetes
Oxford GlycoSystems Ltd. said it has completed an $8 million round of venture financing that will fund its expanded R&D efforts and the introduction of new instrumentation. The round, which was led by S.R. One, included Suez Ventures; Singapore EDB; Kleiner, Perkins, Caufield & Byers; and Oxford University. OGS of Abingdon, United Kingdom, is switching its product focus to instrumentation for molecular biology and molecular structure studies, particularly carbohydrates. Within the next six
HemaCare Corp.'s board has voted to extend to Oct. 21, 1992, the expiration date of the company's 700,000 warrants outstanding. The warrants, which were issued as part of the company's 1986 initial public offering, were due to expire on Oct. 21 of this year. The exercise terms remain unchanged. Each warrant may be used to purchase one share of common stock at $3.50. The Sherman Oaks, Calif., company may redeem the warrants after the market price of the common stock has equaled or exceeded $5.25
MGI Pharma Inc. has acquired the patent rights to a mouthwash form of pilocarpine for treating dry mouth from its inventor, Adib R. Mikhail. MGI plans to submit late this year or early next year a new drug application for Salagen, its tablet form of pilocarpine, to treat radiation-induced dry mouth in head and neck cancer patients. The Food and Drug Administration has granted Salagen orphan drug designation for this indication. The mouthwash formulation will give MGI the opportunity to look at
Epitope Inc. has been awarded a $467,000 grant to fund clinical trials for OraQuick, a 10-minute test for the detection of HIV antibodies in oral samples. The test consists of a membrane mounted on a plastic spoon- like device, which captures antibodies from the mucosal surfaces of the mouth, said John Fitchen, vice president of research and clinical activities at the Beaverton, Ore., company. Once antibodies are collected, the device is put in contact with viral antigens and a developer that
Centocor Inc. said Thursday that it has increased the size of its Euro-convertible subordinated debenture offering to $125 million from $100 million. The debentures, which will pay 6.75 percent interest, will be convertible into common stock (NASDAQ:CNTO) at $61 per share. The stock closed Thursday at $49.75, down $1.50. Lead managers for the offering are Credit Suisse First Boston Ltd., J.P. Morgan Securities Ltd. and PaineWebber International (U.K.) Ltd. Centocor anticipates that the offering
The deadline for Federal Trade Commission review of the proposed merger of Chiron Corp. and Cetus Corp. passed without any request for additional information from the agency, the companies said Thursday. The deadline for the review under the Hart-Scott-Rodino Antitrust Improvements Act expired Wednesday. Cetus on Thursday also announced that the proposed sale of its polymerase chain reaction technology to F. Hoffmann-La Roche had cleared a second review, this one by the Committee on Foreign
Immunex Corp. stock lost $3.50 on Thursday, closing at $47.50, after Oppenheimer & Co. analyst Jeffrey Casdin said he was maintaining his "trading sell" on the Seattle-based company. Immunex (NASDAQ:IMNX) had gained $4.75 on Wednesday after news that the Patent and Trademark Office might not issue a patent on granulocyte macrophage colony stimulating factor (GM-CSF), a white blood cell stimulator. Genetics Institute Inc. and Immunex have patent applications in interference at the PTO. Wrote
Immunex Corp. stock rose 10 percent on Wednesday on news that the Patent and Trademark Office might not issue a patent on granulocyte macrophage colony stimulating factor. If no patent issues, rival Genetics Institute Inc. will not be able to block Immunex from the market for the white blood cell stimulator, as some analysts had feared. The companies' patent applications have been in an interference proceeding at the PTO since 1990. In a Securities and Exchange Commission filing related to its
Applied Immune Sciences Inc. said that researchers at UCLA's Jonsson Comprehensive Cancer Center have begun clinical studies using its CELLector-TIL to treat metastatic kidney cancer. The study, announced Wednesday, will help determine the safety and feasibility of using the device-based system to kill tumor cells. TIL cells, or tumor infiltrating lymphocytes, are anti-tumor cells produced by the immune system in response to cancer. Kidney cancer affects 24,000 Americans annually and often
Syntro Corp. has received approval for its second-generation vaccine against pseudorabies in pigs from the U.S. Department of Agriculture. The genetically engineered PRV/Marker Gold vaccine allows swine operations to distinguish vaccinated animals from infected animals in two independent ways. It also can replace either of two existing vaccination programs against the disease, which is targeted for control in the United States and Europe, William Davies, company vice president, told BioWorld
Whittaker Corp., which is spinning off its biotech business, BioWhittaker Inc., said Wednesday it will sell 19.9 percent of BioWhittaker to Boehringer Ingelheim of Germany for $23 million. BioWhittaker of Walkersville, Md., and Boehringer have agreed, subject to certain conditions, to form an equally owned joint venture to produce cell cultures, cell culture media and sera using BioWhittaker's technology. The venture will build and operate a plant in Belgium. The plant is expected to be
Neurogen Corp. stock jumped 73 percent on Friday after Robertson, Stephens & Co. analyst Mark Simon initiated coverage with a "strong buy" recommendation. "We would aggressively buy the stock up to $15 per share," he wrote. Stock of the Branford, Conn., developer of drugs to treat psychiatric and neurological disorders (NASDAQ:NRGN) closed at $12.13, up $5.13. Neurogen hopes in 1992 to begin clinical trials of its lead compound, NGD91-1, to treat anxiety. The company told BioWorld in August