Alpha-Beta Technology Inc. announced late Thursday a $20 million private placement with several institutional investors. The investors are purchasing 1 million newly issued shares of Alpha-Beta common stock (NASDAQ:ABTI), 1 cent par value, for $20 per share, the Worcester, Mass., company said. The closing of the transaction is contingent upon the effectiveness of a registration statement to be filed by the company covering resales by purchasers, Alpha-Beta said. Vector Securities International
Centocor Inc. announced late Thursday that it has initiated Phase III clinical trials on its anti-thrombotic, CentoRx, for treating angina. This is the second clinical indication for CentoRx, which is a monoclonal antibody designed to bind to surface receptors on blood platelets (the GPIIb/IIIa receptors), thus preventing the aggregation and clotting that can lead to blood vessel closure. Centocor (NASDAQ:CNTO) of Malvern, Pa., reported the initial results of its Phase III clinicals on CentoRx
Pharmaceutical heavyweight Rhone-Poulenc Rorer invested in the future on Thursday when it agreed to purchase 37 percent of Applied Immune Sciences Inc. (AIS) for $113 million. "Molecular biology and genetic engineering will lead to major changes in how diseases are treated," Robert Cawthorn, Rhone- Poulenc Rorer's chairman and chief executive officer, said about the investment in the small cell therapy company. "There's going to be a revolutionary change in patient treatment that in some cases
Baxter Healthcare Corp.'s Biotech Group has begun distributing the ISOLEX50 magnetic stem-cell selection system in the U.S., the company's Santa Ana, Calif., division announced Thursday. The University of Chicago will be the first research center to use the system to rebuild chemotherapy patients' bone marrow. In French research, the system produced 80 to 90 percent pure stem cells. Baxter plans to market the system for clinical use worldwide in 1996. (c) 1997 American Health Consultants. All
Geron Corp. announced Thursday that it has received $10.7 million from a second round of venture financing, and has hired a new president and chief executive officer to steer the company's growth from start-up to market. Geron of Menlo Park, Calif., was founded in March 1992 to discover and develop therapeutics for age-related diseases. The current round of financing was led by Domain Partners II, L.P. and Biotechnology Investments Ltd. Other participants in this round included Geron's initial
Hoffmann-La Roche Inc., Eastman Kodak Co. and Chiron Corp. announced Thursday that they have resolved the issues surrounding rights to polymerase chain reaction (PCR) technology in in vitro human diagnostics. Roche acquired the PCR technology from now-defunct Cetus Corp. in 1991, when Cetus merged with Chiron of Emeryville, Calif. The deal included the rights to all of Cetus' patents and the licenses granted by Cetus under those patents relating both to the nTaq polymerase temperature stable
Procordia AB of Stockholm, Sweden, is becoming solely a drug and biotechnology company, the Swedish industry department announced Thursday, and will divest food and consumer products into a new company called Branded Consumer Products. AB Volvo will swap a block of its Procordia shares for the state's interest in the non-drugs business, the department announced at a news conference. Volvo is expected to bid for the remaining shares in BCP to become its sole owner. After the transaction, Volvo
Univax Biologics Inc. said Thursday that it has filed a product license application (PLA) with the FDA to market WinRho SD, a hyperimmune intravenous human polyclonal antibody, for severe blood disorders. The Rockville, Md., company (NASDAQ:UNVX) said primary indications include treatment of idiopathic thrombocytopenic pupura (ITP) and prevention of Rh isoimmunization in newborns. Characterized by abnormally low platelet levels and risks of excessive bleeding and bruising, ITP affects 137,000
Sepracor Inc. said Thursday that it has reached agreements with Marion Merrell Dow (MMD) worth an aggregate of $17.5 million. As part of the agreement, MMD (NYSE:MKC) of Kansas City, Mo., has invested $10 million in Sepracor, which gives it slightly under 6 percent equity in the Marlborough, Mass., company, according to Nancy Gray, director of business development for Sepracor's pharmaceutical division. MMD also is paying Sepracor $7.5 million in royalties relating to a patent on a metabolite of
Ostex International of Seattle appointed Richard Tarbox III chief operating officer and executive vice president. Tarbox was vice president of Baxter International Inc. Also joining Ostex from Baxter are Nancy Mallinak, as manager of regulatory and clinical affairs, and John Brenneman, as director of finance. Ostex also promoted J. Daniel Clemens to director of product development. Medarex Inc. of Princeton, N.J. appointed Clark Springgate vice president and medical director. Springgate was the
BETHESDA, Md. -- The FDA on Thursday unveiled its new MEDWatch system to encourage health care providers to report to the agency adverse reactions to commercial drugs and biologics and medical devices. In a special communication in the Journal of the American Medical Association dated Wednesday, FDA Commissioner David Kessler said: "If an adverse event occurs in perhaps one in 5,000 or even one in 1,000 users, it could be missed in clinical trials, but pose a serious safety problem when
The American Stock Exchange on Wednesday replaced Immunex Corp. with Immune Response Corp. in its index of 15 leading biotechnology stocks. Immunex shareholders on Tuesday approved the merger between Immunex of Seattle and Lederle Oncology Corp., a unit of American Cyanamid. Lederle now holds a majority of Immunex's stock. Immune Response's stock has been on the rise since May 25, when it closed at $18.25 a share. The stock (NASDAQ:IMNR) was down $1 to $26.25 a share on Wednesday. The San
Ecogen Inc. is entering the agricultural arena in China with an agreement to evaluate potential biopesticides through the government's China National Green Food Corp. The corporation, a division of the Chinese Ministry of Agriculture, was founded to improve the quality of food production in China and to develop products that use natural, environmentally compatible ingredients. It is the commercial arm of the China Green Food Development Center, which monitors and promotes nutritional and
ImmuCell Corp.'s first potential product for human use, a treatment for diarrhea in immune-compromised patients, has stumbled at the starting gate and is entering an extended clinical trial to enhance delivery. The Portland, Maine, company (NASDAQ:ICCC), supplied its polyclonal antibody for cryptosporidiosis in AIDS patients to Univax Biologics Inc. of Rockville, Md., which completed a Phase I/II trial in 40 AIDS patients with chronic cryptosporidiosis. Univax holds marketing rights to the
It's back to the murine drawing board for a pioneer in the stubborn endeavor to make an anti-malaria vaccine. For a quarter of a century, parasitologists Ruth and Victor Nussenzweig have been leaders in the worldwide scientific movement to foil the wily, deadly malarial parasite, Plasmodium falciparum -- an effort that has produced indifferent results. Now Ruth Nussenzweig and her colleagues have turned back to the mouse model of malaria to develop a new approach. Nussenzweig is lead author of
Privately held Neocrin Co. announced today that Greg Dane has joined the company as president and chief operating officer. Dane joins Neocrin from Baxter Healthcare Corp., where he was most recently general manager of allergy therapy. Neocrin of Irvine, Calif., was founded in 1992 through a joint venture between Baxter Healthcare and TranCel. Neocrin is focused on developing and commercializing products to treat insulin-dependent diabetes (Type I). The company is currently developing a
Imutec Corp. said it raised C$5.1 million (U.S.$4.03 million) in a Canadian offering of 1.9 million shares at C$3 (U.S.$2.37) per share. First Marathon Securities Ltd. is acting as agent in connection with the offering. Net proceeds from the offering will supplement existing resources and will be used to expand and accelerate clinical trials at Canadian and international medical centers, to fund scientific development programs and to conduct further testing and clinical trials of products
ImmunoPharmaceutics Inc. has received a small business innovation research (SBIR) grant to map the structure of potential environmentally safe insecticides. The compounds will target developmental hormones of insects. The privately held San Diego company uses supercomputational and biological technology to create candidates for a range of applications. Its researchers are working in heart and inflammatory disease markets, and also collaborate with a European and U.S. company addressing
Shaman Pharmaceuticals Inc. announced Wednesday that it has received two key patents from the U.S. Patent and Trademark Office. Patent No. 5,211,944, issued last week, describes the composition of matter and method of use for SP-303, the active ingredient in two of the company's anti-viral compounds. The other patent, No. 5,202,348, which issued in April, describes the composition of matter and/or method of use for Shaman's SP-1100 series of anti-fungal compounds. Shaman's (NASDAQ:SHMN) anti
Chemex Pharmaceuticals Inc. of Fort Lee, N.J., has completed Phase I safety studies for EPC-K1, a topical, non-steroidal anti- inflammatory compound, patented and licensed from Senju Pharmaceuticals, under a joint venture with Block Drug Co. Inc. The study established safety and anti-inflammatory activity in topical use in people. An additional pilot study to establish efficacy for the treatment of seborrheic dermatitis should start this fall prior to Phase II trials in the fourth quarter. (c
Alpha-Beta Technology Inc. announced late Thursday a $20 million private placement with several institutional investors. The investors are purchasing 1 million newly issued shares of Alpha-Beta common stock (NASDAQ:ABTI), 1 cent par value, for $20 per share, the Worcester, Mass., company said. The closing of the transaction is contingent upon the effectiveness of a registration statement to be filed by the company covering resales by purchasers, Alpha-Beta said. Vector Securities International