Amersham International plc's acquisition of United States Biochemical Corp. (USB) became a matter of record April 2, the start of Amersham's new fiscal year. The acquisition, announced March 15, is potentially worth $69 million. USB of Cleveland received $51.75 million of that upon completion of the acquisition. The remainder -- up to $17.25 million -- will be paid over the next three years contingent on agreed-upon sales levels of certain of USB's products. Vector Securities International Inc
WASHINGTON, D.C. -- Flouting the "strong recommendations" of a National Institutes of Health review committee, the Army has decided to proceed with a Phase III trial of a single AIDS vaccine, the gp160 vaccine produced by MicroGeneSys Inc. Last fall, in a move that elicited much anger from the biomedical community, MicroGeneSys of Meriden, Conn., and the Walter Reed Army Medical Institute had successfully lobbied for the addition of $20 million to a Defense Department appropriations bill for a
A former NeoRx Corp. founder who is taking a Seattle cancer therapeutic company, VitaMed Inc., public through a reverse takeover said he thinks going north for venture financing will become a trend among biotechnology companies. VitaMed Biopharmaceuticals Ltd. began trading on the Alberta Stock Exchange on Tuesday under the symbol VBL.A. VitaMed retains control of the Canadian public company and will continue operating in the U.S. as a wholly owned subsidiary. VitaMed exchanged shares with
Genta Inc. announced Tuesday that it will not proceed with its proposed follow-on public offering of $2.5 million shares of common stock because of current market conditions. Genta's common stock (NASDAQ:GNTA) traded near $13 a share in January and closed at $11.50 when it filed for the offering on Feb. 12, but dropped almost 40 percent to close Monday at $7 a share, said Howard Sampson, vice president and controller. The stock picked up 50 cents a share on Tuesday, closing at $7.50. The
Enzon Inc. and Oncologix Inc. announced Tuesday that they have agreed to cross-license patents that will allow the development of new cancer therapies. Enzon's patent concerns its single-chain antigen-binding (SCA) proteins, while Oncologix's relates to an erbB-2 monoclonal antibody. Under the terms of the agreement, Enzon of Piscataway, N.J., will receive non-exclusive rights to certain of Oncologix's monoclonal antibodies that recognize and target the erbB-2 tumor marker. Enzon (NASDAQ:ENZN
Cytogen Corp. announced Tuesday that it has been issued two European patents that together protect the company's core monoclonal antibody linking technology. European patent No. 0088695 grants Cytogen (NASDAQ:CYTO) of Princeton, N.J., exclusive rights to a therapeutic or diagnostic compound covalently attached to the carbohydrate region of an antibody or antibody fragment. European patent No. 017369 covers the antibody conjugates capable of chelating radioisotopes, which Cytogen is developing
Cephalon Inc. announced Tuesday that it completed a secondary offering of 2 million shares of common stock (NASDAQ:CEPH) at $9.50 a share, grossing $19 million. Cephalon's stock closed at $11.25 a share when it filed for the offering on Feb. 9; the stock closed Tuesday at $9.50 a share, off 13 cents. Upon completion of the offering, the company has 11 million shares of common stock outstanding, as well as 5.8 million warrants and options. Cephalon reported it had $43.8 million in cash at the
ImmunoGen Inc. said Monday it has started a Phase III clinical trial of its anti-cancer compound Oncolysin B for treating patients with non-Hodgkin's B-cell lymphoma. The trial is designed to demonstrate the effectiveness of the drug in extending the disease-free survival of patients who are in remission after autologous bone marrow transplantation (ABMT). Although remissions after ABMT can be induced via chemotherapy and radiation, only 30 percent to 40 percent of ABMT patients (there are 36
Canguard Health Technologies Inc., a Vancouver, British Columbia, company developing drugs for diseases of the nervous system, announced that it has received C$600,000 (U.S.$477,000) in a private placement from Ventures West III Canada Limited Partnership. The firm purchased 3,333,333 common shares and 3,333,333 non-transferable common share purchase warrants, each warrant exercisable into one additional share of common stock at C18 cents (U.S.14 cents) per share for one year. All stock
According to analysts, product developments in the second quarter are unlikely to turn the biotechnology sector around, as positive news on most drugs favored for 1993 came in the first three months of the year "There could be positive milestone developments," said analyst David Webber of Alex. Brown & Sons, "but the market now is in the mood to discount milestones pretty severely." Webber said Vestar Inc.'s DaunoXome is one of the few biotechnology drugs with a chance of approval this quarter
ProCyte Corp. of Kirkland, Wash., announced Monday that research data on its wound-healing drug Iamin now demonstrate how the compound affects collagen gene expression. Speaking at last week's Keystone Symposium on Wound Repair in Breckenridge, Colo., F. X. Maquart of the University of Reims in France explained that Iamin stimulates the formation of collagen fibers in wound sites in an established wound-healing model. Iamin, which is a tripeptide complexed with copper, also activates essential
Liposome Technology Inc. announced Monday that it has begun selling Amphocil on a named-patient basis in Israel. LTI (NASDAQ:LTIZ) of Menlo Park, Calif., is already selling Amphocil, its lipid-based formulation of amphotericin B for treating systemic fungal infections, in Austria and Ireland on a named-patient basis. LTI is currently conducting multicenter Phase III clinical trials in the U.S. and Europe on Amphocil, including two open-label trials and one double-blind study, and has already
WASHINGTON, D.C. -- Highlights of Nature Genetics First International Conference here last week included reports on gene therapy for cystic fibrosis; a genetic analysis of human breast cancer; similar bizarre patterns of gene mutation in two neurological ailments, fragile X syndrome and Huntington's disease; and the latest on p53. During the rapid-fire conference last Thursday and Friday, researchers presented 40-minute talks to an audience of about 300 people. Ron Crystal, professor of
NeoRx Corp. of Seattle announced last week that its pre- targeting technology for delivering radioactivity specifically to tumors is 10 times more effective than conventionally administered radioimmunotherapy (RIT) in animals. NeoRx's (NASDAQ:NERX) results demonstrate that uptake of radioactivity by the tumor is immediate and that non-tumor bound radiation disappears rapidly from the body. In conventional RIT, the radioactivity accumulates gradually in the tumor, and is gradually eliminated from
Alteon Inc. announced last week that FDA has requested amended protocols for its Phase III pivotal clinical trials on its lead compound, aminoguanidine, for treating diabetic neuropathy and end-stage renal disease. FDA requested that Alteon (NASDAQ:ALTN), of Northvale, N.J., expand its protocols to include a second treatment arm at an additional dose -- something that the company is now doing in collaboration with Marion Merrell Dow, its joint partner in clinical development and marketing. (c
Researchers reported in the British medical journal The Lancet on Saturday that initial results of the longest, broadest trial of the anti-viral drug AZT to date showed, after three years of follow-up, no cumulative decrease in risk of death or disease progression in individuals treated before symptoms of HIV infection appear. The study was intended to determine the value of early treatment with AZT, which has been recommended for patients who have CD4-cell counts below 500 per millimeter blood
British Bio-technology Group plc (NASDAQ:BBIOY) announced last week that it has started a multicenter Phase II clinical trial of its AIDS drug, p24-VLP, in Europe. The drug, which is a genetically engineered protein, produced in yeast, is designed to stimulate immunity to the core HIV virus protein p24. The trial, designed to establish the drug's optimum dosage, will include 72 asymptomatic HIV patients in centers in Amsterdam, London and Antwerp, Belgium. British Bio-technology, of Oxford
Beams of light were shown in preclinical studies to gel a liquid that may be used to prevent surgical scarring, a scientist associated with Focal Inc. reported Thursday at the national meeting of the American Chemical Society. Jeffrey Hubbell is acting director of materials research at the private Cambridge, Mass., company and associate professor of chemical engineering at the University of Texas, Austin, which licenses the gel to the company. The gel is introduced through minimal incisions
Hygeia Pharmaceuticals Inc. announced Friday that it has submitted an investigational new drug (IND) application to FDA on its human monoclonal antibody product for treating colorectal cancer. The drug, Monopharm-C, is a human monoclonal -- produced by in vitro immunization -- that is directed specifically against a unique antigen found on adenocarcinoma cells, explained Ronald Brown, Hygeia's president and chief operating officer. San Diego-based Hygeia, whose stock trades on the Vancouver
InnoVet Inc. said it raised more than $5 million after expenses from a private placement of common stock to European investors. Oakes, Fitzwilliams & Co. Ltd. of London was the agent for the placement. InnoVet (NASDAQ:IVET) of West Palm Beach, Fla., also said it completed its previously announced purchase of Cambridge Veterinary Science Ltd. (CVS) of Cambridge, England, and its 75 percent owned subsidiary, Cambridge Bionutritional Ltd., for a combination of cash and stock valued at about $2
Amersham International plc's acquisition of United States Biochemical Corp. (USB) became a matter of record April 2, the start of Amersham's new fiscal year. The acquisition, announced March 15, is potentially worth $69 million. USB of Cleveland received $51.75 million of that upon completion of the acquisition. The remainder -- up to $17.25 million -- will be paid over the next three years contingent on agreed-upon sales levels of certain of USB's products. Vector Securities International Inc