Ivax Corp. and Trinity Capital Enterprise Corp. said Thursday that they have signed a letter of intent for the merger of two of Ivax's wholly owned subsidiaries with Trinity through a stock swap worth about $245 million. Trinity (NASDAQ:TICO) would receive all of the common stock of Diamedix Corp. and GDU Trading Co., would issue to Ivax 20 million shares of Trinity common stock. After the merger, Ivax would have 87 percent of Trinity shares outstanding. Ivax (AMEX:IVX) also would receive
International Murex Technologies Corp. on Thursday said it has completed the acquisition of Wellcome Diagnostics from The Wellcome Foundation Ltd. for US$27.3 million (15 million pounds). "This acquisition will encompass extremely complementary product lines and significant operating efficiencies attributable to economies of scale," said C. Robert Cusick, president and chief executive of Murex (AMEX:MXX). Shares of the Toronto company rose 50 cents to $15.75. Wellcome of Dartford, England
More promising results with the first commercially available liposomal anti-fungal provided good news for both its manufacturer and the competition. In December, Vestar Inc.'s AmBisome was shown to cure a patient's liver infection. Now, successful use of the drug in 126 patients in 43 hospitals worldwide and in a dramatic cure of a premature baby is detailed in letters to The Lancet this week. The British baby, born at 28 weeks gestation and suffering from bodywide fungal infection, required
Genzyme Corp. and Neozyme Corp. said Thursday that Vianain enzymatic debridement agent has received orphan drug designation for use in the treatment of severe burns. Genzyme (NASDAQ:GENZ) of Cambridge, Mass., anticipates filing an investigational new drug application to begin Phase I trials of Vianain in the first half of this year. Development of Vianain is supported by Neozyme (NASDAQ:NEOZ), which was formed in 1990 to accelerate development of six Genzyme healthcare products. Treatment of
British Technology Group USA has acquired technology for a recombinant vaccine against a poultry disease from Campbell Soup Co.'s Campbell Institute for Research and Technology. BTG has filed for a patent on the vaccine and will market the technology to other companies. Preliminary studies at Campbell have shown that the vaccine against coccidiosis, an infection of domestic animals, fights six strains of the protozoan parasite that causes weight loss and death in poultry. Coccidiosis is
Gensia Laboratories Ltd., a wholly owned generic drug subsidiary of Gensia Pharmaceuticals Inc. (NASDAQ:GNSA), has received an abbreviated new drug application approval from the Food and Drug Administration to market intravenous tobramycin in two dosage strengths. The drug is a broad- spectrum antibiotic used in hospitals primarily to treat gram- negative infections associated with sepsis, the urinary tract and gastrointestinal system. Gensia shares gained $1.25 to $61.50. (c) 1997 American
Alza Corp. disclosed on Thursday initial results from Phase II tests of a controlled-release treatment for oral fungus infections. The targeted infection, oral candidiasis, is commonly seen in AIDS and also affects the elderly and cancer patients, as well as immune compromised individuals. The tablet developed by the Palo Alto, Calif., company uses the company's mucosal oral therapeutic system (MOTS). The non- dissolving lozenge stays in the mouth to deliver the anti-fungal drug nystatin over
The ingredient of the plaque deposits that form in brains of Alzheimer's victims can be made by a normal metabolic pathway, researchers reported today in Science. Previous research, including findings reported last year by Athena Neurosciences Inc. (NASDAQ:ATHN) of South San Francisco, Calif., indicated that the large protein that contains beta-amyloid, called APP, normally releases a portion that contains only part of beta-amyloid. Scientists were at a loss to explain how beta-amyloid deposits
Immunex Corp. on Thursday announced its first profitable year, earning $802,000, or 5 cents per share. Revenues for the year ended Dec. 31 were up 79 percent, to $62.6 million, due largely to product sales of Leukine granulocyte macrophage colony stimulating factor. Immunex (NASDAQ:IMNX) sold $29.1 million of the white blood cell stimulator, plus $4.1 million of bulk to co-marketer Hoechst- Roussel Pharmaceuticals Inc. "There were no surprises here," said Edward Kim, assistant to Robertson
Regeneron Pharmaceuticals Inc. said Wednesday that it has obtained exclusive licenses to glia maturation factor (GMF) and to a family of chimeric neurotrophic molecules. The Tarrytown, N.Y., company announced at the Merrill Lynch Health Care conference in New York that it has obtained the GMF rights from Rhone-Poulenc Rorer and the University of Iowa. GMF is a naturally occurring protein found in the human nervous system. It has demonstrated in vitro and in vivo biological activities in both
The board of directors of Applied Microbiology Inc. said that it has extended the deadline for the exercise of the New York company's redeemable warrants to Feb. 28, 1993 from Feb. 28, 1992. Each warrant entitles the holder to purchase 1.222 shares of common stock (NASDAQ:AMBI) for $6, resulting in a price per share of $4.91. Applied Micro shares closed unchaged at $4.63 on Wednesday. (c) 1997 American Health Consultants. All rights reserved.
Xytronyx Inc. shares lost $2.50 to $16 on Wednesday after the company said a shareholder class-action suit has been filed against it and certain officers. According to the company, the suit claims that Xytronyx (AMEX:XYX) failed to disclose information regarding the prospects for Food and Drug Administration approval of Xytronyx's PerioGuard Periodontal Tissue Monitor Kit. The suit was filed on Feb. 4 in Southern District Court in California on behalf of people who purchased the common stock
Researchers have pinpointed the genetic regions that are mutated to cause the most common adult form of muscular dystrophy. Three separate teams published information this week in Nature showing that a region on chromosome 19 in patients with myotonic dystrophy varies in size -- the larger the size, the more severe are the symptoms. The three international teams of researchers, including scientists from the Massachusetts Institute of Technology and Lawrence Livermore National Laboratory
The National Cancer Institute has awarded a Phase 1 small business innovation research grant to Immunomedics Inc. to develop a lymphoma therapeutic using rhenium attached to an antibody fragment, the company said Wednesday. The company is conducting Phase I/II trials aimed at lymphomas, using ImmuRait-LL2, a MAb labeled with iodine- 131. The company also said that the U.S. Patent and Trademark Office has allowed a patent application covering two methods for producing antibody fragments and
Coming off some difficult years, venture capitalists are looking forward to this year's prospects. The success of biotech initial public offerings, which raised $1.1 billion last year and $470 million so far this year, should make it easier for venture funds to raise money this year and for private companies, in turn, to raise venture capital. "Nineteen ninety-two is going to be a year like no other; 1992 is going to be fun," said Brook Byers, general partner at Kleiner, Perkins, Caufield
Metra Biosystems has raised $6 million in its second round of venture financing. The funds will be used to continue development of comprehensive screening and monitoring of assays for both bone and cartilage. "We are developing tests to measure degenerative conditions of bone and cartilage, which are osteoporosis, rheumatoid arthritis, osteoarthritis and Paget's disease," said George Dunbar, chief executive officer. The Palo Alto, Calif., company's Crosslinks immunoassay has just entered
Biopesticide developer EcoScience Corp. on Wednesday said it has raised $28.6 million in its initial public offering of 2.6 million shares of common stock priced at $11 per share. The stock (NASDAQ:ECSC) closed down 50 cents at $10.75 in its first day of trading. The offering was increased from the 2.2 million shares with a price range of $8 to $10 proposed in the preliminary prospectus. EcoScience is developing biopesticides from naturally occurring, non-genetically engineered microorganisms
Vestar Inc. late Wednesday completed a secondary offering of 2.5 million shares priced at $20, raising $50 million. The company's shares (NASDAQ:VSTR) rose $1.75 to $21 after the company reported its second profitable quarter, netting $1.1 million, or 8 cents per share, for the period ended Dec. 31. Total revenues for the quarter were $5.9 million, of which $5.5 million represented European product sales of AmBisome, a liposomal form of amphotericin B to treat systemic fungal infections. For
Immunex Corp. on Wednesday presented preliminary data from Phase I trials of soluble human interleukin-1 receptor in allergy patients and of PIXY321 to restore red and white blood cells in patients with certain cancers. Steven Gillis, executive vice president and director of research and development, told the Merrill Lynch Health Care conference in New York that patients given IL-1 receptor showed dramatically lower reactions to allergens at doses as low as one microgram. Individual patients
Management performance and insider trading at U.S. Bioscience Inc. came under sharp scrutiny from analysts and shareholders Tuesday in the aftermath of the rejection of the company's Ethyol product by an FDA advisory committee. Investors who expected the Food and Drug Administration panel to recommend approval of Ethyol last Friday were dismayed when an advisory committee said interim clinical trial data were insufficient to warrant approval. U.S. Bioscience stock (AMEX:UBS) plummeted $13.75 on
Ivax Corp. and Trinity Capital Enterprise Corp. said Thursday that they have signed a letter of intent for the merger of two of Ivax's wholly owned subsidiaries with Trinity through a stock swap worth about $245 million. Trinity (NASDAQ:TICO) would receive all of the common stock of Diamedix Corp. and GDU Trading Co., would issue to Ivax 20 million shares of Trinity common stock. After the merger, Ivax would have 87 percent of Trinity shares outstanding. Ivax (AMEX:IVX) also would receive