Alkermes Inc. said Monday that it has raised $46 million through its research and development limited partnership, Alkermes Clinical Partners L.P. The Cambridge, Mass., company (NASDAQ:ALKS) is the first of the IPO class of '91 to raise money through a limited partnership. This financing vehicle has been mainly the province of the top-tier biotech group, although Repligen Corp. in March raised $45 million to develop recombinant platelet factor-4. ACP was formed to fund the clinical development
Xenova Ltd. has granted Hoffmann-La Roche exclusive worldwide rights to develop microbially derived small molecules as immunosuppressants for use in organ transplants, and to treat autoimmune diseases and allergies. Xenova, a drug discovery company based in Slough, England, granted the rights to F. Hoffmann-La Roche Ltd. of Switzerland and its U.S. subsidiary, Hoffmann-La Roche Inc. of Nutley, N.J. The agreement "will ensure the rapid evaluation and development of these leads," said Louis
Techniclone International Corp. said Friday that GFT Ges m.b.H., a private Austrian investor, has agreed to buy 1 million shares of restricted common stock for $2 million. The Tustin, Calif., company is negotiating with other private investors for the sale of 10,000 shares of class B convertible stock for $7 million and for the private placement of an additional 2 million shares of common stock at $2 per share. If all the transactions are completed, Techniclone would raise $13 million
BioChem Pharma Inc. has filed for a secondary offering of up to 3.5 million shares of common stock, the company said on Monday. The Laval, Quebec, company (NASDAQ:BCHXF) has focused on the development of products for AIDS and cancer. In 1990, BioChem formed a 50-50 joint venture with Glaxo Canada Inc. to develop therapeutics to treat cancer and viral diseases. The companies are developing an anti-AIDS nucleoside drug, 3TC, and a family of anthracycline analogs to treat cancer. Earlier this
Dr. Michael Gottesman, chief of the Laboratory of Cell Biology at the National Cancer Institute since 1990, has been appointed acting head of the National Center for Human Genome Research. He replaces Dr. James D. Watson, who resigned Friday in the wake of several science policy disputes with National Institutes of Health Director Bernadine Healy and questioning of his financial holdings in biopharmaceutical companies. The NIH is preparing to assemble a committee to find a permanent
DynaGen Inc. was to announce today that it will begin in May Phase II trials of its NicErase System for smoking cessation. NicErase is a non-nicotine substance that acts on the nicotine receptors in the brain. It uses the Cambridge, Mass., company's biopolymer-based controlled release drug delivery system. Injection of the compound "takes care of the compliance and abuse issue that exists with the patch and the gum," according to Jack Barlow, senior vice president for corporate planning at
Epigen Inc. has arranged with Immunotech Corp. to incorporate an Epigen blood test for a cancer antigen into Immunotech's test kits. Epigen of Wellesley, Mass., will pay Immunotech on a time and material basis to incorporate the cancer test into kits for testing in clinical trials. The trials are expected to start in the second half of the year. Epigen (AMEX:EPN.EC) has identified a glycoprotein called HC antigen that is present on the cells of nearly all cancers, but not on healthy tissues
Enzon Inc. has reported preclinical data showing that its blood substitute product, a bovine hemoglobin modified with polyethylene glycol, runs a reduced risk of rejection by the immune system. "PEG-hemoglobin prevents toxicities normally associated with native unmodified bovine hemoglobin," said Robert Shorr, vice president of research. Native hemoglobin can't presently be used due to kidney and other organ toxicities, he said. Hemoglobin in the urine is associated with damage to kidney and
Roberts Pharmaceutical Corp. announced on Monday that it has been granted exclusive worldwide rights to Supprelin histrelin, a pediatric drug, by Ortho Pharmaceutical Corp. Financial terms with Ortho were not disclosed. Roberts shares (NASDAQ:RPCX) jumped $1.88 to $26 on Monday. Supprelin has FDA approval to treat central precocious puberty (CPP), an endocrine disorder in which puberty occurs at an abnormally early age, in some cases as early as 2 to 3 years. Supprelin, which has orphan drug
At least three proposed initial public offerings by biomedical companies have been delayed or withdrawn, signaling that the IPO window is no longer wide open for the class of '92. Although 17 companies have raised $634 million in IPOs so far this year, the 36 percent decline in biotech stock prices since the January peak has increasingly battered new stock offerings, leaving companies with disappointing returns. The IPOs that have been postponed or withdrawn were hoping to raise at least $92
Second- and third-tier biotech share prices generally showed small to moderate gains on Friday, although the AMEX Biotechnology Index fell 4.95 points to 163.58. Many of the large-capitalization stocks in the index posted loses of more than $1, led by Chiron Corp.'s $3 decline to $40.25. DeKalb Genetics Corp. jumped $2.25 to $32.25 and Alkermes Inc. added $1.75 to $15. As measured by the index, biotech shares are down 18 percent in the last month and 36 percent since hitting a peak of 256.60 on
Biogen Inc. shares fell $1.75 to $22.50 on Friday after the company released lower-than-expected revenue figures for the first quarter ended March 31. The Cambridge, Mass., company (NASDAQ:BGEN) reported net income of $814,000, or 2 cents per share, on revenues of $19.1 million. For the 1991 quarter, Biogen had net income after preferred dividends of $1.4 million, or 5 cents per share, on revenues of $18.1 million. "This is a little disappointing," said Jay Silverman, an analyst at Nomura
HealthCare Investment Corp. said Friday that it has raised $188 million in a first closing of HealthCare Ventures III L.P. and HealthCare Ventures IV L.P. The final closing, scheduled for about July 1, is expected to bring the total funding to $217 million, said Wallace Steinberg, a partner at HealthCare Investment. The two funds will work in parallel. HealthCare Ventures IV was set up for the convenience of one of the fund's European investors, Steinberg said. The money will be used to set
North American Vaccine Inc. said Friday that it has been awarded a contract for the production of DTP vaccine from the National Institute of Child Health and Human Development. The contract runs from March 1 through Jan. 31, 1993. AmVax (AMEX:NVX) said it will receive about $1.6 million in funds this year. The diphtheria, tetanus and pertussis vaccine is in Phase III trials in Sweden. The NICHD plans to conduct in 1993 a safety and immunogenicity trial to gather U.S. data. The U.S. trial will
Calypte Biomedical Corp. said that it has raised $6.3 million in an offering of preferred stock to a group of private investors and venture funds. Investors include Quest Ventures, Indosuez Ventures, Technology Partners and Matuschka Venture Partners. The Berkeley, Calif., company raised $1.5 million in its first venture round in March 1991. Calypte's initial product, a diagnostic test for HIV-1 antibodies in urine, is in clinical trials. (c) 1997 American Health Consultants. All rights
David J. Robison has been named president and chief executive officer of Calypte Biomedical Corp. of Berkeley, Calif. Robison was chief operating officer. Company founder and President Howard B. Urnovitz has been named chairman and will continue as chief science officer. Calypte is developing products for the early diagnosis and treatment of infectious diseases, initially targeting AIDS. Allan P. Jarvis has been named vice president of business planning at Repligen Corp. He was director of
Crop Genetics International Corp. announced that it has filed for a secondary offering of 3.5 million shares of common stock. The Hanover, Md., biopesticide developer (NASDAQ:CROP) will use the funds to build and operate an insect virus production facility. In December, Crop Genetics announced its first corporate partnership, an alliance with Du Pont to commercialize insecticidal virus products. Du Pont is providing up to $3.75 million in development funds over the next two years in exchange
ImmuLogic Pharmaceutical Corp. is starting clinical trials of its candidate vaccine for cat allergies, the cause of sneezing in more than 5 million Americans. Tests will begin later this month, said Malcolm Morville, senior vice president of development and preclinical trials. The Phase I safety study of Catvax will test volunteers who are allergic to cats but otherwise healthy. The stock (NASDAQ:IMUL) gained $1.50 to $12. Last November, the Cambridge, Mass., company published its cloning of
Baxter Healthcare Corp. said it will begin Phase I tests this summer of its blood substitute, with a goal of entering Phase II studies of the hemoglobin-based product in the fourth quarter. The Deerfield, Ill., company's substitute is a solution of hemoglobin taken from red blood cells collected from donors. The solution of cross-linked hemoglobin is stripped of any cell remnants or antigens and undergoes a patented viral inactivation process. Outdated blood cells can be used to make the
EuroCetus B.V., a unit of Chiron Corp., on Thursday said that it has received regulatory approval to market Proleukin interleukin-2 to treat metastatic renal cell carcinoma in Austria. EuroCetus said it will start distributing the drug immediately. The company is currently marketing Proleukin for treatment of the disease in 11 European countries: Germany, Denmark, the Netherlands, Ireland, Italy, Spain, France, the United Kingdom, Belgium, Luxembourg and the former Soviet Union. Shares of the
Alkermes Inc. said Monday that it has raised $46 million through its research and development limited partnership, Alkermes Clinical Partners L.P. The Cambridge, Mass., company (NASDAQ:ALKS) is the first of the IPO class of '91 to raise money through a limited partnership. This financing vehicle has been mainly the province of the top-tier biotech group, although Repligen Corp. in March raised $45 million to develop recombinant platelet factor-4. ACP was formed to fund the clinical development