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
U.S. Bioscience hopes to meet with the Food and Drug Administration during the week of Feb. 17 to discuss clinical trials to support resubmission of Ethyol, Barbara Scheffler, senior vice president for clinical and regulatory affairs, told BioWorld on Tuesday. As a starting point with the FDA, Scheffler said, the company probably would pursue use of the chemoprotective drug for reducing hematological toxicity associated with cyclophosphamide (CP). She said that the chemotherapy is used to treat
La Jolla Pharmaceutical Co., which is developing drugs to treat antibody-mediated diseases, has raised $14 million in its second round of venture financing. The new investor group was led by Domain Associates and includes S.R. One Ltd., Medical Venture Holdings, Techno Venture Management and Ventana Growth Funds, as well as the principal investors from LJP's first round, which raised $12 million. First-round investors were Harvard Management Co. Allstate, Security Pacific Capital, Concord
Atrix Laboratories Inc. has announced that it will conduct new studies on its Perio drug delivery system for human periodontal disease that will delay filing for a new drug application. The Fort Collins, Colo., company (NASDAQ:ATRX) is not elaborating on what it will be studying because the information gained from Phase III tests includes "some that could be beneficial to us from a competitive standpoint," said Dale Clift, vice president of operations. "We are extremely confident we will file
Amgen Inc. shares gained $1.25 on Tuesday to $71 after some analysts raised their 1992 earnings-per-share estimates following a conference call with the company on Monday to discuss 1991 financial results. Morgan Stanley analyst Michael Sorell upped his estimate to $1.75 from $1.66 due to the continued growth of Neupogen granulocyte colony stimulating factor sales. Denise Gilbert of Smith Barney also raised her estimate to $1.80 from $1.65. Gilbert told BioWorld that she adjusted her figures
Advanced Polymer Systems Inc. said Tuesday that it has netted $8.74 million through the private placement of 1.15 million shares of unregistered common stock at $8 per share. The investors also received 1.15 million three-year warrants exercisable for one share of stock at $8.80. APS shares (NASDAQ:APOS) closed Tuesday at $12.25, off 38 cents. The proceeds will be used to complete clinical testing of two products using APS's Microsponge system and to provide working capital for toiletry
Univax Biologics Inc. on Tuesday said it raised $48 million in its initial public offering of 4 million shares of common stock at $12 per share. The Rockville, Md., company is developing vaccines and immunotherapeutics using hyperimmune intravenous immunoglobulins (IGIVs) to prevent and treat infectious diseases. The offering was increased from 3 million shares proposed in the preliminary prospectus. Univax shares (NASDAQ:UNVX) closed unchanged at $13.13. Products in Phase I trials include a
Centocor Inc. has acquired a British diagnostics company for $8 million, its first move into the field of infectious disease diagnostics. The company, Mercia Diagnostics Ltd. of Guildford, manufactures diagnostics for sexually transmitted diseases, based on monoclonal antibodies. "We have an embryonic effort under way" to develop diagnostics for infectious diseases, Centocor spokesman Richard Koenig told BioWorld. "This really accelerates it." Mercia's line of some 20 diagnostic products will
Organogenesis Inc. said it will expand clinical trials of its skin graft product for treating burns. Tests so far have shown no immune or other adverse reactions to the cultured human skin. In expanded Phase I testing, the Cambridge, Mass., company (AMEX:ORG) will start collecting data on efficacy, said spokeswoman Jennifer Pierce. The product contains all layers of the skin, "which means the skin graft can be put directly on the cleaned wound," said Pierce. By contrast, she said, a competing
While the stock market was punishing U.S. Bioscience stock on Monday, company executives revealed their options for getting Ethyol "back on track" at the Food and Drug Administration. The stock (AMEX:UBS) lost 44 percent of its value, falling $13.75 to $17.75 in the wake of a decision by an FDA advisory panel late Friday not to recommend approval of the treatment for toxicity associated with chemotherapy and radiation treatment. Dr. Phillip Schein, president and chief executive officer, said
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