Chiron Corp. on Thursday said it has completed its acquisition of IntraOptics Inc. in exchange for about 565,000 newly issued shares of Chiron common stock valued at about $39 million. IntraOptics, a privately held manufacturer and marketer of intraocular lenses and instruments for cataract surgeries located in Boca Raton, Fla., will be combined with Chiron's wholly owned subsidiary, Chiron Opthalmics Inc. of Irvine, Calif. The business will be renamed Chiron IntraOptics. By combining product
Matrix Pharmaceutical Inc. has filed for an initial public offering of 2.5 million shares of common stock at an anticipated $11 to $13 per share. MPI's technology concentrates drug activity at a site and reduces side effects by delivering the compound directly to diseased tissues and holding it in place for sustained release with protein carriers. The company has begun clinical trials of an injectable product for treating solid tumors and surface skin lesions that contains a protein matrix
SAN FANCISCO -- Shares of Gensia Pharmaceuticals Inc. soared $8.25 on Wednesday to $67.25 after the company announced it has signed a four-year agreement with Sandoz Pharmaceutical Corp. to develop and market new drugs to treat type II diabetes. The agreement could be worth $22 million to Gensia (NASDAQ:GNSA) if one drug is developed, and more if other drugs result. The collaboration combines the San Diego company's purine technology for inhibiting the production of glucose with Sandoz's
Immunomedics Inc. stock jumped 50 percent Wednesday after the company announced it has received notice of allowance for a broad U.S. patent covering the company's use of cytokines with its radioactive monoclonal antibodies as a cancer treatment. The company is conducting clinical trials of two therapies, for colorectal cancer and lymphoma, that deliver radioactive antibodies through the bloodstream to the cancers. Immunomedics said it hopes to show that bone marrow toxicity of cytotoxic
SAN FRANCISCO -- Calgene Inc. announced Wednesday that it has received a notice of allowance from the Patent and Trademark Office on a broad patent covering the use of antisense technology to turn off any plant gene in any plant species. With the patent plus specific patents in tomatoes and oils modification, "we're seeking a technological lock on post- harvest physiology," said Dan Wagster, chief financial officer. Calgene has exclusive rights to a 1989 patent on polygalacturonase, the gene
Trading in Biomira Inc. stock, which was halted on Tuesday after a sharp increase in the share price, resumed on Wednesday and closed up another 75 cents to $16.25. The stock has gained $4.38 since Monday. The Canadian company (NASDAQ:BIOMF), is developing cancer diagnostic and therapeutic products, including radiolabelled monoclonal antibody-based agents. James Devaney, vice president of finance, noted that Soundview Financial Group Inc., its U.S. underwriter, on Tuesday issued a "buy
MGI Pharma Inc. on Wednesday said it has exercised its right to convert all of its outstanding Series I preferred stock into shares of MGI common stock. All 352,000 shares of preferred, held solely by American Cyanamid Co., will be converted into 414,117 shares of common (NASDAQ:MOGN) effective Friday. After the transaction, Cyanamid will hold 941,483 shares, equal to 8.4 percent of outstanding shares. The company will pay about $111,000 of accumulated dividends, but will save up to $220,000
Cytogen Corp. shares jumped $3 on Wednesday after its European marketing partner announced that OncoScint CR103, a monoclonal antibody-based imaging agent for colorectal cancer, has received marketing approval in Spain. OncoScint is now approved in six European countries. EuroCetus B.V., based in Amsterdam, the Netherlands, is the exclusive marketing partner in Europe for the OncoScint product line developed by the Princeton, N.J., company (NASDAQ:CYTO). EuroCetus is a wholly owned subsidiary
Nova Pharmaceutical Corp. on Wednesday said it has received a U.S. patent, No. 5,079,260, for inflammation-fighting leumedin compounds. The patent covers Nova's NPC 15199, which is in clinical trials for contact dermatitis, and NPC 15669, for which the company filed in December to begin trials as a sepsis treatment. The Baltimore company (NASDAQ:NOVX) expects to file another IND during the first quarter to test NPC 15669 in inflammatory bowel disease. The leumedins work against inflammation by
Glycomed Inc. said it has received notice of allowance for a U.S. patent that will cover use of its Galardin compound to treat corneal ulcers. Last week the Alameda, Calif., company (NASDAQ:GLYC) announced it had won an orphan drug designation for Galardin and expects to file in mid-1992 to start clinical trials. The eye- drop drug will be the company's first product to enter human trials. The stock closed at $24, up $1.25, on Wednesday. (c) 1997 American Health Consultants. All rights
Imre Corp. on Wednesday said it has received Food and Drug Administration approval to begin clinical trials of its Prosorba column for treatment of patients with rheumatoid arthritis. The Seattle company (NASDAQ:IMRE), whose products are used to treat a patient's blood outside the body, said it also plans this year to conduct trials of its technology in patients with lupus, multiple sclerosis and myasthenia gravis, and with kidney transplants and in certain tumors. The stock closed at $3.88
Molecular Biosystems Inc. (NYSE:MB) said it has begun Phase I testing of its albumen imaging agent, for judging the effectiveness of a newly placed coronary bypass graft during the surgery. The Albunex contrast agent, made from a human blood protein called albumen, is awaiting Food and Drug Administration approval for its use in diagnosis of heart problems by echocardiography. A prior pilot study had evaluated the agent in patients undergoing a coronary bypass with part of the saphenous vein
Collagen Corp. (NASDAQ:CGEN) said that an Illinois woman has voluntarily dropped a lawsuit against the company in which she claimed that injectable collagen treatments caused her to develop scleroderma. The Palo Alto, Calif., company also announced that a federal court in Texas has denied a motion for a new trial brought by a woman who had alleged that collagen injections caused her to develop a rare autoimmune disease. The Texas court ruled in October that her claims were preempted by Medical
GenPharm International Inc. has completed a $12 million mezzanine financing, an amount that "will probably last us two to three years," company President and Chief Executive Jonathan MacQuitty told BioWorld. MacQuitty said he could not predict if the next round of financing for the company, which uses transgenic animals to develop new therapeutics, would be an initial public offering. This second round of financing for the Mountain View, Calif., company was completed over two months, led by
Cortex Pharmaceuticals Inc. could receive up to $26.5 million to collaborate with Alkermes Inc. on the development of enzyme inhibitors to treat stroke and other acute degenerative disorders of the brain, the companies announced Tuesday. The two-year agreement, announced after the close of the market, covers three classes of calpain inhibitors, Cortex's lead program. Calpain is an enzyme thought to be responsible for the destruction of nerve cells. Under the agreement, Alkermes (NASDAQ:ALKS
The rapid maturity and increasing value of the biotechnology sector was demonstrated Tuesday by announcements from both the Chicago Board Options Exchange (CBOE) and the American Stock Exchange (AMEX) of proposed index instruments based on biotechnology stocks. The exchanges have filed with the Securities and Exchange Commission for permission to introduce options trading in their respective indexes. "It is a clear sign that biotechnology is a legitimate industry, and that the capitalization is
Immunex Corp. (NASDAQ:IMNX) on Tuesday received U.S. patent No. 5,078,996 for use of GM-CSF to stimulate anti-cancer activity in immune cells. The Seattle company's Leukine granulocyte macrophage colony stimulating factor won Food and Drug Administration approval last March for use in patients receiving bone marrow transplants after treatment of certain cancers. Last week it was cleared as therapy to reconstitute white blood cells in patients whose marrow transplants have failed. Immunex
SAN FRANCISCO -- The Liposome Co. announced Tuesday at the Hambrecht & Quist 10th Annual Life Sciences Conference that it plans to "develop aggressively" a new drug, TLC G-53, to treat inflammatory and cardiovascular conditions. The liposomal prostaglandin E1 compound marks the Princeton, N.J., company's entry into this area. The drug prevents activation of cells involved in inflammation, or turns off activated cells. The company said it plans to file an investigational new drug application in
Top-tier biotech companies are increasingly in a position to form partnerships with their younger counterparts. But while the pool of potential partners is growing, it's still small. "We've seen over the past year or so much more play by the biotech companies," said Jay Kranzler, president and chief executive of San Diego-based Cytel Corp. "Amgen, Genetics Institute, Genentech and Chiron all have balance sheets which can support investments in smaller biotech companies. That trend will continue
Procyte Corp. on Tuesday said it has received a notice of allowance for a patent covering the composition and use of its small peptide-metal molecules as inhibitors of the toxic actions of oxygen. Reperfusion injury can occur when tissues temporarily deprived of blood flow regain their blood supply. Oxygen radicals formed when oxygen is reintroduced to starved organs can cause inflammation and damage. The Kirkland, Wash., company (NASDAQ:PRCY) has developed small peptides complexed with either
Chiron Corp. on Thursday said it has completed its acquisition of IntraOptics Inc. in exchange for about 565,000 newly issued shares of Chiron common stock valued at about $39 million. IntraOptics, a privately held manufacturer and marketer of intraocular lenses and instruments for cataract surgeries located in Boca Raton, Fla., will be combined with Chiron's wholly owned subsidiary, Chiron Opthalmics Inc. of Irvine, Calif. The business will be renamed Chiron IntraOptics. By combining product