The top-tier biotechnology companies gave back 25 percent of their value during the first-quarter correction of bioscience stocks, losing $6.8 billion in market capitalization on a fully diluted basis. The group -- Amgen Inc., Biogen Inc., Centocor Inc., Chiron Corp., Gensia Pharmaceuticals Inc., Genentech Inc., Genetics Institute Inc., Genzyme Corp., Immunex Corp. and Synergen Inc. -- began the quarter with a combined market cap of about $28.3 billion. Only Gensia, with a 12 percent price gain
Researchers using an assay developed by Sibia Inc. have found decreased levels of the precursor protein to amyloid in the brain and spinal fluid of people diagnosed as having Alzheimer's disease. The findings suggest a route to clinical diagnosis of the disease, the scientists reported today in the Proceedings of the National Academy of Sciences. The scientists from the University of California, Irvine, and their colleagues at the Free University Hospital in Amsterdam, the Netherlands, said
Advanced Tissue Sciences Inc. announced Monday that it has signed a letter of intent to acquire privately held Neomorphics Inc. in a deal valued at $21 million. Under the proposed agreement, all outstanding shares of Neomorphics would be exchanged for ATS stock (NASDAQ:ATISA) valued at $21 million over a certain period prior to the closing. ATS shares rose 50 cents to $13.13 on Monday. Lexington, Mass.-based Neomorphics, founded in 1988, is a venture capital-backed R&D company focused on the
Gynex Pharmaceuticals Inc. announced Monday two technology transfer deals with Bristol-Myers Squibb Co. that will give Gynex its first revenue stream and the prospect of additional royalties from new contraceptives developed with its technology. Gynex said it has granted an exclusive worldwide license to Bristol-Myers Squibb Co. for Gynex's patented oral contraception dosing regimen. At the same time, Gynex (NASDAQ:GYNX) received from Bristol-Myers exclusive U.S. rights to Delatestryl, an
Merrill Lynch analyst Stuart Weisbrod on Monday repeated his "buy" ratings on five biotech stocks, advising investors to take advantage of current low prices in anticipation of a second- quarter rally by the quality names in the group. For the intermediate term, Weisbrod recommended Alza Corp. (AMEX:AZA), Genzyme Corp. (NASDAQ:GENZ), Biogen Inc. (NASDAQ:BGEN) and Immunex Corp. (NASDAQ:IMNX). Longer term, he recommended Chiron Corp. (NASDAQ:CHIR). Alza, which is down 15 percent this quarter
Gensia Pharmaceuticals Inc. has started Phase II trials of its cardiovascular drug Arasine as a treatment to prevent cardiovascular complications in patients who undergo major non-cardiac surgery, the company said Monday. The San Diego company (NASDAQ:GNSA) plans to begin Phase III trials in the United States, Canada and Western Europe in the last half of this year, according to David Hale, chairman, president and chief executive officer. Up to 3 million people are at risk annually in the
Imre Corp. on Monday said it has formed a diagnostic subsidiary called CELx Corp. The unit will focus on development of diagnostic assays using immunoadsorption technology developed by Imre. The company is first targeting use of the separations technology in diagnostic tests for breast cancer. A patient's blood sample will have the plasma separated and put through a column that will concentrate a specific molecule that indicates the occurrence of breast cancer. The molecule is difficult to
Enzon Inc. and Cytoclonal Pharmaceuticals Inc. on Monday said they will collaborate to develop treatments for life-threatening diseases based on Cytoclonal's cytokines and monoclonal antibodies and Enzon's Pegnology and Single-Chain Antigen- Binding (SCA) drug delivery systems. Cytoclonal has isolated 15 cytokine genes and analogs, and has combined them with MAbs to develop new therapies and diagnostics for cancer, viral and immune diseases. Enzon will in-license an unspecified group of these
Chiron IntraOptics announced on Monday that it has received FDA approval to market an expanded line of its Chiroflex II silicone foldable intraocular lenses (IOLs) used for cataract surgery. The products incorporate a modified C-loop used to fix the IOL in place, rather than the J-loop found in previously approved Chiroflex II lenses. The company estimates the C-loop market at $100 million to $150 million. "Market data shows that 48.5 percent of ophthalmic surgeons prefer the modified C-loop
ImmunoGen Inc. on Monday announced the start of multicenter Phase I/II trials of Oncolysin B to treat children with B-cell lineage acute lymphoblastic leukemia (ALL) or lymphoma. The trials are being conducted under an investigational new drug application filed by the National Cancer Institute. Children who have relapsed following prior therapy, such as chemotherapy and bone marrow transplants, are eligible. About 1,900 cases of ALL in children are diagnosed in the United States each year
Recombinant erythropoietin (EPO), the red blood cell stimulant, does not appear to give added benefit to patients who donate their own blood for transfusion during surgery, Japanese researchers report this week in The Lancet. Twenty-five patients were included in the random study, and all received iron to counter anemia. Red blood cell production was boosted by giving EPO, yet patients who did not get the stimulant nevertheless recovered easily from any anemia due to the blood collection and
Biotechnology stocks, waiting for upbeat news that could revive share prices, instead were caught in a broad market sell-off on Friday in reaction to a 1.25 percent drop in the Japanese stock market in overnight trading. Friday's announcement that Ariad Pharmaceuticals Inc. had raised a record-setting $46 million in start-up financing could have been the news that revived investor interest in the sector, but the announcement was swamped by the market's overall decline. The Dow Jones average of
North American Vaccine Inc. said Friday that it has signed a collaborative research and development agreement with Rockefeller University to develop a vaccine against Group A Streptococcus infections. Neither the terms of the agreement nor the technologies involved were disclosed. There is no vaccine currently licensed by the FDA to prevent Group A infections. Between 20 million and 30 million cases occur annually in the United States. The most common infection is strep throat, which occurs
Genentech Inc. last week renewed its defense of Activase t-PA in the wake of formal publication of the year-old ISIS-3 study of clot dissolvers and new publication of data showing elevated occurrences of stroke associated with the drug. The results of ISIS-3, a 40,000-patient comparison that showed no advantage of high-priced t-PA over cheaper clot dissolvers, were published last week in The Lancet. An accompanying editorial stated, "The clearest message to emerge from this massive enterprise
Alpha-Beta Technology Inc. on Friday said it has filed for an initial public offering of 2 million shares of common stock with a proposed price of $14 to $16 per share. Alpha-Beta is developing products based on complex carbohydrates to prevent and treat infection and certain inflammatory diseases, and to reduce cholesterol. The company's lead product, Betafectin, completed Phase I trials in January and will enter Phase II trials for such indications as surgery, burns, bone marrow disorders
Baxter International of Deerfield, Ill., announced that its president, Wilbur H. Gantz, will leave the company to become founder, president and chief executive officer of a new biopharmaceutical and diagnostics company, Pathogenesis Corp. Baxter will hold an equity investment in the company and Gantz will continue to serve on Baxter's board. James R. Tobin, Baxter executive vice president, has been named president and chief operating officer of Baxter. Oncor Inc. has named Glen Paul Freiberg
Ivax Corp. said last week that it has received notice from Trinity Capital Enterprise Corp. that a shareholder lawsuit has been filed against Trinity regarding the proposed merger of two Ivax subsidiaries with Trinity. The suit, filed last Thursday in Southern District Court of New York, alleges that Trinity (NASDAQ:TICO) and certain of its officers and directors will harm Trinity stockholders by paying too high a price to Ivax in the proposed merger. Trinity and Ivax (AMEX:IVX) announced last
ImClone Systems Inc. said Friday that it has formed Cadus Pharmaceutical Corp. to develop novel drugs based on intracellular signal transduction mechanisms to treat cancer, inflammation and allergies. The announcement is the third this month of a new company developing small molecules aimed at controlling mechanisms within cells. The company's name is derived from "caduceus," the winged staff of Hermes, messenger of the gods. Ariad Pharmaceuticals Inc. last week said it raised $46 million in
In the biggest start-up financing in biotech history, Ariad Pharmaceuticals Inc. today was to announce that it has raised $46 million in a private placement of common stock. Ariad -- the name comes from Ariadne, daughter of King Minos of ancient Crete -- was formed in early 1991 to develop small molecules that can affect processes inside cells. "It was clear to me that developing orally active small molecules targeted within cells was the future of the industry," said Dr. Harvey Berger
Idec Pharmaceuticals Corp. on Thursday announced a new route to immune treatment of autoimmune disease, using antibodies derived from macaque monkeys. The new class of recombinant antibodies will not be subject to the same limitations as the mouse antibodies that have been the focus of therapeutic efforts, the company predicted, and may expand the number of conditions treatable by antibody therapies. The "primatized" antibodies were disclosed at the Second International Conference on Human
The top-tier biotechnology companies gave back 25 percent of their value during the first-quarter correction of bioscience stocks, losing $6.8 billion in market capitalization on a fully diluted basis. The group -- Amgen Inc., Biogen Inc., Centocor Inc., Chiron Corp., Gensia Pharmaceuticals Inc., Genentech Inc., Genetics Institute Inc., Genzyme Corp., Immunex Corp. and Synergen Inc. -- began the quarter with a combined market cap of about $28.3 billion. Only Gensia, with a 12 percent price gain