U.S. Bioscience has set a meeting date to discuss the future of its Ethyol chemoprotective with the Food and Drug Administration, Robert Kriebel, senior vice president of finance and administration, told BioWorld on Wednesday. Although the meeting will occur "shortly," the company will not announce the meeting or its results, Kriebel said. "It is a private working session to figure out together how we can get this product back on track," he said. "We heard (from an FDA advisory panel) that they
Interneuron Pharmaceuticals Inc. on Wednesday said Purdue University has granted the company exclusive worldwide rights to dihydrexidine, a treatment that improves muscle control in patients with Parkinson's disease. Dihydrexidine is a dopamine agonist that is thought to replace dopamine, which is deficient or absent in Parkinson's victims, by binding to the same D1 and D2 brain cell receptors. "Studies have demonstrated that dihydrexidine is the first high-potency, 'full-efficiency' dopamine
Transkaryotic Therapies Inc., a privately held gene therapy company, was to announce today that it has raised $15.5 million in an oversubscribed private placement of convertible preferred stock with institutional investors. Warburg Pincus Capital, which founded the Cambridge, Mass., company with an undisclosed amount of financing in 1988, increased its stake. New investors include Humana Inc., Interhealth Ltd., H&Q Healthcare Investors and Skandifund. Hambrecht & Quist Inc. managed the
CytRx Corp. on Wednesday said it netted about $25.7 million from the exercise of 5.3 million redeemable Class B warrants. Each warrant entitled the holder to buy a share of common stock (NASDAQ:CYTR) for $5. The stock closed Wednesday at $8.88, up 38 cents. The warrants originally were to expire Nov. 11, but the company called for their redemption by Tuesday. The Norcross, Ga., company, which is developing therapeutics incorporating copolymers, now has 31 million shares of stock outstanding
Lidak Pharmaceuticals Inc. has raised $4.9 million through placements of convertible preferred stock and warrants, the company said Wednesday. Lidak issued 5.2 million shares of Series B convertible preferred shares. Each preferred share, which may be converted into a share of common stock (NASDAQ:LDAKA), can be redeemed by the La Jolla, Calif., company for $1.24. Also issued were redeemable five-year Class D warrants to purchase 2.6 million shares of common at $1.50 per share. The stock
The U.S. Patent and Trademark Office has rejected claims to a patent application for genetically modified fibroblast cells that has been exclusively licensed to Somatix Therapy Corp., the company announced on Tuesday. The patent application is for the fibroblasts, methods of making them and their use in gene therapy. Fibroblasts are connective tissue cells. The Alameda, Calif., company has three months in which to submit additional information to the PTO to support its claims, said John Archer
American Biogenetic Sciences Inc. (ABS) on Tuesday received a U.S. patent for a monoclonal antibody that is highly specific for fibrinogen and is used in the company's first commercial product. The patent, No. 5,091,512, covers the 45-J antibody and its method of use in an assay to measure levels of fibrinogen in blood plasma. "As a clotting agent, fibrinogen has been found to be a very important indicator of increased risk of heart attack and stroke," said ABS President Henry Nordhoff. The
Genta Inc. has received exclusive licenses to two chemical compounds that it will commercialize for dermatological applications before it markets its leading biotechnology compounds. The San Diego company has licensed G-101, an acne treatment for which Phase II trials have been completed in France, and G- 201, a topical anti-steroid that has undergone preclinical investigations outside the United States. Genta (NASDAQ:GNTA) would not disclose the source of the compounds, which are covered by U
Amgen Inc. said Tuesday that it will repurchase on the open market up to $50 million of common stock (NASDAQ:AMGN) before Jan. 31, 1993. The purchases will be used to satisfy a portion of the Thousand Oaks, Calif., company's obligations under its employee stock option and stock purchase plans. About 787,000 shares would be repurchased, based on its closing Tuesday at $63.50, up 75 cents. Amgen has 131.9 million shares outstanding. (c) 1997 American Health Consultants. All rights reserved.
EuroCetus B.V. has received approval in Italy to market Cardioxane, an adjunct therapy for use against cardiac side effects induced by anthracycline chemotherapeutics in cancer patients. It is the first marketing approval for the product. Anthracycline-induced cardiotoxicity is relatively common. Doxorubicin and epirubicin, the most commonly prescribed anthracyclines, are widely used against cancers. Breast cancer is a particular target, as are ovarian cancer, lymphomas, sarcomas, lung cancers
Medarex Inc. said Tuesday that it is beginning a multicenter Phase I/II trial of its MDX-11 monoclonal antibody-based therapeutic as an adjunct treatment for acute myeloid leukemia. The trial will include 30 to 50 AML patients who are experiencing relapse. The life expectancy of these patients is about four months. All patients will be treated with conventional chemotherapeutics in conjunction with MDX-11. AML is a rapidly spreading cancer of bone marrow and blood cells, afflicting about 11
WASHINGTON -- President Bush announced on Monday "major new ground rules for regulation of biotechnology," developed by the White House Council on Competitiveness to streamline regulation of new biotechnology products. Key to Monday's announcement is the definition of "risk" that must be used by federal agencies in determining the extent of regulation of biotech products. The administration's policy on risk, as stated in Monday's "Final Scope Document for Planned Introductions of Biotechnology
MGI Pharma Inc. has submitted a new drug application to the Food and Drug Administration for Salagen, a treatment for radiation-induced dry mouth in head and neck cancer patients. It is the first drug to be developed and submitted for marketing approval by the Minneapolis company. If approved, Salagen "could very likely be the drug that turns MGI Pharma profitable," said company spokeswoman Lori Weisman. The company lost $8.7 million in 1991 and earlier this month suspended trials of its MGI
Collaborative Research Inc. said Monday that it has been awarded a $500,000 grant by the National Institute of General Medical Sciences to develop a DNA identification system using polymerase chain reaction (PCR) technology. The two-year Phase II small business innovation research grant follows an initial study in which the company developed two DNA markers that were adapted for use with PCR. The Waltham, Mass., company now plans to develop additional markers, create databases of markers for
Icos Corp., which is developing products to treat chronic inflammatory diseases, said Monday that it has filed for a secondary offering of 3 million shares of common stock. Icos (NASDAQ:ICOS) raised $36 million in an initial public offering of 4.5 million shares at $8 last June. It raised a record $33 million in its first round of private financing in 1990. Shares of the Seattle company closed up 25 cents at $12.75 on Monday. Icos, which has no products slated to enter the clinic this year
Somatogen Inc. has started Phase I trials of its rHb1.1, a synthetic, genetically engineered hemoglobin, the company said Monday. The hemoglobin is designed to provide oxygen transport from the lungs to the tissues as an infection-free red blood cell replacement for blood lost in surgery. About 7.7 million units of red blood cells are transfused annually in the United States. Somatogen shares (NASDAQ:SMTG) soared $6.50 to $40.50 in October after the Boulder, Colo., company said it had received
Mycogen Corp. on Monday said its board has adopted a stockholder rights plan designed to prevent a hostile takeover. The plan, which Mycogen said was not in response to any overture, would be triggered by an investor acquiring 15 percent of the San Diego company's outstanding stock (NASDAQ:MYCO). Stockholders would receive rights to purchase shares of a new class of preferred stock at a substantial discount. Mycogen shares closed unchanged Monday at $14. (c) 1997 American Health Consultants
Medicis Pharmaceutical Corp. has netted $14 million through the redemption of its 10.2 million class A warrants outstanding. The warrants were exercised at $1.50 to purchase one share of common stock (NASDAQ:MDRXA) and one class B warrant. The B warrants are exercisable at $2.75 for one share of stock through March 28, 1995. The stock closed at $3, down 3 cents, on Monday. After the redemption, the New York developer of dermatology products has 40 million shares outstanding. (c) 1997 American
Aphton Corp. has entered into an agreement with Ciba-Geigy Ltd. in which the Swiss company will test the Woodland, Calif., company's immune system stimulants against parasites in animals. Based on the results of the project, Aphton (NASDAQ:APHT) said the companies will negotiate terms to commercialize the immunogens for both farm and pet animals. The products direct the animals' immune systems to make antibodies that will neutralize the parasites' hormones, said Fred Jacobs, company controller
Air Methods Corp. has an agreement with Oncotech Inc. to develop Air Methods' ImuVert cancer therapeutic. ImuVert was developed by Cell Technology Inc., which merged itself into Air Methods in November and began phasing out of biotechnology. Phase II trials of ImuVert "were just not compelling enough" to proceed with development, said William Critchfield, Air Methods' executive vice president and chief financial officer. Licensing ImuVert will allow Air Methods to concentrate on its primary
U.S. Bioscience has set a meeting date to discuss the future of its Ethyol chemoprotective with the Food and Drug Administration, Robert Kriebel, senior vice president of finance and administration, told BioWorld on Wednesday. Although the meeting will occur "shortly," the company will not announce the meeting or its results, Kriebel said. "It is a private working session to figure out together how we can get this product back on track," he said. "We heard (from an FDA advisory panel) that they