California Biotechnology Inc. has acquired exclusive worldwide rights to a growth factor that may help heal the tissues lining the lung and digestive system. Based on research conducted at Children's Hospital in Boston, Cal Bio anticipates a role for heparin-binding epidermal growth factor-like growth factor (HB-EGF) in diseases such as ulcerative colitis, adult respiratory distress syndrome and gastroesophageal reflux. The company estimates a U.S. market of 600,000 patients with ulcerative
Competitors of Systemix Inc., whose recent patent approval for purified stem cells from bone marrow caused the company's stock price to jump more than $20, said the patent will not affect their efforts to develop competing products for cancer patients. In addition to Systemix (NASADAQ:STMX) of Palo Alto, Calif., Applied Immune Sciences Inc. (NASDAQ:ASIX) of Menlo Park, Calif., and CellPro Inc. (NASDAQ:CPRO) of Bothell, Wash., are also developing technology for reconstituting a patient's blood
Shares of two companies vying for the transdermal nicotine patch market rose on Monday as a result of separate, positive comments by analysts. Alza Corp. stock (AMEX:AZA) rose $1, closing at $82.25. Merrill Lynch analyst Stuart Weisbrod said Food and Drug Administration approval last Friday of the Palo Alto, Calif., company's Nicoderm nicotine patch, combined with the product's superiority over the competition, would give it about a 45 percent share of the U.S. market, estimated at $400 million
The Food and Drug Administration has awarded orphan drug designation to Cambridge NeuroSciences Inc.'s pramiracetam as an adjunct to electroconvulsive therapy (ECT) in the treatment of severe depression, the company said Monday. Pramiracetam will enter Phase III testing by the first quarter of 1992. Results from Phase II trials are "encouraging," Elkan Gamzu, company president and chief operating officer, told BioWorld. "We have solid preclinical evidence that it blocks the memory effects of
Lidak Pharmaceuticals Inc. on Monday said it has signed a licensing agreement with Brocades Pharma BV under which Brocades will clinically develop, market and distribute in Europe Lidak's Lidakol topical anti-herpes therapeutic. Lidak in October completed Phase I U.S. trials of Lidakol for oral and genital herpes. Brocades of the Netherlands and Lidak are designing Phase II studies to be conducted in Europe, which should begin in two or three months, said Dr. David Katz, Lidak chairman and
Celgene Corp. has filed for a 2 million-share public offering of common stock, finally returning to the market after shelving plans in May for a 1.75-million share offering. The stock (NASDAQ:CELG) closed up $1.38 at $18.88 on Monday. The company, which is using proprietary biocatalysis methods to develop biotreatment systems and fine chemicals, cited the crowded offerings market in dropping the earlier offering. In addition, the company's shares had fallen more than 12 percent since closing
Imcera Group Inc. on Thursday said its Pitman-Moore animal health care unit has agreed to collaborate with Cambridge Biotech Corp. on a Lyme disease vaccine for dogs and on other animal health programs, Pitman-Moore of Lake Forest, Ill., will acquire rights to the Worchester, Mass., company's existing Lyme disease program and the right to use Cambridge's patented adjuvant technology. "They can evaluate (the adjuvant) in various vaccines under development," Cambridge spokeswoman Christina Pappas
Molecular Devices Corp. has introduced for commercial sale its Cytosensor Microphysiometer, which allows scientists to non- invasively detect and characterize biological responses of living cells. The Cytosensor uses living cells on a silicon sensor, measuring fluctuations in metabolic rate using Molecular's light- addressable potentiometric sensor technology. According to the privately held Menlo Park, Calif., company, researchers can examine the reactions of living cells to chemical and
Immunomedics Inc. will file in 1992 for European marketing approval of its ImmuRaid-CEA, the company said. ImmuRaid is an in vivo imaging product to diagnose and detect colorectal cancer. It consists of a monoclonal antibody fragment linked with technetium-99. The Warren, N.J., company is negotiating for a European marketing partner, spokesman Joe Schepers said. In January, Immunomedics began talks with Boehringer Ingelheim GmbH aimed at a European marketing agreement, but those discussions
Pharmatec Inc. said that it has closed on $1 million of a previously announced $5.5 million financing with investor David Blech. The Alachua, Fla., company has issued to Blech 666,666 units consisting of two shares of common stock and one class A warrant. The balance of the financing is expected to be completed in early 1992, when Blech and his affiliates would own about 60 percent of outstanding Pharmatec shares (NASDAQ:PHTC). The stock closed Monday at $4, up 6 cents. Pharmatec is developing
Idexx Laboratories Inc. announced Monday that it is purchasing the assets of VetTest, which manufactures biochemical monitoring tests for the animal health care market, for about $20 million in cash and stock. Under a letter of intent signed by Idexx of Portland, Maine, VetTest will receive $10 million in cash and notes, and about 350,000 shares of common stock. VetTest would be entitled to an additional 150,000 shares in stock and warrants as payment contingent on certain performance measures
ImmunoPharmaceutics Inc. has synthesized two new compounds that it hopes to develop into a hypertension drug that blocks the effects of endothelin, a naturally occurring protein that raises blood pressure. The San Diego company (IPI) synthesized the compounds using a patent-pending rational drug design process that uses the shape of pharmacologically active antibodies and other proteins to create new orally active drugs. The process involves X-ray crystallography to determine the three
Cambridge NeuroScience Inc. has raised $18.4 million in an offering of 1.5 million shares of common stock priced at $12.25 per share, the company said Friday. After the offering, the developer of drugs to treat neurological and psychiatric disorders has 8.4 million shares outstanding. The Cambridge, Mass., company is among a number of biotech companies making secondary offerings after launching an initial public offering during the weak market last spring. In June, Cambridge raised $24 million
Alza Corp.'s Nicoderm nicotine transdermal patch has received Food and Drug Administration marketing approval and will go on sale before the end of the year, Alza said on Friday. Nicoderm will be marketed by Marion Merrell Dow Inc. of Kansas City, Mo., which also sells Nicorette gum, the only prescription smoking cessation product marketed in the United States. Wall Street analysts project MMD's first-year Nicoderm sales in the $40 million to $50 million range, said Alza spokeswoman Laura
WASHINGTON -- The White House Council on Competitiveness on Tuesday will release a report recommending sweeping changes of the drug approval process, according to a representative of the Council. The Council, a special panel established by President Bush to review the operations of federal agencies, reportedly developed the package in cooperation with the Food and Drug Administration. The recommendations reportedly will include: -- Use of private contractors -- either private research
Edward L. Erickson has been named president and chief executive officer of Cholestech Corp. of Hayward, Calif. Erickson was president of Serono-Baker Diagnostics Inc., a subsidiary of the Ares-Serono Group. Privately held Cholestech specializes in products for the diagnosis, monitoring and treatment of lipid disorders. Privately held United Biomedical Inc. of Lake Success, N.Y., has appointed Z. Jerry Kuliga president and CEO. Kuliga co-founded MicroScan, a division of Baxter Healthcare Corp
Centocor Inc. on Friday reported a $34.9 million loss for the third quarter ended Sept. 30, which the company attributed to aggressive investment in marketing in Europe and the United States, and increased research and development costs associated with its four products in clinical trials. Spokesman Richard Koenig said the loss was expected. Centocor shares (NASDAQ:CNTO) closed at $44.75, down 50 cents on Friday. The Malvern, Pa., company posted $11.1 million in revenues, the bulk of which
Synergen Inc. stock jumped $5.50 on Thursday after the company reported preliminary Phase II results showing that Antril "significantly reduces mortality" in patients with sepsis syndrome. The company, whose stock (NASDAQ:SYGN) closed Thursday at $63.25, also filed for a public offering of 3 million shares of common stock, its second offering this year. Three different doses of Antril were tested in a total of 99 patients who showed signs of the sepsis syndrome, a bodywide inflammatory
Scientists at Bio-Technology General Corp. said Thursday they have discovered an action of the HIV reverse transcriptase enzyme that appears to be unique to the virus, creating a much better target for therapeutic intervention. The company's stock (NASDAQ:BTGC) jumped $1.50 to $9.50 Thursday on the news. Existing inhibitors of reverse transcriptase -- AZT, ddI and ddC -- all have dangerous side effects because they can also affect normal enzyme activities. By contrast, the activity of reverse
Athena Neurosciences Inc. saw its stock jump $5 Thursday in the first day of trading after the company raised $54 million in an initial public offering of 4.5 million shares priced at $12 per share. Investor demand had enabled the South San Francisco, Calif., company to increase its IPO by 1 million shares from the proposed offering. Athena in August announced a three-year research collaboration with Wyeth-Ayerst to develop drugs based on Athena's technology for blocking the pathological
California Biotechnology Inc. has acquired exclusive worldwide rights to a growth factor that may help heal the tissues lining the lung and digestive system. Based on research conducted at Children's Hospital in Boston, Cal Bio anticipates a role for heparin-binding epidermal growth factor-like growth factor (HB-EGF) in diseases such as ulcerative colitis, adult respiratory distress syndrome and gastroesophageal reflux. The company estimates a U.S. market of 600,000 patients with ulcerative