The biotech stocks with higher market caps were hit in a broad sell-off on Wednesday, along with drug stocks and consumer product stocks, as investors moved into cyclical stocks. "There seems to be a huge sector rotation going on," said Alex. Brown & Sons Inc. analyst Amy Berler. "Anything defensive -- stocks that aren't economically sensitive -- got clobbered." The market as a whole rose, with the NASDAQ composite index up 3.98 to 629.72 and the Dow 30 up 12.29. The trading volume indicates
ProCyte Corp. stock jumped $2 on Wednesday after the company said it has received notice of allowance that a U.S. patent will issue covering the composition and use of its peptide-metal compounds that stimulate hair growth in animals. The Kirkland, Wash., company is conducting European trials of its hair growth enhancer, Tricomin. Preliminary results from the Phase II study, which began in January 1991 and is scheduled to end in the first quarter, showed that more than 80 percent of men have
Vestar Inc. has received Swedish approval to market AmBisome, its liposomal form of amphotericin B, as a treatment for severe fungal infections, the company announced Wednesday. The cost of the San Dimas, Calif., company's drug will be reimbursed by the Swedish national health care system at $230 per vial. The price was set as part of the regulatory approval process in Sweden, company spokeswoman, Marcia Kean told BioWorld. AmBisome is now approved for sale in 16 European countries, with
Genetic Therapy Inc. said Wednesday that it has signed a gene licensing agreement with British Technology Group through its subsidiary, British Technology Group USA Inc., to develop products for genetic therapy of hemophilia B. Under the agreement, the Gaithersburg, Md., company has obtained the exclusive right to use the gene for Factor IX in retroviral vectors for gene therapy to treat hemophilia B. Factor IX is a protein essential to normal clotting that is missing or defective in patients
Biogen Inc. on Wednesday reported its third consecutive profitable year, with net earnings of $4.5 million, or 15 cents per share, on revenues of $69.6 million. For the 1990 year, the Cambridge, Mass., company (NASDAQ:BGEN) reported earnings of $1.9 million, or 7 cents, on revenues of $59.4 million. Royalty revenues from Intron A alpha interferon and various hepatitis B products, which represented 81 per cent of revenues, were up 26 percent over 1990. For the quarter ended Dec. 31, Biogen had
Centocor Inc. and Tocor II Inc. have filed to increase the proposed public offering of Tocor II units from 1.5 million units to 2 million units, Centocor said on Wednesday. Each unit consists of one callable common share of Tocor II, one warrant to purchase a common share of Centocor (NASDAQ:CNTO) and one callable warrant to purchase a common share of Centocor. Tocor II, a research and development funding vehicle, will contract with Centocor to conduct R&D of small peptide molecule drugs
In "a first step toward engineering of an artificial beta cell" to treat diabetes, Texas researchers have published results on a cell derived from mouse pituitary gland that can respond to blood levels of glucose by secreting insulin. Diabetics are unable to produce insulin in response to rising blood sugar. Last month, two companies reported progress in devising small capsules that could potentially replace diabetics' damaged pancreases. Yet pancreas cells, which the capsules contain, would be
In its annual review of new drug approvals, the Pharmaceutical Manufacturers Association criticized the continued slow pace of the Food and Drug Administration in the area of biotechnology. "We are seeing a bottleneck" of biotech drug approvals, said PMA spokeswoman Judith Shuler. The rate of new biotech products coming out is not keeping up with the rate going in for approval, Shuler said. "During the past nine years, 14 biotechnology drugs have been approved -- an average of only about one
Clinical results from a trial of anti-idiotype antibodies in melanoma patients showed a significantly longer survival in some patients, but not all patients appeared to have responded to the therapy as expected from animal studies. Anti-idiotypes create a molecular image of a selected cell marker that should prompt the immune system to destroy tumor cells bearing that marker. The trial at Memorial Sloan-Kettering Cancer Center in New York showed that patients who developed antibodies that
Ecogen Inc. said Wednesday that it has signed a five-year agreement with Pfizer Inc. under which Pfizer will manufacture Ecogen's Bacillus thuringiensis-containing biopesticides. The companies previously had a two-year agreement. Pfizer produces all of Ecogen's requirements for its Bt products in the United States and abroad at a facility in Terre Haute, Ind. Shares of Langhorne, Pa.-based Ecogen (NASDAQ:EECN) closed at $14.38, up $1.25. (c) 1997 American Health Consultants. All rights reserved
Sandoz Ltd. said Wednesday that the waiting period under the Hart-Scott Rodino Antitrust Act for its tender offer for slightly more than 4 million shares of SyStemix Inc. stock has expired without requests for additional information from the Department of Justice or the Federal Trade Commission. The expiration date for the $70 per share tender offer is Feb. 18. In December, Sandoz bought 60 percent of the Palo Alto, Calif., company for $392 million. SyStemix shares (NASDAQ:STMX) rose 63 cents to
Gynex Pharmaceuticals Inc. on Wednesday said it has received approval to charge for Oxandrin in Canada when the drug is prescribed for use in Turner's syndrome and in constitutional growth delay. The approval from the Canadian Health Protection Bureau adds to the company's treatment IND in the United States, which also allows it to recover costs of production, distribution and research on the drug. The Vernon Hills, N.J., company (NASDAQ:GYNX) is testing the steroid in U.S. Phase III trials
Mayfield Fund was to announce today formation of a new biopharmaceutical company, Tularik Inc., to develop drugs based on transcription factors. First-round financing of $3.8 million includes a minority investment by Genentech Inc. (NYSE:GNE), which may collaborate with the new company's programs and is expected to provide research materials. Transcription factors are proteins that exist in the cell nucleus. By binding in various combinations to sites on the genes, they regulate the expression
Zynaxis Inc. said Tuesday that it has filed for an initial public offering of 2 million shares of common stock with a proposed price of $7 to $8 per share. The Malvern, Pa., company is developing cell linker molecules called Zyn-linkers for the delivery and retention of therapeutics and radiopharmaceuticals at disease sites. Zyn- linkers are organic compounds with lipophilic tails that insert themselves into the lipid portion of a cell's membrane. The compounds thus far have been developed in
Enzo Biochem Inc. stock (AMEX:ENZ) has gained 115 percent since Monday's annual shareholders meeting, closing up $1.25 at $7 on Tuesday. At the meeting, Elazar Rabbani, president, reiterated the importance Enzo attached to winning an antisense patent interference case last October, according to spokeswoman Carol Dempster. The Farmingdale, N.Y., company is developing a number of anti-viral applications using antisense, including a method of inhibiting acute HIV infection in lymphoid cells. The
Alpha-Beta Technology Inc. said its first product has entered clinical trials to treat and suppress infections related to upper- abdominal surgery and cancer chemotherapy. The South Plainfield, N.J., company said Betafactin, a carbohydrate polymer (PGG) derived from genetically engineered yeast, is the first of a new generation of carbohydrate pharmaceuticals to enter the clinic. Engineered carbohydrate polymers, called polysaccharides, are potentially significantly less toxic and less
Elan Corp. plc said Tuesday that it has reached an agreement in principal to acquire Vega Biomedical Inc. for $4.5 million. The transaction is subject to a definitive purchase agreement, which will include provisions for milestone payments that could bring the total purchase price to $7.6 million. The transaction would include $2.25 million in cash and $2.25 million in about 50,700 newly issued shares of Elan common stock (AMEX:ELN). Vega markets an automated system for performing SED Rate
Cytogen Corp. and Chiron Corp. shares both jumped Tuesday on the announcement that Italy has given marketing approval to Cytogen's OncoScint CR103, a monoclonal antibody-based imaging agent for colorectal cancer. Cytogen's European marketing partner, EuroCetus B.V., now has obtained approvals for the product in seven European countries. "Colorectal cancer is a serious disease in Italy, accounting for 24,000 new cases annually," said Filippo LaMonica, president of EuroCetus. "With seven
CytRx Corp. on Tuesday said it has filed an investigational new drug application for TherMax Gel, a topical product for severe burns that is intended to help wound remodeling by promoting wound closure and inhibiting inflammation and pain. TherMax uses polyoxyethylene and polyoxypropylene polymers packaged as a "thermo-reversible" liquid carrier that becomes a gel when applied to warm skin. It contains mucopolysaccharide as the active ingredient. "In addition to acting like a barrier dressing
Roberts Pharmaceutical Corp. said Tuesday that it has entered into a letter of intent to acquire for $6.25 million National Clinical Research Centers Inc., a clinical trials management company. Roberts of Eatontown, N.J., will pay $2 million in cash and $4.25 million in Roberts stock (NASDAQ:RPCX). The shares closed at $34.75, up 25 cents, on Tuesday. The acquisition "is motivated by Roberts' desire to augment its drug development capabilities for its own new drug pipeline," said Robert A
The biotech stocks with higher market caps were hit in a broad sell-off on Wednesday, along with drug stocks and consumer product stocks, as investors moved into cyclical stocks. "There seems to be a huge sector rotation going on," said Alex. Brown & Sons Inc. analyst Amy Berler. "Anything defensive -- stocks that aren't economically sensitive -- got clobbered." The market as a whole rose, with the NASDAQ composite index up 3.98 to 629.72 and the Dow 30 up 12.29. The trading volume indicates