T Cell Sciences has signed an agreement in principle with the Swedish company AB Astra to co-develop therapeutics based on the biotech company's work with T cell antigen receptors. The total agreement could provide T Cell with $32 million in revenue over the next few years. In the first phase of the collaboration, over the next 24 months, Astra will pay T Cell $15 million to complete preclinical trials and begin clinical testing of three monoclonal antibodies and one protein immunomodulator, T
Celtrix Laboratories Inc. announced Wednesday that it has signed a definitive agreement to merge with privately held BioGrowth Inc. in a deal valued at about $14.5 million. The companies, which are both developing cell-regulating proteins, will merge through an exchange of stock. All outstanding BioGrowth common and preferred shares will be exchanged for 950,000 newly issued shares of Celtrix common stock, or about 16 percent of the combined company. After the merger, the combined company
In a race for what has been called the "holy grail" of molecular neurobiology, Japanese researchers have cloned a molecule that receives nerve signals carried by the excitatory transmitter glutamate. Glutamate carries signals that govern memory and brain development, as well as the unbridled neuronal activity that can cause epilepsy, the damage caused by stroke and the degenerative changes of diseases such as Alzheimer's. Several of its docking sites have been cloned, but an important holdout
The board of directors of Lidak Pharmaceuticals Inc. has relieved Fred A. Espinosa of his duties as president and chief operating officer, the company said on Wednesday. The La Jolla, Calif.-based company declined to discuss the circumstances surrounding the decision. Some of Espinosa's duties will be performed temporarily by Dr. David Katz, Lidak's chairman and chief executive officer, said Michael Lorber, chief financial officer. Last month, Lidak announced that Katz would become CEO of a
Marrow-Tech Inc. said Wednesday that it has received Food and Drug Administration approval to expand clinical trials of Dermagraft, its living dermal replacement product, from 12 to 24 burn centers. The La Jolla, Calif.-based company is also conducting trials of Dermagraft to treat chronic venous skin ulcers, and it hopes to add a third trial to treat patients with decubitus ulcers by the end of next January. The company's stock (NASDAQ:MAROA) picked up $2, closing at $15 on Wednesday. (c
Celgene Corp. has successfully demonstrated the ability of its bioreactor system to reduce emissions of the carcinogen methylene chloride, and the company is discussing purchase by General Electric of one or more commercial-grade bioreactor units, to be installed in the first quarter of 1992. Celgene is just starting commercialization of its bioreactor process to break down methylene chloride into water, carbon dioxide and salt, John Ufheil, company president and chief executive officer, told
Immunex Corp. said Tuesday that it is beginning Phase I clinical trials of soluble interleukin-1 receptor to inhibit allergic reactions to skin allergens. IL-1 is an immune system protein that mediates inflammation. Soluble IL-1 receptor binds to IL-1 before it can bind to the cell and trigger an inflammatory response. Later this year, Immunex plans clinical trials of IL-1 receptor to treat rheumatoid arthritis. Trials of another soluble receptor, tumor necrosis factor (TNF) receptor, are
Scientists at ImmuLogic Pharmaceutical Corp. and their colleagues at the University of Virginia, Charlottesville, have cloned the protein that prompts sneezing and itchy eyes in the presence of house cats. Janet Bush, vice president, told BioWorld that the Cambridge, Mass., company expects to start Phase I tests of allergy therapy based on the cat allergen by the first quarter of next year. "This product is the first in what we plan as a family of products to treat specific allergies
Eli Lilly Canada Inc. will acquire a minority equity stake in Allelix Biopharmaceuticals Inc. as part of an agreement expanding their research collaboration on compounds involved in central nervous system disorders, Allelix announced on Tuesday. As part of the three-year extension of the agreement, Allelix will receive almost US$6 million in research funding in addition to the undisclosed equity investment, said Jerry Ormiston, business development coordinator at Allelix. Lilly had already put
Isis Pharmaceuticals Inc. said Tuesday that it has filed for a public offering of 2 million shares of common stock, its second offering of the year. In May, Isis raised $25 million in an initial public offering of 2.5 million shares at $10. That was far below the $39 million to $45 million the company had hoped to raise by selling 3 million shares priced between $13 and $15. Isis stock (NASDAQ:ISIP) closed Tuesday at $20, down $1.25. After the offering, Isis would have 13.6 million shares
International Murex Corp. of Toronto is negotiating to acquire the diagnostics business of The Wellcome Foundation Ltd., the companies announced on Tuesday. Potential terms were not disclosed. The possible acquisition of Wellcome Diagnostics, based in the United Kingdom, is part of Murex's strategy for building a diversified, international diagnostics company. In September, it acquired Amtec Diagnostics International of Houston, maker of blood-typing products. Murex's other operating units
Organogenesis Inc., a developer of human tissue and organ equivalents, has filed for a public offering of 1.25 million shares of common stock. If the offering is completed, the Canton, Mass., company will have about 8 million shares outstanding. The offering will be managed by Gerard Klauer Mattison & Co. Inc. Overallotment options haven't been determined. The stock (AMEX:ORG) closed unchanged Tuesday at $19.88. (c) 1997 American Health Consultants. All rights reserved.
Genetic Therapy Inc. has signed a cooperative research and development agreement (CRADA) with the National Institutes of Health to research the development of gene therapy treatments for pulmonary diseases such as cystic fibrosis and hereditary emphysema. Dr. Ronald G. Crystal, head of the pulmonary branch of the National Heart, Lung and Blood Institute (NHLBI) will serve as principal investigator. Crystal and his colleagues have adapted adenovirus vectors to express in rats the protein that is
Sphinx Pharmaceuticals Corp. said Monday that it has established a four-year collaborative partnership with Eli Lilly and Co. to discover and develop a novel class of drugs to treat cardiovascular diseases, inflammatory disorders and central nervous system diseases. The compounds, based on Sphinx's lipid second messenger program, will focus on controlling a family of enzymes called protein kinase C (PKC), which play a key role in regulating cellular functions such as cell proliferation
Oppenheimer & Co. analyst Jeffrey Casdin said publicly on Monday what many biotech stock watchers have been thinking: "Time to take some chips off the table." according to Casdin, "We now see unmistakable signs of a blow-off coming in the biotech sector." With hot money now concentrating in biotech, some event will occur that "will bring the festivities to an end." Casdin's remarks follow Alteon Inc.'s spectacular showing last Friday, when the company's stock rose from its Thursday initial
Genta Inc. on Monday confirmed that it has done a "quiet" filing for an initial public offering of up to 2.5 million shares of common stock. The developer of antisense products declined to reveal further details. Genta raised $8.4 million in a venture financing round in August, bringing to $17 million the total raised since its founding in 1989. The San Diego-based company in August filed to begin Phase I/II clinical trials of its antisense compound to treat chronic myelogenous leukemia. If
Immune Response Corp. announced Monday that it will file an investigational new drug application to test a therapeutic vaccine for rheumatoid arthritis by the end of the year, with a similar approach to multiple sclerosis and diabetes to follow. The company's stock (NASDAQ:IMNR), which has been trading heavily on the basis of its AIDS therapeutic vaccine, closed Monday at $57.25, down $2.25. At a Montgomery Securities biotech conference in New York, the company said it is completing animal
Carrington Laboratories Inc. on Monday said it has received an early approval to market its acemannan immune stimulant to treat a cancer in dogs and cats. The company also said it plans to expand clinical trials of the drug in humans. Acemannan is a macrophage stimulant, which prods the disease-fighting white blood cells to release the cytokines IL- 1 and tumor necrosis factor. The patented drug is a stable form of an agent isolated from the aloe vera plant. The marketing go-ahead for pets is
Genzyme Corp. has acquired the diagnostic enzyme products business of Genencor International Inc. for cash "in excess of $8 million," according to Genzyme spokeswoman Donna LaVoie. The acquisition allows privately held Genencor to focus on its high-grade, high-volume industrial enzymes for applications such as cleaning and the fruit juice industry, said Carole Cobb, director of diagnostics for Genencor, headquartered in Rochester, N.Y. Genzyme acquired Genencor's product line and inventory of
ImmunoGen Inc. announced Monday that it has filed for a 2 million-share secondary offering of common stock, making it one of a growing number of biotech companies going back to the public offerings well for a second time in 1991. In March, the Cambridge, Mass., company raised $38 million by selling 2 million shares priced at $19 per share. ImmunoGen plans two Phase III trials in 1992 of Oncolysin B, its Anti-B4 monoclonal antibody linked to blocked ricin, a plant toxin. A trial slated to begin
T Cell Sciences has signed an agreement in principle with the Swedish company AB Astra to co-develop therapeutics based on the biotech company's work with T cell antigen receptors. The total agreement could provide T Cell with $32 million in revenue over the next few years. In the first phase of the collaboration, over the next 24 months, Astra will pay T Cell $15 million to complete preclinical trials and begin clinical testing of three monoclonal antibodies and one protein immunomodulator, T