Viagene Inc. of San Diego on Wednesday said that it completed a second closing of its series D preferred stock private placement, bringing the total raised to $7 million. Chancellor Capital Management and G&G Diagnostics contributed $1.75 million in the second closing, and other investors added almost $250,000 more, bringing the closing to about $2 million, said Robert Abbott, president and chief executive officer of Viagene. Participants in the $5 million first closing, which was completed
An alternative gateway for the AIDS virus to enter the nervous system is suggested by the specific binding of the viral coat protein gp120 to the brain glycolipid galactosyl ceramide (GalCer), according to a report in the latest issue of the Proceedings of the National Academy of Sciences. The viral protein gp120 allows the virus to enter immune cells through their CD4 molecules. But neural cells in the brain that do not have CD4 on their surfaces nevertheless are often infected. Scientists
Consolidating its focus on the diagnostics market, Techne Corp. said Wednesday that it will sell its wholly owned chemical instrument subsidiary, Hycel S.A., to Lisabio, a French instrument firm. Subject to final agreement, Lisabio will buy all outstanding Hycel stock. Techne (NASDAQ:TECH) will receive $1 million in cash. On Tuesday, Techne's Minneapolis-based R&D Systems subsidiary purchased Amgen Inc.'s research reagent and kit diagnostic businesses for about $4.5 million. (c) 1997 American
CytRx Corp. said Wednesday that it has received its 13th patent on RheothRx. U.S. patent No. 5,041,288 covers the use of RheothRx for the treatment of reperfusion injury, which occurs when an organ such as the heart is deprived of blood. CytRx (NASDAQ:CYTR) of Norcross, Ga., has licensed worldwide rights to RheothRx to Burroughs Wellcome Co. The drug is in Phase I clinical trials. (c) 1997 American Health Consultants. All rights reserved.
A nicotine patch to decrease the craving for cigarettes will be marketed in the United States and Canada by Warner-Lambert, in a licensing agreement with Kabi Pharmacia AB of Sweden. Kabi submitted a new drug application for the patch in the United States last December and applied for regulatory approval in Canada this May. Kabi, the company that developed Nicorette chewing gum, owns worldwide rights to the patch, manufactured under contract by Redwood City, Calif.-based Cygnus Therapeutic
Synergen Inc. (NASDAQ:SYGN) of Boulder, Colo., has signed a long-term lease with Du Pont on a facility in Glasgow, Del., to be used to produce pharmaceutical products for clinical trial research, such as Antril interleukin-1-ra and SLPI elastase inhibitor. The plant will begin operations in September and employ about 20 people. (c) 1997 American Health Consultants. All rights reserved.
Bioject Inc. has signed a preliminary agreement with VHA Supply Co. to sell and distribute Bioject's needle-less drug delivery system to members of Voluntary Hospitals of America Inc. VHA is a national alliance of more than 660 locally owned not-for-profit hospitals and their 190 affiliates. VHA Supply will conduct clinical evaluations of the Biojector in VHA hospitals and provide Bioject with market research. Upon successful completion of the clinical evaluations, the companies will enter into
R&D Systems, a wholly owned subsidiary of Techne Corp., has purchased Amgen's research reagent and kit diagnostic businesses for approximately $4.5 million. The sale of all of its diagnostics and reagents business "allows Amgen to focus its research and commercial resources solely on (its) human pharmaceutical business," according to Amgen's chief financial officer, Lowell Sears. Techne of Minneapolis issued Amgen 320,000 shares of its common stock (NASDAQ:TECH) and a six-year, 7 percent
Now that Wall Street has had time to digest this spring's spate of initial public offerings, a number of biotech companies are betting that the market has an appetite for more. The latest are Idec Pharmaceuticals Inc. and CellPro Inc., which announced separate IPOs on Tuesday. La Jolla, Calif.-based Idec filed for a proposed 2.5 million share offering priced between $13 and $15 per share. If it is completed, Idec will have 7.9 million shares outstanding. Underwriters Montgomery Securities, Alex
Collagen Corp. said Tuesday that it has agreed to make labeling changes that should allow the Palo Alto, Calif., company to resume domestic shipments of newly produced Zyderm and Zyplast collagen implants and related skin tests on Aug. 26. International shipments of bulk unlabeled material resumed on Tuesday. The Food and Drug Administration seized Collagen's product inventory last Friday after a labeling error resulted in the omission of a line of text from the product literature. Collagen is
Xoma Corp. said Tuesday that it has been named in five additional shareholders lawsuits, bringing to seven the number of suits against the Berkeley, Calif.-based company. The first two suits were filed on July 24. The suits allege that the company and key executives, in their race to get marketing approval for Xoma's E5 gram-negative sepsis product ahead of Centocor Inc., misled investors about the prospects for Food and Drug Administration approval. Xoma expects all the suits to be consolidated
PerSeptive Biosystems Inc. said on Tuesday that it has raised $6.75 million in an oversubscribed round of private venture funding. The Cambridge, Mass., company had only hoped for $5 million. Funding was provided by existing investors Bessemer, First Stage, Raytheon, 3i Ventures and Venrock Associates, and new investors Highland Capital, Morgan Holland Ventures and Prince Ventures. Including this round, PerSeptive has raised $12.25 million in venture funding since 1988. PerSeptive develops and
Columbia Laboratories Inc. on Tuesday said it had closed its private placement of 150,000 shares of series B convertible preferred stock priced at $100 per share, raising $15 million. The shares, which pay no interest, are immediately convertible into a total of 3 million common shares at $5 per share. The placement, through Alex. Brown & Sons, was made to U.S. and European institutional investors and other accredited investors. Columbia stock (AMEX:COB) closed at $7.13, up 13 cents, on Tuesday
VimRx Pharmaceuticals Inc. has shipped its VimRxyn hypericin treatment for AIDS to the National Institutes of Health for Phase I clinical trials. The trials will be conducted by the National Institute of Allergy and Infectious Diseases. Beginning of clinical trials was delayed when VimRx had problems preparing a formulation of VimRxyn and by NIH's processing of the submission, according to corporate controller, Rob McKinney. VimRx (NASDAQ:VMRX) of Stamford, Conn., is developing therapeutics
Applied Imaging Corp. of Santa Clara, Calif., on Tuesday announced it has acquired the Scientific Instruments Division of Joyce-Loebl, a British firm, for an undisclosed sum. The division's products include microdensitometers and digital densitometers; image analysis systems for cytogenetics, molecular and cellular biology; and other lab instruments. Joyce-Loebl is based in Newcastle, United Kingdom. Combined revenues of Applied and the Scientific Instruments Division should be in the $10
BioTechnica International Inc. announced Tuesday that it has completed an agreement with MGI Pharma Inc. (NASDAQ:MOGN) to license the latter's technology for improving the protein quality of corn. The exclusive license provides commercial rights to a gene in corn that raises the level of tryptophan, an amino acid. BioTechnica (NASDAQ:BIOT) is also developing genes for two other amino acids: lysine and methionine. It conducted field trials of transgenic corn this spring in four Midwestern states
Bio-Technology General Corp., a company whose name used to be virtually synonymous with debt, is about to wipe the slate clean. Only two years ago, BTGC had $30 million in debt, which it reduced to $8 million by swapping its subordinated notes for a combination of convertible notes and common stock in November 1989. Some $2 million in debt remains, which BTGC anticipates will be virtually gone by the end of September as debt holders convert to stock. The conversion price is $1.75 per share
BioGrowth Inc. has received a $225,000 Phase II small business innovation research grant from the U.S. Department of Agriculture to study ways of developing agricultural animals with more lean meat and less fat. The grant will allow BioGrowth of Richmond, Calif., to begin production of insulin-like growth factor (IGF-I) and bovine IGF binding protein-3, and to test those proteins in bovine, porcine and avian animal models. IGF-I is an anabolic product that helps animals put on more lean mass
Cellular Products Inc. has signed a non-exclusive marketing and distribution agreement with Incstar Corp. under which Incstar will sell several of Cellular's AIDS and HTLV-I retroviral diagnostic and research test kits in North America. Incstar of Stillwater, Minn., will distribute two Food and Drug Administration-licensed diagnostic blood screening tests for HIV-1 and HTLV-I, which causes human T-cell leukemia. Incstar will also sell for research use antigen detection assays for HIV-1 and HTLV
WASHINGTON -- ICN Pharmaceuticals Inc. has submitted a new drug application to the Food and Drug Administration for its anti-viral drug Virazole for treating hemorrhagic fever with renal syndrome (HFRS). In May, the FDA granted Virazole orphan drug designation for the treatment of HFRS, which is caused by the Hantaan virus and can cause severe shock, internal bleeding and kidney failure. ICN estimates there are 150,000 cases of HFRS worldwide. There are no competing treatments, according to
Viagene Inc. of San Diego on Wednesday said that it completed a second closing of its series D preferred stock private placement, bringing the total raised to $7 million. Chancellor Capital Management and G&G Diagnostics contributed $1.75 million in the second closing, and other investors added almost $250,000 more, bringing the closing to about $2 million, said Robert Abbott, president and chief executive officer of Viagene. Participants in the $5 million first closing, which was completed