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Genset, Energy Commission Align In Genotyping Project
PARIS - Genset S.A. concluded a collaboration agreement with the French Atomic Energy Commission (CEA - Commissariat ` l'Energie Atomique) for the development of a high-capacity genotyping microprocessor. The Paris-based genomics company already cooperated at a scientific and technical level with the CEA's electronics, technology and instrumentation laboratory in Grenoble, and that arrangement has now been put on a more formal footing. The primary objective of the agreement, which was signed -
PPL Reduces Staff By 80 As Program Delays Force Cuts
LONDON - The company that cloned Dolly the sheep, PPL Therapeutics plc, of Edinburgh, is cutting its staff by 36 percent - from about 220 to 140 - and suspending or discontinuing activities not connected to its four major projects. Ron James, managing director, said that for a variety of unconnected reasons key events "have taken longer to come to fruition than had been anticipated." In particular, discussions with a potential marketing partner for the company's lead product, alpha-1 -
UK, Italian Researchers Seek Role Of Infection In Leukemia
LONDON - The most common type of childhood leukemia may one day be prevented by vaccinating infants against common infections, a study by researchers in the UK and Italy suggests. The study showed that a rearrangement of genes while the child is still in the womb predates the onset of acute lymphoblastic leukemia in children. For leukemia itself to develop, a second event is thought to be required, possibly exposure to some kind of infection. A large epidemiological study in the UK, called the -
Increasingly Global Market Helps Bridge Atlantic Divide
PARIS - The picture of the world biotechnology industry that emerged from the Global Health Care Conference held here last week by the New York-based investment bank SG Cowen was of a sector that can be distinguished from the mainstream pharmaceutical industry only in financial leverage terms, whose sales and revenue growth are outstripping that of its big brother, and whose profitability is on par. It was also one of an increasingly global sector, where the Atlantic divide has been bridged -
Venture Capital And Corporate Investments In Biotechnology Companies: October 1999
I. FINANCING OF PRIVATE BIOTECHNOLOGY COMPANIES: $184.4M Company Location Date@ Amt.* (M) Details Ambryx Inc. (1st Round) San Diego 10/25 $12.3 Ambryx completed a private placement of Series A preferred stock; placement agent was BayCity Capital; other participants included Domain Associates, Prospect Venture Partners, Kingsbury Capital, Rho Management Co., and a group of individual investors including the company's founders, Dr. Lubert Stryer and Paul A. Grayson Dendreon Corp -
Other Financings Of Public Biotechnology Companies: October 1999
TOTAL: $218.96M Company (Symbol)# Type Of Financing Number Of Shares, Units Or Warrants (M) Amount Raised ($M)* Investors; Placement Agents; Details (Date)@ Amylin Pharmaceuticals Inc. (AMLN) Private placement of common stock 3.7S $18.5 Amylin raised $18.5M in a private placement of 3.7M shares of common stock at $5 per share; investors included members of the company's board of directors and their affiliated funds (10/7) Aphton Corp. (APHT) Private placement of common stock 0.8S -
Public Financing Of Biotechnology: October 1999
I. COMMENCED TRADING IN OCTOBER Company (Symbol) Date Filed Date Comm. Shares/Units (M) Price Shares Out (M) Lead, Other Underwriters# Gross ($M) Net ($M) INITIAL OFFERINGS No initial public offerings commenced in October. FOLLOW-ON OFFERINGS Biovail Corp.1 (NYSE, TSE:BVF) ND 10/20 5S C$74.8 US$51 ND DLJ, ML, MSDW, BAS, PZC, DLJD, MLC, RBC, YS, CIBC, DS, HSBCS, NBFC, SMcL, TDS C$373.8 US$255 C$354.8 US$242E Connetics Corp.2 (CNCT) 8/24 10/1 4.8S $6 25.6 WDR -
Private Financings Continue As Top Way To Raise Money
By Randall Osborne Editor Showing up as not much more than a blip on the quiet screen of initial public offering (IPO) radar was Tularik Inc.'s registration to seek about $70 million, and much of the action remained in private placements such as the agreement by publicly held Transkaryotic Therapies Inc. (TKT) to issue 3.3 million shares of common stock that will provide the company with $132 million. The funding will be used to advance its products for Fabry disease and anemia. "It's a -
Qiagen Among Companies Joining E-Commerce Alliance
HAMBURG, Germany - Eight leading life science suppliers last week announced the formation of a strategic e-commerce alliance with SciQuest.com, of Research Triangle Park, N.C., a web-based interactive marketplace for scientific and laboratory products. The companies that entered into the agreement include Ambion, Amersham Pharmacia Biotech, BioWhittaker, Endogen, NEN Life ScienceProducts, PerkinElmer, Pierce Chemical Co. and Qiagen. SciQuest.com will serve as the sole third-party provider of -
NicOx Reduces Initial Offering After Doubt From U.S. Investors
Paris - NicOx S.A., which announced an IPO on France's Nouveau Marchi last month, has scaled down its offering and set a price at the bottom of the announced range. As a result, the operation will net the company no more than euro30 million (US$31.5 million) rather than the 47 million to euro56 million it originally hoped for. (See BioWorld International, Oct. 13, 1999, p. 3.) Under the new terms, 1.5 million new shares will be issued at a price of euro20 per share. At the outset, a total of 2 -
European Investment Bank Plans First Action In Biotech
LONDON - The European Investment Bank (EIB), which is owned by the member states of the European Union, is to make its first investment in biotechnology by putting up to euro50 million (US$52.5 million) into the Merlin Biosciences Fund to support mid-stage companies. The first euro37.5 million is conditional on the fund raising euro112.5 million at first closing at the end of November; the second tranche of euro12.5 million will be made available once the fund has raised euro187.5 million. The -
Cortecs Reduces R&D Focus As Part Of Change In Strategy
LONDON - Cortecs plc announced a further shift in strategy accompanied by a #5 million (US$8.24 million) financing and plans to change the name of the company to Provalis plc. This follows 18 months of internal and external reviews initiated when founder and CEO Glen Travers, left the company at the end of 1998. Since then Cortecs has rapidly reduced the size of the company to cut costs, closing its London and New York offices, selling off business units and cutting UK staff numbers from 209 -
Teva Offers Novopharm $700M For All Except Biotech Division
JERUSALEM - Teva Pharmaceuticals told the Tel Aviv Stock Exchange that it is in advanced negotiations with one of Canada's two largest generic drug manufacturing companies, Novopharm, for a stock swap said to be worth about US$700 million. The transaction would make Lesley Dan, Novopharm founder and chair, Teva's largest single shareholder with some 20 percent of Teva shares, and without his having to give up Novopharm Biotech Ltd. Novopharm Biotech, an R&D company, traded on the Toronto Stock -
EU Puts Off Decisions On Three Biotech Applications
BRUSSELS, Belgium - Three more applications for marketing authorizations for biotechnology products have been cast into limbo by the European Union's increasing regulatory inertia. A key European Union decision-making body failed on Oct. 29 to reach a decision on whether to approve two kinds of rapeseed manufactured by AgrEvo, of Germany, and a fodder beet jointly developed by Danish firms Danisco A/S and DLF-Trifolium and U.S.-based Monsanto. The European Commission, which in June proposed -
Vanguard Medica Set Back As FDA Asks For More Data
LONDON - Shares in Vanguard Medica plc fell by 51.5 pence to #1.45 last week when the FDA asked for further non-clinical data to support the approval of frovatriptan for the treatment of migraine. It will take nine months to complete the further toxicological studies requested by the FDA. A spokesman for Guildford-based Vanguard told BioWorld International, "Frovatriptan is highly non-toxic as a compound, and on advice, the long-term toxicology was done at 100 times the human dose, which seems -
Genomics Company Genfit Plans On Public Partnerships
LILLE, France - Genfit S.A., a biotech start-up incorporating what it describes as a "novel business concept of partnership between pharmaceutical companies and university research establishments," was established in this northern French city with capital of FFr11 million ($1.8 million). According to its founder and chairman, Prof. Jean-Charles Fruchart, Genfit is a genomics company whose "vocation is to discover new drugs for the third millennium." Its academic research partners, the -
GenProfile Plans To Exploit Advances In Gene Analysis
BERLIN - The genome research and pharmaco-genomics company GenProfile AG was chosen from 46 entries as one of six winners of the BioChance competition sponsored by the German federal research ministry. The company was founded a year ago as the largest commercial spin-off of the German Human Genome Project. The Berlin-based company was co-founded by Margret Hoehe, head of the Genome Research Group of Max-Delbrueck-Center for Molecular Medicine, of Berlin, and Rolf Zettl, former managing director -
DrugAbuse Sciences Raises $22.4M In Private Financing
PARIS - DrugAbuse Sciences (DAS) has raised FFr140 million (US$22.4 million) from a group of European investment funds in a private funding round. The company's founder and chairman, Philippe Pouletty, said, "This is the biggest funding round ever completed in the biotechnology sector in France and one of the largest ever in Europe." He added that the company had been seeking to raise no more than $12 million to $15 million, but found that venture capitalists were prepared to put up as much as -
Sugen Founder Criticizes UK Measures In Containing Costs
LONDON - Stephen Freke-Evans, the British founder of Sugen Inc., launched a scathing attack on a UK government initiative to cut the cost of healthcare provisions at last week's Business Issues for Bioscience Companies meeting in London. Although now an expatriate, Freke-Evans is something of a senior citizen on the UK biotechnology scene. He led Sugen, of South San Francisco, which is engaged in the discovery and development of small-molecule drugs that target signal transduction pathways, to -
MHC Genome Aids Research Into Cause Of Many Diseases
LONDON - The sequence of the most highly variable region of the human genome - the major histocompatibility complex (MHC) - is now available. One of the first substantial regions of the human genome to be completely sequenced, the gene map of the MHC, is expected to be invaluable for researchers wanting to track down the genes responsible for many common diseases. According to the MHC Sequencing Consortium, which reports its map of the region in the Oct. 28 issue of Nature, in a letter titled
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