FORMER EMPLOYEE SUES AMGENAmgen Inc. on Wednesday confirmed reports that BenjaminMahler, a former employee, has filed a lawsuit against theThousand Oaks, Calif., company. Amgen declined to commentuntil it has seen the complaint, which reportedly alleges insidertrading violations. Amgen stock (NASDAQ:AMGN) closedWednesday at $116, down $1.75. The stock has fallen $10.25this week.
CYTOGEN OFFERING RAISES $29.5 MILLION
Cytogen Corp. of Princeton, N.J., said Wednesday it hascompleted a public offering of 2 million shares of stock at$14.75 per share, raising $29.5 million. Cytogen, which isdeveloping cancer diagnostics and therapeutics, will use theproceeds for general corporate purposes. Cytogen stock(NASDAQ:CYTO) closed unchanged at $14.75 on Wednesday.
NEORX COMPLETES ONCOTRAC TRIALS
NeoRx Corp. said Wednesday that it completed Phase III trialsof its OncoTrac Lung Cancer Imaging Kit in patients with non-small cell lung cancers.
There are 120,000 new cases of these cancers in the UnitedStates annually. OncoTrac links a monoclonal antibodyfragment to the isotope technetium-99m to find the degree ofspreading of tumor cells. The information is necessary fordetermining whether a patient is a candidate for surgery.
In 1989, NeoRx submitted a product license application to theFood and Drug Administration for use of OncoTrac in patientswith small cell lung cancer. NeoRx plans to file an amendmentto include non-small cell lung cancer in the indication after thePLA is approved.
The Seattle-based company is discussing licensingarrangements with several companies.
NeoRx stock (NASDAQ:NERX) closed at $1.50, down 13 cents, onWednesday.
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