• Adventrx Pharmaceuticals Inc., of San Diego, completed its previously announced sale of 14.5 million shares priced at $2.75 each for net proceeds of $37.3 million. Funds will support research and development programs, including clinical trials and commercial launch preparation. Adventrx focuses on developing drugs for cancer and infectious disease, and is in Phase III trials with its chemotherapy-enhancing drug, CoFactor, in metastatic colorectal cancer. (See BioWorld Today, Nov. 6, 2006.)

• Avanir Pharmaceuticals Inc., of San Diego, is cutting 16 percent of its work force and suspending all commercial initiatives for Zenvia, following receipt of an Oct. 31 FDA approvable letter suggesting that additional trials would be needed before Zenvia could be approved in involuntary emotional expression disorder. The company also reduced its research and development expenses, which include putting on hold activities associated with the selective cytokine inhibitor program. Avanir said those cuts are expected to reduce its cash burn to about $10 million per quarter, before estimated severance costs of about $800,000. The company, which had about $38 million in cash as of June 30, completed a $15 million stock sale last week. Avanir anticipates a meeting with the FDA within 60 days to determine the next steps for Zenvia. The firm's stock (NASDAQ:AVNR), which fell 46 percent to $3.98 on news of the approvable letter, closed Friday down 2 cents to $2.83. (See BioWorld Today, Nov. 1, 2006.)

• Bolder BioTechnology Inc., of Boulder, Colo., received a $775,848 Phase II Small Business Innovation Research grant from the National Cancer Institute to perform preclinical efficacy and pharmacology studies on its long-acting VEGF inhibitor, in development for cancer. Bolder said receipt of the entire award is contingent upon certain research milestones. The company previously received a $100,000 Phase I SBIR grant, which it used to demonstrate the feasibility of producing long-acting VEGF-inhibitor proteins using its PEGylation technology.

• Neurochem Inc., of Laval, Quebec, closed its previously announced private placement of $40 million aggregate principal amount of 6 percent senior convertible notes due 2026. Neurochem granted the initial purchaser a 30-day option to buy an additional $2.1 million of the notes. Net proceeds are expected to go toward general corporate purposes, including clinical development, research and capital expenditures.

• NicOx SA, of Sophia Antipolis, France, said FDA feedback on long-term safety data needed for the company's new drug application for naproxcinod stated that, based on the information available, a large clinical cardiovascular outcomes study would not be required at the time of NDA submission. Naproxcinod, a COX-inhibiting nitric oxide-donating compound, is in Phase III trials for the signs and symptoms of osteoarthritis.

• PSivida Ltd., of Perth, Australia, said it is negotiating a non-binding memorandum of understanding for an A$5.2 million (US$4 million) convertible preferred equity investment and an A$28.5 million (US$22 million) investment over time in a special purpose vehicle (SPV) to fund the company's portion of costs associated with Medidur, its lead ophthalmic product for diabetic macular edema. At closing, it is expected that pSivida will receive a total of A$6.5 million, consisting of the equity investment plus an A$1.3 million payment by the SPV. Medidur, which is in Phase III trials, is being co-funded by pSivida and its partner, Atlanta-based Alimera Sciences Inc.

• SIGA Technologies Inc., of New York, received two contracts from the U.S. Air Force totaling $2.3 million. The first contract, for $1.4 million, is with the Air Force Medical Service to develop countermeasures against potential biowarfare pathogens, such as the Dengue virus and other water-related viral agents. The second contract, for $900,000, is intended to aid the USAF Special Operations Command in development of specific antiviral agents focusing on orthopoxvirus targets, distinct from the target addressed by SIGA's smallpox drug, SIGA-246.