• Axcan Intermediate Holdings Inc., of Bridgewater, N.J., is changing its name to Aptalis Pharma following the recent combination of specialty pharma firms Axcan and Amsterdam, the Netherlands-based Eurand NV. The combined firm is focused on drugs for gastrointestinal diseases. (See BioWorld Today, Dec. 2, 2010.)

• Scientists in British Columbia have joined a European consortium, CanEuCre, in compiling a bank of functions for all known human genes. The Canadian team will focus on genes with neurological relevance, and disorders such as Parkinson's and Alzheimer's disease. The European commission has granted $17.3 million to the EUCOMMTOOLS branch of the project, and Genome BC is contributing $2.08 million through CanEuCre. Genome BC has funded this project as part of its Applied Genomics Consortium Program.

• Cell Therapeutics Inc.'s board of directors approved a reverse stock split pursuant to its receipt on May 3 of a notification that it is out of compliance with the Nasdaq listing rule 5550(a)(2) requiring a minimum closing bid price of $1 per share. The Seattle-based company will request a hearing to present a plan for achieving compliance, including the reverse stock split. The split will become effective on or about May 15.

• Critical Outcome Technologies Inc., of London, Ontario, has been advised that its major pharmaceutical partner will be suspending work related to development of small-molecule scaffolds for an HIV-1 integrase inhibitor program. The company will seek a new partner to continue work on the program.

• Molecular Insight Pharmaceuticals Inc. (OTC QB:MIPIQ), of Cambridge, Mass., said that on May 5, the U.S. Bankruptcy Court for the District of Massachusetts confirmed the company's amended plan of reorganization. Molecular Insight is scheduled to emerge from Chapter 11 as a fully restructured company by late May. The plan restructures the company's consolidated balance sheet by reducing outstanding debt by approximately $162 million and facilitating a new capital infusion of approximately $40 million. All outstanding shares of the company's common stock will be extinguished on the plan's effective date.

• Novartis AG, of Basel, Switzerland, said the FDA approved mTOR inhibitor Afinitor (everolimus) in progressive neuroendocrine tumors of pancreatic origin in patients with resectable, locally advanced or metastatic disease. The agency's Oncologic Drugs Advisory Committee voted in favor of the drug last month. (See BioWorld Today, April 13, 2011.)

• The European Union FP7 Health Program has awarded a grant of $8.5 million to Opsona Therapeutics Ltd., of Dublin, Ireland, to advance its candidate OPN-305 for solid organ transplantation, focusing on delayed graft function. The company will begin a Phase I trial this summer, through a European consortium of clinical and research groups.

• Rigel Pharmaceuticals Inc., of South San Francisco, said it will assume development of R343, its inhaled Syk inhibitor for allergic asthma, after New York-based Pfizer Inc. opted to return full rights to the drug. The move followed Pfizer's decision to exit the allergy and respiratory therapeutic R&D area. Rigel will evaluate R343's development to date and expects to design a Phase II trial later this year. R343 emerged from an early licensing deal involving inhaled small-molecule Syk inhibitors signed between the companies in 2005. Rigel's lead program, oral Syk inhibitor fostamatinib, recently started a large Phase III program in rheumatoid arthritis led by partner AstraZeneca plc, of London. (See BioWorld Today, Jan. 21, 2005, and Sept. 30, 2010.)

• Sanofi-Aventis SA, of Paris, and France's Caisse des Depots said the Caisse des Depots will acquire an interest in the Biocitech life sciences technology park in Paris. The Caisse des Depots will purchase its shareholders in Biocitech SAS as part of a capital increase and share buyback operation, which will give Biocitech additional resources for helping the 27 companies installed on its campus and enabling it to accommodate new firms. Biocitech was created by a commitment from Sanofi-Aventis (then Aventis) in 2002.