Alza Corp., of Mountain View, Calif., said it adopted a stockholder rights plan to help Alza stockholders in realizing fair value and equal treatment in the event of any attempted takeover of the company. A dividend of one preferred stock purchase right is being declared for each share of common stock outstanding at the close of business on Jan. 5. The rights generally will not become exercisable until a person or group acquires 15 percent or more of Alza common stock in a transaction not approved in advance by Alza's board.
Axys Pharmaceuticals Inc., of South San Francisco, said it achieved a research milestone in its collaboration with Merck & Co. Inc. based on the successful testing of a specific, selective cathepsin K inhibitor compound in an animal efficacy model. The two companies are proceeding to identify a safety assessment candidate for studies scheduled to begin in late 2000.
Biomira Inc., of Edmonton, Alberta, completed enrollment of a Phase II trial of BLP25 vaccine for advanced non-small-cell lung cancer. The trial is expected to begin early next year, and the primary purpose of the study is to determine whether a higher dose and more frequent administration of the vaccine will enhance its effect in patients. The trial involves seven patients and is being conducted at the Cross Cancer Institute in Edmonton.
Boston Biomedica Inc. (BBI), of West Bridgewater, Mass., and the Consortium for Plasma Science LLC agreed to collaborate on the development and commercialization of BBI's proprietary Pressure Cycling Technology for the inactivation of pathogens and other infectious agents in human source plasma. The consortium will provide initial funding to cover research efforts and will supply more funding annually based on milestones. BBI will pay the consortium a royalty on future product sales.
Caprion Pharmaceuticals Inc., of Montreal, said Ventures West, of Vancouver, British Columbia, closed its $2.5 million investment in Caprion. The investment was made on behalf of Ventures West VI Limited Partnership and Bank of Montreal Capital Corp., and Caprion insiders provided the balance of the capital needed. Caprion is a private biotechnology company engaged in protein research.
Celsion Corp., of Columbia, Md., said initial patients have been treated in both the Phase I studies for its breast cancer treatment system and its expanded Phase I studies for its benign prostatic hyperplasia system. The trials are designed to evaluate the feasibility and safety of the systems in patients.
Centaur Pharmaceuticals Inc., of Sunnyvale, Calif., appointed Steinar Engelsen as acting chief executive officer and Charles Engles as acting chief operating officer. Engelsen replaces Brian Frenzel, who will resign effective Dec. 31 as the company's president and CEO. Frenzel will retain certain responsibilities during the transition as an advisor to the chairman of the board.
Connetics Corp., of Palo Alto, Calif., completed patient enrollment for its Phase II/III pivotal trials with ConXn (recombinant human relaxin, H2) to treat scleroderma. The purpose of the trial is to evaluate the efficacy of ConXn in treating diffuse scleroderma, as well as to obtain additional safety and dose-ranging data. Results are expected to be announced in late 2000. (See BioWorld Today, Feb. 24, 1999, p. 1.)
Genome Therapeutics Corp., of Waltham, Mass., reached a milestone in its human genomics alliance with Schering-Plough Corp. to discover new therapeutics to treat asthma. The milestone triggers a payment to Genome Therapeutics, but financial terms were not disclosed. Genome's stock (NASDAQ:GENE) rose 67 percent Monday to close at $10, up $4. The research program was first announced in December 1996 and has a potential value of $67 million, excluding royalties.
Millennium Pharmaceuticals Inc., of Cambridge, Mass., said its partner in oncology, Eli Lilly and Co., of Indianapolis, accepted a validated target for drug candidate screening in the field of prostate cancer. The accomplishment triggers an undisclosed milestone payment from Lilly to Millennium.
Monsanto Co., of St. Louis, and Pharmacia & Upjohn, of Peapack, N.J., entered into a definitive agreement to merge and become a new company with estimated 1999 sales of $17 billion and a market capitalization of more than $50 billion. Fred Hassan, Pharmacia & Upjohn's CEO, will lead the new company, and Robert Shapiro, Monsanto's CEO, will become the non-executive chairman for 18 months. The new company's corporate headquarters and the pharmaceutical business will be in Peapack, while the agriculture business will be in St. Louis. Monsanto shareholders will own about 51 percent of the combined company's shares.
NicOx SA, of Sophia Antipolis, France, started a multicenter Phase IIa trial with its drug candidate HCT-1026 in patients with Paget's disease. The trial is aimed to assess efficacy on biochemical markers of bone resporption through the use of HCT-1026, a nitro-flurbiprofen derivative.
Questcor Pharmaceuticals Inc., of Hayward, Calif., and Roberts Pharmaceutical Corp., of Eatontown, N.J., said they began enrollment and treatment in a pivotal study using Emitasol, an intranasal formulation of metoclopramide, to treat diabetic gastroparesis. The program is expected to be completed by the end of 2000.
SignalGene Inc., of Montreal, entered a collaboration agreement for a project aimed at understanding the role of nuclear receptors in complex genetic diseases and at discovering and validating drug targets in this specific area with the Office of Technology Transfer of McGill University. SignalGene's investment is in excess of $250,000 and could lead to the development of treatments for obesity and diabetes.
Theratechnologies, of Montreal, completed the clinical part of a Phase Ib trial in healthy volunteers on ThGRF, its growth hormone-releasing factor analogue, which promotes tissue regeneration. Results of the trial will be compiled and analyzed over the coming weeks and will help the company plan for a Phase II trial scheduled next year. A Phase Ia trial indicated ThGRF had a good safety profile and caused no side effects.