Alexion Pharmaceuticals Inc., of New Haven, Conn., raised $120 million through the placement of 5.75 percent convertible subordinated notes due March 15, 2007. The initial purchasers of the notes have an option to purchase up to an additional $30 million of the notes to cover overallotments. The notes will be convertible into Alexion common stock at $106.43 per share. (See BioWorld Today, Feb. 28, 2000, p. 1.)
AVI Biopharma Inc., of Portland, Ore., and Oregon State University have demonstrated that AVI's third-generation Neugene antisense compounds are highly effective and specific at low doses. The study is published in the March issue of the Journal of Pharmacology and Experimental Therapeutics. The research showed that neugene antisense compounds are effective at stopping or changing the action of the oncogene c-myc at much lower doses than second-generation antisense compounds. The study also showed that neugenes are very selective and do not interfere with the normal drug metabolism cycle in mammals.
HemaSure Inc., of Marlborough, Mass., raised $28 million through a private placement of common stock. The proceeds will be used for working capital, capital equipment and general corporate purposes. The company is working on blood filtration technologies.
Human Genome Sciences Inc., of Rockville, Md., will call its $200 million aggregate principal amount of 5 percent convertible subordinated notes due 2006 for redemption. In lieu of redemption, holders may convert their notes into stock at any time on or prior to March 21.
Immunomedics Inc., of Princeton, N.J., said its scientists reported the successful selective delivery of doxorubicin, a cancer drug, to the human colonic cancers growing in mice. This was achieved by using a bispecific fusion protein that binds to the cancer and also the drug carrier when it is given in a second step. The results were presented at the International Conference on Advances in Cancer Immunotherapy.
Ligand Pharmaceuticals Inc, of San Diego, said an affiliate of Elan Corp. plc, of Dublin, Ireland, converted $20 million original issue price of the zero-coupon convertible notes issued on July 14, into 1.6 million shares of Ligand common stock. After the conversion, Ligand will have $60 million of the notes still outstanding that are held by Elan or its affiliates. (See BioWorld Today, July 19, 1999, p. 1.)
PE Corp., of Rockville, Md., said that the underwriters exercised their overallotment option to purchase 570,000 shares of Celera Genomics common stock associated with Celera's March 1 follow-on offering. Including the overallotment, the offering totaled 4.37 million shares at $225 per share. Net proceeds are about $944 million. (See BioWorld Today, March 2, 2000, p. 1.)
Reprogenesis Inc., of Cambridge, Mass., has inlicensed exclusive rights to a pioneering organ regeneration technology and a tissue engineering bladder substitute product from Children's Hospital in Boston. The product and technology will become part of the regenerative medicine pipeline of Curis Inc., which will be a new public company formed through the pending merger of Reprogenesis Inc.; Creative BioMolecules Inc., of Hopkinton, Mass.; and Ontogeny Inc., of Cambridge. Curis plans to begin clinical trials with a bladder reconstruction product candidate in 2001. (See BioWorld Today, Feb. 16, 2000, p. 1.)