Amylin Pharmaceuticals Inc., of San Diego, reported positive preliminary data from a Phase II dose-escalation study of AC2993 (synthetic exendin-4) in 58 Type II diabetics. The interim analysis showed a statistically significant reduction in the incidence of nausea when a target dose was achieved with gradual dose titration. Previously, studies showed a reduction in blood glucose concentrations, with nausea being the most common side effect. Separately, the law firm Milberg Weiss said a class action has commenced against Amylin in the U.S. District Court for the Southern District of California, charging the company and its CEO with making false statements about the product candidate Symlin, which last month was the subject of a negative recommendation by an FDA advisory panel. (See BioWorld Today, July 27, 2001.)
Atrix Laboratories Inc., of Fort Collins, Colo., said it signed an exclusive licensing deal with Faulding Pharmaceuticals, a division of Australia-based F.H. Faulding & Co. Ltd., for Australian and New Zealand rights to its three Leuprogel products for inhibiting the growth of hormone-responsive advanced prostate cancer. The company already has U.S. and European marketing deals in place for the products that entail the sustained release of leuprolide acetate. (See BioWorld Today, Aug. 10, 2001.)
Automated Cell Inc., of Pittsburgh, said it raised $2.6 million from private and institutional investors in a financing round that closed in the second quarter. It said the proceeds would be used to expand its Protein Function Factory and accelerate protein target discovery, prioritization and validation programs.
Discovery Genomics Inc., of Minneapolis, entered into a research and license deal with Techne Corp., of Minneapolis. It received a $3 million investment from Techne. Discovery Genomics was recently organized and holds exclusive licenses from the University of Minnesota to develop technologies related to knockdowns in zebrafish using proprietary technologies.
Idun Pharmaceuticals Inc., of San Diego, presented data showing caspase inhibitors significantly decreased heart muscle damage following induction of a heart attack in a rat model of disease. It showed a 55 reduction in heart tissue damage even when administered one hour after the attack.
Incara Pharmaceuticals Corp., of Research Triangle Park, N.C., said it received subscriptions for about $6.9 million in an offering of common stock and warrants. The initial closing consisted of 4.25 million shares of common stock at $1.62 per share, the Aug. 8 closing price, along with warrants to purchase about 1 million shares at $2.225 each. Investors included Deerfield Capital Management, Merlin Biomed Asset Management and other institutional and private investors. Petkevich & Partners LLC was placement agent. The money will go toward advancement of Incaras adult liver stem cell program into clinical trials.
United Therapeutics Corp., of Silver Spring, Md., saw its stock (NASDAQ:UTHR) gain 59 percent Friday, adding $5.19 to close at $14. The jump followed Thursdays FDA panel recommendation that the FDA approve Remodulin for treating pulmonary arterial hypertension. The stock was not traded Thursday. The shares had fallen $3.38, or about 27 percent, Wednesday in advance of the meeting. (See BioWorld Today, Aug. 10, 2001.)