* Athena Neurosciences Inc., of South San Francisco,said preliminary results of a second pivotal trial ofDiastat, or diazepam, showed the drug achieved astatistically significant effect in reducing the number ofrecurrent seizures in epileptics suffering from a conditioncalled acute repetitive seizure. The data revealed that 45percent of the patients treated with Diastat experiencedanother seizure within 12 hours compared with 64percent who received a placebo. The trial, which testedadministration of the drug for home use, involved 114patients. Athena said based on results of the Phase III trialand an earlier pivotal study the company plans to file anew drug application with the FDA before the end of1995.

* Cortex Pharmaceuticals Inc., of Irvine, Calif., said itsAmpakines, which are compounds aimed at modulatingthe ampa receptor, have demonstrated in preclinicalstudies with rats that the drugs may have a positive effecton schizophrenia. Ampakines are designed to targetdiseases linked to depressed functioning of theglutamatergic pathways in the brain.

* Pharmos Corp., of New York and Alachua, Fla., raised$9 million through the sale of 6 million units, whichconsist of one share of common stock and one warrant topurchase .075 shares at $1.80 per share. The exercise datefor the five-year warrant begins one year after the closeof the placement.

* Protein Design Labs Inc., of Mountain View, Calif.,began a Phase II trial of its human anti-cytomegalovirus(CMV) antibody to prevent CMV infection in bonemarrow transplant patients. The studies at three U.S.medical centers will involve 168 patients.

* Sankyo Co. Ltd., of Tokyo made a $1.5 million equityinvestment in Ligand Pharmaceuticals Inc., of San Diego,through the purchase of 189,274 Ligand shares tocontinue their collaboration targeting anti-inflammatorydrugs based on cell adhesion modulators developed byLigand's subsidiary, Glycomed Inc., of Alameda, Calif.Sankyo and Glycomed entered an alliance in July 1994.

* Sequus Pharmaceuticals Inc., of Menlo Park, Calif.,said the European Union's Committee on ProprietaryMedicinal Products (CPMP) approved Amphocil, a lipid-based formulation of amphotericin B, for serious fungalinfections. The drug already has been approved in theU.K., Ireland and Finland. With CPMP marketingauthorization, Sequus anticipates additional approvals inAustria, Belgium, Denmark, Italy, Portugal, Sweden andThe Netherlands.

* Transcend Therapeutics Inc., of Cambridge, Mass.,formerly called Free Radical Sciences Inc., received $2million in private financing, bringing the company's totalfunding to $5 million. Transcend's lead product isProcysteine designed to replenish the peptide,glutathione, which protects cells from oxidative damage.The drug initially is being tested for treatment of multipleorgan dysfunction.

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