Inflazyme Pharmaceuticals Ltd., of Vancouver, British Columbia, said the Goldman Sachs Group Inc. and Biotechnology Investments Ltd. exercised all of their Series A common share purchase warrants issued on March 6, 1996. The company has issued 3.26 million common shares for total proceeds of $7.1 million. In addition, National Bank Financial Inc. exercised additional warrants for total proceeds to the company of about $464,000.
Medarex Inc., of Princeton, N.J., said underwriters exercised their overallotment option to purchase 312,939 shares of common stock associated with its stock offering earlier this month. Including the overallotment, the public offering totaled 2.4 million shares at $172 each, with net proceeds expected to be about $388 million. (See BioWorld Today, March 6, 2000, p. 1.)
Nabi, of Boca Raton, Fla., initiated animal toxicity studies with Nabi NicVAX, a nicotine conjugate vaccine, in conjunction with the National Institute on Drug Abuse. If the results of the studies confirm the safety of the product, Nabi intends to use the information to support an investigational new drug application.
NeoRx Corp., of Seattle, said a single dose of its Pretarget technology cured established human lung, colon and breast cancers implanted in mice. The study was published in the Feb. 15 issue of the National Academy of Sciences.
Pharmasset Inc., of Atlanta, was awarded a Phase I National Institute of Health Small Business Innovation Research grant to fund research on novel differentiation agents against human leukemia. The federal grant is the result of a decade of research in the area of inosine monophosphate dehydrogenase inhibition.
Procyon BioPharma Inc., of Montreal, reached an agreement with Research Capital Corp. to proceed on a best-effort basis with a private placement of special warrants. Under terms of the agreement, about C$20 million (US$13.75 million) will be raised. The special warrants will be offered at a minimum purchase price of C$2.62 per special warrant. Each will be exercisable at no additional cost into one common share of Procyon and one-half of one common share purchase warrant.
Protein Polymer Technologies Inc., of San Diego, said it raised $2.1 million through the conversion of common stock warrants held by a small group of accredited and institutional investors. The company plans to use the proceeds to continue and expand clinical testing of the companys lead product, an injectable treatment for female stress urinary incontinence.
Solgene Therapeutics LLC, of Irvine, Calif., said it is developing a technology to deliver large-molecule compounds in a manner that mimics a natural organ.