Active Biotech AB, of Stockholm, Sweden, said its recent offering of SEK169 million (US$21.4 million) was oversubscribed by 43 percent, increasing the number of shares in the company to a total of 39.4 million. The first day of trading in the new shares will occur on or around July 25. Active Biotech focuses on drugs to treat autoimmune/inflammatory diseases and cancer.
BioSyntech Inc., of Laval, Quebec, signed a letter of intent for Nicholas Piramal India Ltd., of Mumbai, India, to subscribe to 7.5 million of its common shares at a price of C$0.80 (US$0.66) per share. NPIL's post-issue shareholding will be about 17 percent of BioSyntech's issued shares. BioSyntech discovers, develops and manufactures biologic implants for therapeutic delivery and regenerative medicine.
Cardinal Health Inc., of Somerset, N.J., completed its first manufacturing project of an antibody suitable for human clinical trials, using a cell line that was made with its GPEx (Gene Product Expression) technology. The antibody will be used to support a clinical trial by the Ludwig Institute for Cancer Research aimed at treating epithelial tumors.
Hollis-Eden Pharmaceuticals Inc., of San Diego, filed a shelf registration statement to allow the company to issue from time to time up to an aggregate of 5 million shares of company stock or other securities. Hollis-Eden is a development-stage pharmaceutical company working on a new class of investigational drugs known as immune regulating hormones. Its stock (NASDAQ:HEPH) closed Friday at $7.80.
Miravant Medical Technologies Inc., of Santa Barbara, Calif., said its board accepted the resignation of Gary Kledzik as CEO, chairman and director. The board named director Robert Sutcliffe as Miravant's new, nonexecutive chairman and appointed an interim executive committee consisting of Sutcliffe and director Rani Aliahmad to coordinate management functions, identify CEO candidates and recommend initiatives to increase productivity and leverage Miravant's development programs. Miravant specializes in its PhotoPoint photodynamic therapy.
New River Pharmaceuticals Inc., of Radford, Va., entered an exclusive licensing agreement with the Ernest Gallo Clinic and Research Center at the University of California San Francisco and the Regents of the University of California to investigate an approach for improving the use of opioid analgesics by reducing the development of tolerance. The agreement involves technology developed at the Gallo Center, and preclinical work has suggested that doses of methadone administered with morphine at certain ratios could be used to increase analgesia while decreasing the potential for opioid tolerance and dependence. Terms call for New River to pay a licensing fee, potential milestones and royalty payments.
Pepscan Systems BV, of Lelystad, the Netherlands, raised 5 million (US$6 million) in a first financing round by issuance of convertible notes to a group of investors from the Netherlands. The investment was led by PPM Oost NV. Other investors participating in the round are Lupus Ventures BV, Wageningen Business Generator BV and Technofund Flevoland BV, as well as several private investors and existing shareholders.
PRB Pharmaceuticals Inc., of Irvine, Calif., and Lee's Pharmaceuticals Holdings Ltd., of Hong Kong, reported that Vietnam's Department of Animal Health will begin testing an animal version of VIRA 38 on their poultry flocks as part of a multinational avian influenza research collaboration. VIRA 38 is an over-the-counter broad spectrum antiviral medication known for its effectiveness in treating and preventing influenza by inhibiting a variety of pathogens.