Bioxel Pharma Inc., of Quebec, closed a private placement of 789,474 units for gross proceeds of C$600,000 (US$375,751). Each unit consists of one common share and one-half common share purchase warrant. Each warrant allows its holder the right to purchase one common share at a price of C$1.15 for a period of 12 months from the date of this placement, and at a price of C$1.27 per share during the following six-month period.
Labopharm Inc., of Laval, Quebec, formed a wholly owned European subsidiary, Labopharm Ireland Ltd., in Dublin, Ireland. The new office initially will facilitate filing of a new drug application with regulatory authorities for its lead in-house candidate, Tramadol, a centrally acting analgesic for moderate-to-severe pain. Efficacy studies have been initiated and an NDA filing is expected for the second half of 2002 in Europe, and for the second half of 2003 in the United States.
Medinox Inc., of San Diego, completed a $13.8 million private offering of preferred stock, bringing the company’s total equity financing since its inception in 1995 to $29.2 million. The proceeds will be used to fund the ongoing Phase I/IIa septic shock trial of NOX-100, Medinox’s nitric oxide-blocking agent. Medinox also is developing a technology platform to address unmet medical needs including sepsis, diabetes and acute respiratory syndrome. It also is developing therapeutic agents for sickle cell anemia. The investors in this round included an international group of venture capital funds, led by China Development Industrial Bank of Taiwan. Other major investors were Industrial Bank of Taiwan, Chiao Tung Bank Co. Ltd., CIH Investment Capital Ltd., Core Pacific Venture Capital, Hua Hsia Investment Holding Co., IBT Venture Co., Taiwan Biotech Co. Ltd. and Prudence Venture Investment Corp.
NeoTherapeutics Inc., of Irvine, Calif., said the transfer of the investigational new drug application for satraplatin, its lead oncology drug, was completed. The transfer of the IND from Bristol Myers-Squibb Co., of New York, to NeoTherapeutics’ NeoOncoRx anticancer subsidiary now allows for a meeting with the FDA regarding an approvable protocol for a Phase III trial in prostate cancer. Satraplatin is a third-generation, orally administered platinum compound. NeoOncoRx acquired the worldwide rights to develop and market satraplatin in September.
Oncolytics Biotech Inc., of Calgary, Alberta, said its agreement with Pfizer Inc., of New York, to develop the reovirus as an animal health care product was terminated and that pivotal clinical studies in animals for potential veterinary use will not be initiated. Oncolytics will continue to focus on the development of Reolysin as a human therapeutic.
Qiagen NV, of Venlo, the Netherlands, opened a research and manufacturing complex in Germantown, Md. Qiagen Sciences Inc., the company’s wholly owned U.S. subsidiary, completed the 200,000-square-foot headquarters to employ more than 300 workers to manufacture and develop products for the separation, purification and handling of nucleic acids. Manufacturing activities are scheduled to start by late February.