¿ Synsorb Biotech Inc., of Calgary, Alberta, signed an agreement with MDS Inc., of Princeton, N.J., to sell its subsidiary, INH Technologies Inc. Under terms of the agreement, MDS purchased INH for an undisclosed cash payment. The deal provides for future milestone and royalty payments.
¿ Techniclone Inc., of Boston, and Oxigene Inc., of Stockholm, Sweden, signed a letter of intent to jointly develop and commercialize Techniclone¿s vascular targeting agent (VTA) technology. Oxigene will make available its next generation of tubulin-binding compounds for use in combination with the technology. The joint venture includes an up-front licensing fee and milestone payments to Techniclone. Oxigene also will fund development expenses related to commercializing a VTA product.
¿ Trinity Biotech plc, of Dublin, Ireland, acquired MarDx Diagnostics Inc., of Carlsbad, Calif., for a consideration of $4 million. The acquisition will be immediately accretive to Trinity¿s earnings.
¿ Xenova Group plc, of Slough, UK, said it plans to move XR9576 into Phase III studies in the fourth quarter based on positive Phase IIa studies with paclitaxel in ovarian cancer patients. XR9576 is being developed to restore the sensitivity of multidrug-resistant cancer cells to specific anticancer drugs by modulating the action of the P-glycoprotein pump.