* AMBI Inc., of Purchase, N.Y., said a preclinical study demonstrated Lysostaphin, the company's antibacterial agent, successfully treated endocarditis, an infection of the heart valves caused by Staphylococcus bacteria. Five of six rabbits treated with the drug had no detectable bacteria and the sixth animal had less than 100 bacteria per infected valve.
* Electropharmacology Inc. (EPi), of Pompano Beach, Fla., said it closed its previously announced agreements with Elan Pharmaceuticals Technologies, a division of Elan Corp. plc, of Dublin, Ireland. EPi will acquire a worldwide license to Elan's flexible iontophoretic patch technology for non-cosmetic dermatology and wound care applications. Elan made an up-front payment and will pay royalties and license fees. Separately, Elan invested $7.5 million in EPi to acquire shares of convertible preferred stock and warrants, and committed to invest $2 million more to acquire shares of EPi common stock.