* Alexion Pharmaceuticals Inc., of New Haven, Conn., filed an investigational new drug application with the FDA to begin a clinical trial of Apogen MP4 for multiple sclerosis (MS). MP4 is a recombinant molecule designed to eliminate the disease-causing T cells that target the nerves in the brain, limiting the autoimmune attack responsible for paralysis and weakness in MS patients. It has been shown to reverse ongoing neurological disease in rodent models.
* Alfacell Corp., of Bloomfield, N.J., completed a private placement that raised gross proceeds of $4.7 million. The placement was primarily to institutional investors and consisted of about 1.2 million units for $4 per unit. Each unit consists of two shares of common stock and one warrant, exercisable for three years, to purchase another share of common stock for $2.50. Placement agent was Harris, Webb & Garrison, of Houston, which received warrants to purchase an additional 117,000 units.
* American Biogenetic Sciences Inc., of Copiague, N.Y., said its lead compound, ABS 205, showed promising preclinical results for the treatment of age-related cognitive decline and neurodegeneration, such as that associated with Alzheimer's disease. ABS 205 is described as a small organic molecule that crosses the blood-brain barrier and exhibits memory-enhancing effects while promoting nerve cell connections, in the manner of naturally occurring neutrophins.
* PharmaPrint Inc., of Irvine, Calif., said CIBC Oppenheimer Corp., of New York, exercised its underwriter's overallotment option to purchase 337,500 shares in connection with the company's recently completed 2.25 million-share public offering. CIBC's purchase brings the total amount raised in the offering to $27.2 million. PharmaPrint identifies and quantifies bioactive molecules within plant sources to develop pharmaceuticals and dietary supplements.