* CoCensys Inc., of Irvine, Calif., sold its pharmaceutical sales and marketing division to Watson Pharmaceuticals Inc., of Corona, Calif., for $9 million. CoCensys said it received $6 million up front and will receive the balance based on achievement of undisclosed events. CoCensys said the sale of the division will save the company about $3 million a year in net cash expenses. The company also said patient enrollment is complete in two Phase II trials of its lead neuroactive steroid, CCD 1042, which is ganaxolone. The drug is being evaluated in clinical studies for treatment of migraine and adult epilepsy. Results are expected in late 1997.
* Cypress Bioscience Inc., of San Diego, raised approximately $5 million in a private placement. About 3.4 million shares were sold at $1.50 per share to a group of investors, most of whom already were stockholders. The company has 38 million shares outstanding.
* Dendreon Corp., of Mountain View, Calif., announced its collaboration with the Mayo Clinic, of Rochester, Minn., to develop Dendreon's cell therapy technology. A cell processing facility will be established at the Mayo Clinic, and Phase I/II trials will study Dendreon's dendritic cell therapy for advanced prostate cancer. No financial terms of the pact were disclosed.