* Alexion Pharmaceuticals Inc., of New Haven, Conn., saidpreclinical studies of its drug, a C5 inhibitor of complementactivation, showed promising results in animal models for lupus-likeautoimmune disease and rheumatoid arthritis.

* Atlantic Pharmaceuticals Inc., of Cambridge, Mass., said twocompounds, CT-1 and CT-2, demonstrated effectiveness inpreventing restenosis in preclinical studies. The drugs, anionicsulfated cyclodextrin derivatives, mimic heparin by binding to growthfactor proteins that promote smooth muscle cell proliferation.However, the company said the compounds do not have heparin'santicoagulant properties.

* Cambridge Biotech Corp., of Worcester, Mass., has completed itsChapter 11 bankruptcy reorganization plan. France-basedBioMerieux Vitek Inc., with U.S. headquarters in St. Louis, andRockland, Mass., purchased Cambridge Biotech's retroviraldiagnostics business for $5.85 million. Cambridge Biotech's drugdevelopment division was transferred to a newly formed company,Aquila Biopharma-ceuticals Inc., of Worcester, Mass.

* Cypros Pharmaceutical Corp., of Carlsbad, Calif., said data from aPhase II study of its cardioprotective drug, CPC-111, showed itreduced heart injury associated with bypass surgery and improvedpost-operative heart function. CPC-111 is described as a naturallyoccurring intermediate of energy metabolism. Cypros is evaluatingthe drug in four Phase II trials.

* InSite Vision Inc., of Alameda, Calif., entered an agreement withthe University of Connecticut in Storrs for research into geneticmarkers associated with glaucoma. Financial terms were notdisclosed.

* Oxis International Inc., of Portland, Ore., raised $1 million in aprivate placement of convertible notes and warrants. The company isdeveloping drugs to combat damage from free radicals and reactiveoxygen species.

* Targeted Genetics Corp., of Seattle, reported positive results fromtwo Phase I clinical trials of its gene therapy for cystic fibrosis. Thecompany said the data showed the procedure was safe and achievedefficient gene transfer and long-term gene persistence. Cystic fibrosisis caused by a defect in the cystic fibrosis transmembraneconductance regulator (CFTR) gene. Targeted Genetics uses a non-replicating adeno-associated virus to deliver a functioning CFTRgene to the respiratory tract cells of patients.

* Therion Biologics Corp., of Cambridge, Mass., raised $4 million inventure capital financing to support its development ofimmunotherapeutics for cancer and AIDS vaccines.

(c) 1997 American Health Consultants. All rights reserved.