* Cambridge NeuroScience Inc., of Cambridge, Mass.,registered with the Securities and Exchange Commissionfor a public offering of 187,500 shares of common stockto institutional investors. Robertson Stephens & Co. L.P.,of San Francisco, is the placement agent.* CytRx Corp., of Atlanta, said it plans to implement aone-for-four reverse stock split to reduce the number ofoutstanding shares from 31.4 million to 7.9 million. Themove is subject to shareholder approval.* Gliatech Inc., of Cleveland, received $200,000 infunding from the National Institutes of Health (NIH) fordevelopment of histamine receptor agents for treatment ofanxiety, insomnia and eating disorders. The two Phase ISmall Business Innovation Research grants were awardedby the NIH's National Institute of Neurological Disordersand Stroke.* Incyte Pharmaceuticals Inc., of Palo Alto, Calif., raised$2.4 million through the sale of another 137,000 shares inconnection with the company's November 1995 publicoffering of 1.7 million shares at $19 per share. Theadditional shares were registered to cover overallotmentsand were sold to the underwriters, Hambrecht & QuistLLC and Dillon, Read & Co., both of New York, andVan Kasper & Co., of San Francisco. Incyte raised a totalof $34.9 million in gross proceeds from the offering.* MicroProbe Corp., of Bothell, Wash., completed thesale of its diagnostics business, including its name, toBecton Dickinson and Co., of Franklin Lakes, N.J., for$8.5 million. The deal also helps resolve MicroProbe'spatent dispute with Gen-Probe Inc., of San Diego. Theformer MicroProbe now is called Epoch PharmaceuticalsInc. (See BioWorld Today, Oct. 4, 1995, p. 3.)
* Vanguard Medica Ltd., of Guilford, England, enteredinto an agreement with Eli Lilly and Co., of Indianapolis,to develop Lilly's oral LTB4 receptor antagonist to treatinflammatory diseases. Financial terms were notdisclosed. Vanguard will assume responsibility fordevelopment of the drug in Europe and the U.S. Thecompound is in Phase I trials and the first Phase II studywill focus on psoriasis. LTB4, a leukotriene, is among agroup of endogenous lipids linked to inflammation.
* Xenova Group plc., of Slough, England, raised $4.85million in gross proceeds from a direct placement of 1.29million American Depository Shares at $3.75 per shareprimarily to existing stockholders.
* Zynaxis Inc., of Malvern, Pa., entered into an agreementwith Frankfurt, Germany-based Hoechst AG to evaluatethe former's Zyn-linker delivery systems for use with thelatter's oligonucleotide drugs, which are designed toaffect intracellular activities. Financial terms were notdisclosed.
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