SAN FRANCISCO -- The Liposome Co. announced Tuesday at theHambrecht & Quist 10th Annual Life Sciences Conference that itplans to "develop aggressively" a new drug, TLC G-53, to treatinflammatory and cardiovascular conditions.
The liposomal prostaglandin E1 compound marks the Princeton,N.J., company's entry into this area. The drug preventsactivation of cells involved in inflammation, or turns offactivated cells. The company said it plans to file aninvestigational new drug application in midyear to begin PhaseI trials in healthy volunteers.
The company (NASDAQ:LIPO) also said the Food and DrugAdministration on Monday authorized the beginning of PhaseIII trials of its liposomal amphotericin B. The trials, beingconducted by Bristol-Myers Squibb, were delayed becausesome batches of the drug were out of specification.
LIPO picked up $2.25 to $21.75.
In other presentations Tuesday:
Genentech Inc. (NYSE:GNE) will increase 1992 R&D expendituresby $40 million, or 20 percent, to $260 million, said G. Kirk Raab,president and chief executive. That will equal about 50 percentof the company's projected 1992 revenues, which at $515million will be about the same as in 1991. The increasedexpenditures will come out of earnings, Raab said.
The company's stock fell 75 cents to $31.13.
During the year, the South San Francisco, Calif., company willfile for marketing approval of Nutropin human growthhormone for chronic renal insufficiency and Turner'ssyndrome. Genentech will also complete Phase III trials ofDNase for cystic fibrosis and Phase II trials of DNase for chronicbronchitis, begin a pivotal trial of its gp120 AIDS drug, andstart trials of its HER-2 humanized monoclonal antibody formetastatic breast cancer.
Genzyme Corp. (NASDAQ:GENZ) of Cambridge, Mass., will doubleits revenues to $200 million in 1992 and will increase itsearnings by more than 50 percent, said Henri Termeer,president, CEO and chairman. Earnings for 1991 will be 85cents per share. The stock moved up $2.13 to $62.25. -- KarenBernstein010892H&Q
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