GREENWICH BEGINS ARTHRITIS DRUG TRIALSGreenwich Pharmaceuticals Inc. said Tuesday it has begunPhase I clinical trials of its GW-80126 compound as an oraltreatment for rheumatoid arthritis.
GW-80126 is a synthetic monosaccharide, one of severalcarbohydrate compounds that the Fort Washington, Pa.,company is developing to treat autoimmune diseases.
Although the mechanism of these compounds isn't fullyunderstood, they appear to have anti-proliferative action,preventing the inappropriate increase in immune system cells,said spokeswoman Pamela Murphy. The compounds also haveanti-inflammatory and immunomodulatory effects, she said.
Greenwich stock (NASDAQ:GRPI) closed at $8.88, up 25 cents,on Tuesday.
SWISS COMPANY TO DISTRIBUTE ECOGEN PRODUCTS
Ecogen Inc. of Langhorne, Pa., on Tuesday said it has enteredinto an agreement appointing Intrachem (International) SA ofGeneva, Switzerland, a co-distributor of three of its Bacillusthuringiensis bioinsecticide products in Italy, Spain andPortugal. The products are Condor for forestry and soybean use,Foil for potatoes and Cutlass for vegetables. Roussel-Uclaf ofParis is Ecogen's (NASDAQ:EECN) other distributor in thosemarkets.
COURT APPROVES NEWPORT SETTLEMENT
Newport Pharmaceuticals International Inc. of Laguna Hills,Calif., said that the U.S. District Court has approved thesettlement of two interrelated securities class actionlawsuits brought against the company in 1986.
The company announced in March that it had reached asettlement subject to court approval. The settlement costs of$1.86 million plus $952,000 in prejudgment interest wererecorded in the company's 1990 results of operation. Of theseamounts, $1.25 million will be paid in cash and the remainderin shares of common stock.
The suits alleged fraud and violations of securities laws inconnection with statements made by the company when itsought Food and Drug Administration approval for itsproprietary drug, Isoprinosine.
IG ACQUIRES CYTOGENETIC UNIT
IG Laboratories of Framingham, Mass., said it has completedacquisition of the cytogenetic and genetic counseling unit ofLong Beach Memorial Medical Center, a subsidiary of MemorialHealth Services of Long Beach, Calif. IG Laboratories(NASDAQ:IGLI) provides genetic testing services through anetwork of labs throughout the United States.
MEDCHEM PACT TO DISTRIBUTE HEMOSTATIC PAD
MedChem Products Inc. on Monday said it has entered into atwo-year agreement, with an option for a third year, todistribute in the United States and Canada a collagen-basedhemostatic pad manufactured by Bioplex Corp. Bioplex is awholly owned subsidiary of Datascope Corp. of Montvale, N.J.MedChem of Woburn, Mass., (AMEWX:MCH) produces biomedicalproducts for use in surgical markets.
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