MEDCHEM FILES FOR PUBLIC OFFERINGMedChem Products Inc. on Wednesday said it has filed for apublic offering of 2.25 million shares of its common stock(AMEX:MCH). The Woburn, Mass., company said the funds wouldbe used to purchase for $15 million from AlconPharmaceuticals Ltd. the rights to market in Japan a collagen-based topical hemostat called Avitene. Other proceeds will beused to reduce company debt. The underwriter is Furman SelzInc. of New York. Johnson & Johnson Development Corp. andSignal Capital Corp. are each selling 250,000 shares as part ofthe offering. MedChem develops naturally occurringbiomaterials for use in surgical and therapeutic applications.
GENSIA'S ARASINE ENTERS PHASE III TRIALS
Gensia Pharmaceuticals Inc. (NASDAQ:GNSA) of San Diego saidit has begun previously announced Phase III trials of itspurine-based Arasine product in patients undergoing coronaryartery bypass surgery. The drug is intended to alleviate tissuedamage associated with the procedure. The study is beingconducted in some 50 clinics in the United States, Canada andEurope.
MEDIMMUNE GETS MILESTONE PAYMENT
MedImmune Inc. (NASDAQ:MEDI) of Gaithersburg, Md., hasreceived a $1.7 million milestone payment under a researchagreement with Merck & Co. Inc. The research applies thecompany's proprietary Bacille Calmette-Guerin (BCG)technology to potential vaccines for AIDS.
BTGC ON NATIONAL MARKET SYSTEM
Bio-Technology General Corp., a New York manufacturer ofgenetically engineered health care products, said its commonstock will be traded on the NASDAQ National Market Systembeginning June 18. The ticker symbol will remain BTGC.
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