Immunomedics Inc. announced Wednesday that it hasterminated negotiations with Boehringer Ingelheim GmbH ofGermany for European manufacturing and distribution ofImmunomedics' imaging diagnostic products.
The deal was called off because negotiations "didn't end upmeeting the objectives of either party," said Amy Factor,Immunomedics vice president of finance.
A January letter of understanding between the two companiesprevented Immunomedics from reaching agreements withother parties. Wednesday's announcement leaves the companyfree to pursue other alternatives. Factor said Immunomedics isin the advanced stages of negotiations with several othercompanies for European marketing rights.
Immunomedics stock (NASDAQ:IMMU) closed at $6.75, down13 cents, on Wednesday.
SYNERGEN GETS SECOND CNTF PATENT
Synergen Inc. has received a second patent on ciliaryneurotrophic factor (CNTF). U.S. patent No. 5,011,914, issuedTuesday, covers the process of purifying human CNTF.Synergen of Boulder, Colo., is working to develop and market arecombinant form of CNTF as a treatment for peripheralneuropathies. The research is part of a joint venture withSyntex Inc. Synergen's first CNTF patent covered DNAsequences and methods of making CNTF. Synergen commonstock (NASDAQ:SYGN) has risen $3 since Monday, closing at$27.25 on Wednesday.
-- Steve Usdin BioWorld Washington Bureau
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