FDA CONDITIONALLY OKs ALZA'S MINIPRESSAlza Corp. of Palo Alto, Calif., announced Friday that the Foodand Drug Administration has given conditional marketingapproval to Minipress XL, a once-a-day dosage form of PfizerInc.'s hypertension drug prazosin, which uses Alza's drugdelivery technology.
Final approval is subject to FDA review of product labeling.
Minipress XL is the second product developed by Alza andPfizer. The first was Procardia XL nifedipine to treat anginaand hypertension. Both products use Alza's osmotic oralcontrolled release technology. Tablets are coated with asemipermeable membrane through which the drug is releasedover a 24-hour period.
Alza will receive a royalty of between 5 percent and 10percent on sales of the product.
Alza common stock (AMEX:AZA) closed at $63.50 on Friday, up$1.13.
CEPHALON, CALGENE COMPLETE OFFERINGS
Cephalon Inc. raised more than $59 million, and Calgene Inc.grossed $21 million in previously announced public offeringsthat were completed last week.
Cephalon, which is developing therapeutics for stroke andneurodegenerative disorders, completed an initial publicoffering of common stock, selling 3.3 million shares at $18 pershare and grossing $59.4 million. With 8.6 million sharesoutstanding, the West Chester, Pa., company's marketcapitalization is $154.8 million. Cephalon stock(NASDAQ:CEPH) closed Friday at $16.75, down $1.25.
Calgene, an agbiotech company headquartered in Davis, Calif.,sold 3.5 million shares at $6 per share in a secondary offering.The company now has 14.3 million shares outstanding. Calgenecommon stock (NASDAQ:CGNE) closed Friday at $5.88, down 75cents.
CAMBRIDGE NEUROSCIENCE FILES FOR IPO
Cambridge NeuroScience Inc. has filed for an initial publicoffering of 2 million shares of common stock priced between$15 and $17 per share.
Following the offering, the Cambridge, Mass.-based companywould have 6.8 million shares of common stock outstanding.Underwriters Montgomery Securities, Kidder, Peabody & Co.Inc. and County NatWest Ltd. have an option to purchase anadditional 300,000 shares to cover overallotments. Proceedswill be used for general working capital.
The stock will be traded on the NASDAQ exchange under thesymbol CNSI.
The company is developing drugs to treat severe neurologicaland psychiatric disorders such as Parkinson's disease,Alzheimer's disease, stroke and epilepsy.
Cambridge NeuroScience has raised $21 million in two roundsof venture financing since the company's inception in December1985. The company has no major corporate partners.
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