Alfacell Corp. of Bloomfield, N.J., and Access Securities Inc. ofStamford, Conn., have terminated an agreement in whichAccess was to act as agent for a private placement of up to $5.6million of units consisting of convertible preferred stock andwarrants to purchase common stock. Alfacell declined todiscuss why the agreement was ended.
Alfacell is exploring other options to raise additional capital,company spokeswoman Ina Siegel said Monday. She saidAlfacell also expects a substantial influx of capital if severallicensing agreements it is negotiating for Onconase, its anti-tumor protein, are signed. Onconase is in Phase II clinical trialsfor treatment of five tumor types.
The original agreement with Access was announced lastDecember. Alfacell had estimated that the deal would havebeen worth an additional $10 million if the warrants wereexercised.
Alfacell common stock is traded on the "pink sheets."
BRISTOL-MYERS SQUIBB FILES NDA ON DDI
Bristol-Myers Squibb Co. of New York has filed a new drugapplication with the Food and Drug Administration to sell itsanti-viral agent dideoxyinosine (DDI) to treat AIDS and relateddiseases.
DDI, like Burroughs Wellcome's FDA-approved drug AZT, is anucleoside analog that inhibits virus replication. Bristol-Myershas provided DDI for the treatment of AIDS to patients with acritical need, but who were ineligible for clinical trials.
TROPIX LICENSES PRODUCTS IN JAPAN
Tropix Inc. of Bedford, Mass., on Monday said it has concludeda licensing agreement with Fujirebio Inc. of Tokyo. Tropixgranted Fujirebio exclusive worldwide rights to use, sell anddistribute human in-vitro clinical diagnostic products usingTropix's proprietary chemiluminescence technology. Tropix willreceive an undisclosed cash payment plus royalties from salesof products incorporating its technology. Tropix'schemiluminescent 1,2 dioxetane enzyme substrates are used inDNA probe tests, in-situ hybridization assays, DNA sequencing,immunoassays and other applications.
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