FORMER SHAREHOLDER SUES MEDCOMedco Research Inc. of Los Angeles said last week that aformer shareholder sued the company, alleging that it misledinvestors concerning potential profits. Medco "believes therehas been no wrongdoing," said Archie Prestayko, Medcopresident. The suit claims that Medco falsely described itsAdenoscan product as unique and likely to generate substantialprofits. Adenoscan is under Food and Drug Administrationreview for use in simulating the physiology of exercise intesting heart disease patients. A similar product by Du PontMerck Pharmaceutical Co. was approved Jan. 8.
HELIX SUSPENDS MANUFACTURING SERVICES
Helix BioCore Inc. of Minneapolis last week suspended itsprotein contract manufacturing services while it searches for acorporate partner to fund the operation. The company laid off25 workers, but will continue marketing its bi-leafletmechanical heart valve, said Howard Root, general counsel.
CYTRX COMPLETES NEW RHEOTHRX FORMULATION
CytRx Corp. of Norcross, Ga., said that Burroughs Wellcomecompleted a new formulation of the cardiovascular agentRheothRx.
The new version is undergoing safety studies before efficacystudies start, CytRx (NASDAQ:CYTR) said. The company receiveda $250,000 milestone payment from Burroughs, which licensedthe drug last April.
CIBA OFFERS EARLY RETIREMENT TO CUT COSTS
To cut costs, Ciba-Geigy Ltd. of Basel, Switzerland, offered earlyretirement to 1,600 Swiss employees. The company has 25,000employees in Switzerland and 92,000 worldwide. It had 1990gross sales of 19.7 billion Swiss francs (U.S. $15.4 billion) andwill release profits in February.
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