Advanced Accelerator Applications SA (AAA) closed a €40 million (US$57.4 million) funding round that will enable the company to move its lead drug candidate Lutathera (lutate; 177Lutetium DOTA0-Tyr3-Octreotate) into pivotal trials in cancer later this year and to complete the acquisition of an as yet undisclosed firm that is developing a drug for ovarian cancer. (BioWorld International)

Advanced Accelerator Applications S.A. (AAA) closed a €40 million ($57.4 million) funding round that will enable the company to move its lead drug candidate Lutathera (lutate; 177Lutetium DOTA0-Tyr3-Octreotate) into pivotal trials in cancer later this year and to complete the acquisition of an as yet undisclosed firm that is developing a drug for ovarian cancer.

DUBLIN, Ireland – With its $960 million cash-and-shares acquisition of Elan Drug Technologies (EDT) slated to close in the current quarter, Alkermes Inc. spent Monday afternoon bringing analysts and investors up to speed on how to model the soon-to-be-enlarged company and on where to look for the double-digit growth it has set its sights on. (BioWorld International)

Addex Pharmaceuticals SA is laying off around a quarter of its work force in order to conserve cash and focus its resources on priority projects. The company aims to realize around CHF8 million (US$9.5 million) in annual savings as a result of the measure, which will extend its cash runway by six to nine months, out to the end of 2013.