ImClone Systems Inc. stands to get a $250 million milestone payment from partner Bristol-Myers Squibb Co., thanks to the FDA’s approval of the colorectal cancer drug Erbitux for the added indication of head and neck cancer. (BioWorld Today)

With enrollment finished in the Phase III trial testing its prostate cancer drug, GPC Biotech AG raised €36.2 million ($43M) in a private placement with a pair of German investment firms owned by the family of Dietmar Hopp, who founded the world’s largest business software concern, SAP AG. (BioWorld Today)

Axcan Pharma Inc.’s ITAX for functional dyspepsia fizzled in Phase III, but the company said it will continue to work with the compound in other indications such as diabetic gastropathy. (BioWorld Today)

Following up the merger with Australia-based Regenera Ltd. in a $31 million deal, Advanced Ocular Systems Ltd. broadened its intellectual property base by acquiring patent applications that, if granted, could cover the ocular use of anti-VEGF agents such as Genentech Inc.’s Avastin. (BioWorld Today)