Praecis Pharmaceuticals Inc., in the process of overcoming an FDA snag in its bid for Plenaxis as a prostate cancer treatment, revealed positive early data with the gonadotropin-releasing hormone agonist in a Phase II/III endometriosis study. (BioWorld Today)

Second-quarter earnings disappointments, recent clinical trial failures and investors' apparent refusal to credit any of the good news have pushed biotechnology valuations down to levels not seen since the mid-1990s. (BioWorld Financial Watch)

Raising $12.6 million at the same time, MacroGenics Inc. acquired Eliance Biotechnology Inc. by way of an undisclosed equity exchange and entered a deal with the University of Texas Southwestern Medical Center at Dallas, which devised technology used by Eliance. (BioWorld Today)