Genzyme Corp. is dropping further work on its advanced phosphate binder (APB) - the product expected to save the Cambridge, Mass.-based firm's renal franchise from the looming patent cliff - after it failed to show improvement over Renvela in a Phase II/III trial, leaving analysts and investors to wonder what's next for the big biotech, which has suffered more than its share of bad news in the past several months. (BioWorld Today)

InterMune Inc. dipped on news that it would stop testing the highest dose in its ongoing Phase IIb study of protease inhibitor ITMN-191 in hepatitis C virus after reports of liver toxicity in three patients, offering a minor distraction for investors awaiting FDA word on the company's new drug application for fibrosis candidate pirfenidone. (BioWorld Today)

Shares of Poniard Pharmaceuticals Inc. tumbled 76 percent on disappointing data from its Phase III trial of picoplatin in small-cell lung cancer, news that's certain to hamper ongoing discussions for a much-needed partnership. (BioWorld Today)

Last year's crumbling markets might have forced Astex Therapeutics Ltd. to delay plans for an initial public offering, but the Cambridge, UK-based firm is hardly hurting for cash, thanks to fragment chemistry-based discovery deal with GlaxoSmithKline plc. (BioWorld Today)