A new infusion of $45 million will help Chimerix Inc. advance the development of clinical-stage antiviral candidates that target a number of viruses. CMX001 is in clinical trials for cytomegalovirus and adenovirus with potential for use as a smallpox countermeasure.
After floating an initial range of $12 to $14 per share, AcelRx Pharmaceuticals Inc. priced its initial public offering (IPO) at $5. The move is consistent with IPOs by other companies in the industry, which are finding that more shares at a lower price is the way to attract buyers in a post-2008 economy.
Alexion Pharmaceuticals Inc. will tackle a new category of disease following its acquisition of key technology assets from Germany-based Orphatec Pharmaceuticals GmbH. Alexion will take over development of an investigational therapy for molybdenum cofactor deficiency (MoCD) Type A, a rare disease that causes brain damage and death in infants. The move follows a solid earnings report, featuring Soliris sales of $156 million for the fourth quarter.
Stock in Chelsea Therapeutics International Ltd. tumbled 18.5 percent on Wednesday after the company reported that an interim analysis had found their Phase III (306) trial of Northera (droxidopa) for neurogenic orthostatic hypotension (NOH) in Parkinson's patients to be futile.
Biogen Idec's revenues for 2010 exceeded the prior year by 8 percent, coming in at $4.7 billion. Tysabri drove much of the growth, with $900 million in revenues, and solid returns for Avonex and Rituxan. Throughout 2010, the company has pursued a strategy of whittling down nonperforming programs, in-licensing products in its areas of strength and expanding labeling and indications for its approved products, and shows every indication of continuing strong in 2011.
Alexion Pharmaceuticals Inc. acquired Taligen Therapeutics Inc. for $111 million up front with additional contingent payments based on clinical and regulatory milestones. Alexion ended 2010 with $297 million in the bank, so the Taligen acquisition was an affordable move allowing it to neutralize a future competitor and diversify its pipeline.
Bionovo Inc. priced a public offering of 30,031,200 units at $1 each for gross proceeds of $30 million. Each unit is comprised of one share of common stock (NASDAQ:BNVI) and a warrant to purchase a one-half share of common stock at $1.30 per share. The funds will be primarily funneled into Phase III development of its lead product, Menerba, for postmenopausal vasomotor symptoms, or hot flashes.
Celgene Corp.'s fourth quarter non-GAAP earnings of $347.6 million, and its 2010 net non-GAAP earnings of $1.315 billion allowed it to end the year on a positive note. A 45 percent increase in Revlimid sales, at $2.47 billion, led the surge in earnings, with Vidaza also on the rise, and Thalomid and Abraxane contributing solidly. Celgene guidance calls for further growth in 2011.
A lot of companies start with an idea, and build a business around it. Jupiter, Fla.-based GLG Pharma LLC started with a business, in search of an idea.
Stock in Momenta Pharmaceuticals Inc. dropped sharply Tuesday following news that Teva Pharmaceuticals Industries Ltd. received a minor deficiencies letter on its application for a generic Lovenox injection. Investors have taken the correspondence as a sign that Teva's product is close to the finish line. Momenta's M-Enoxaparin is currently the only generic formulation of Lovenox on the market, and Teva's offering could seriously cut into Momenta's revenues.
