Insmed Inc.'s stock lost more than half of its value Thursday after the Richmond, Va.-based firm said Iplex (mecasermin rinfabate), a complex of recombinant human insulin-like growth factor 1 (IGF-1) and its binding protein IGFBP-3, failed to improve endurance, muscle function or strength or quality of life in patients with myotonic muscular dystrophy (MMD), a potentially life-threatening genetic disorder. (BioWorld Today)

WASHINGTON - Privately held Protein Sciences Corp. Inc. won a $35 million Health and Human Services (HHS) contract, which could be extended to $147 million over five years, to support the Meriden, Conn.-based firm's recombinant baculovirus influenza vaccine technology. (BioWorld Today)

Halozyme Therapeutics Inc., which is focused on developing and commercializing hyaluronidases targeting the extracellular matrix for endocrinology, oncology and dermatology, raised $40 million by selling 6.15 million shares of its common stock for $6.50 per share. (BioWorld Today)

WASHINGTON - Legislation introduced earlier this month by Sens. Mary Landrieu (D-La) and Olympia Snowe (R-Maine) to reauthorize the Small Business Innovation Research and the Small Business Technology Transfer programs was quickly passed last week by the Senate Committee on Small Business and Entrepreneurship. (BioWorld Today)