As it prepares to bring two more of its internally discovered products into the clinic, Metabasis Therapeutics Inc. raised $41.3 million in a private placement of common stock and warrants. (BioWorld Today)

Cypress Bioscience Inc. lost more than half its value Thursday after announcing that a pivotal Phase III study of milnacipran missed its primary endpoint as a treatment for pain associated with fibromyalgia. (BioWorld Today)

News that the HIV drug Reverset needs another Phase II study, delaying pivotal trials, drove Incyte Corp.'s stock down by 41 percent Wednesday. The Wilmington, Del.-based company met with the FDA earlier this week to discuss Phase II data presented in July at an International AIDS Society conference in Rio de Janeiro, Brazil, as well as its plans to move into two Phase III trials. The agency, though, looking for confirmatory safety and efficacy data, requested another Phase II study. (BioWorld Today)