VaxGen Inc. raised $15 million by selling a portion of its shares in Celltrion Inc. while still maintaining a significant stake in the joint venture. (BioWorld Today)

Neurobiological Technologies Inc. signed a definitive agreement to sell the rights of its Phase III product Xerecept to a subsidiary of Celtic Pharma Holdings LP for up to $48 million. (BioWorld Today)

Although one-year results of Campath in treating multiple sclerosis showed strong efficacy, Genzyme Corp. and partner Schering AG suspended dosing in a Phase II trial in response to three confirmed cases of severe idiopathic thrombocytopenic purpura (ITP). (BioWorld Today)

An FDA advisory committee recommended approval of Nektar Therapeutics Inc.'s inhaled insulin product, Exubera - offering hope to many Type I and Type II diabetics who, for more than 80 years, had to stick themselves with needles to control their glucose levels. (BioWorld Today)