Arizona
State 16th in nanotech, January 27, 2005, Arizona Republic
Arizona ranks No. 16 among the states for their ability to develop economies through nanotechnology, according to a report released Wednesday.
California
Amgen warns of pressure on biotechnology, January 27, 2005, Financial Times
Amgen on Thursday warned that growing problems over payments from US government programs are placing growing pressure on the biotechnology industry. (Thousand Oaks)
Amgen: To Be Big Pharma or Not Big Pharma?,January 27, 2005, Forbes
Investors might be forgiven for thinking Amgen, the model for what a couple good drugs can do for a traditional tiny biotech firm, is maturing into a big pharmaceutical company.
Danes to buy Genencor, January 27, 2005, Silicon Valley/ San Jose Business Journal
Diversified biotechnology company Genencor International, Inc. is being acquired by a Danish food ingredient manufacturing firm, Danisco A/S, for $19.25 per share in cash. (Palo Alto)
ISTA Pharmaceuticals Announces Closing of its Public Offering of Common Stock, January 26, 2005, ISTA Pharmaceuticals Inc.
ISTA Pharmaceuticals, Inc. announced today the closing of its previously announced underwritten public offering of its common stock. In addition, ISTA announced that the underwriters have exercised their over-allotment option in full to purchase an additional 825,000 shares of common stock from ISTA. Including the over-allotment shares, ISTA has issued and sold a total of 6,325,000 shares of its common stock at a public offering price of $8.88 per share. ISTA expects to realize total net proceeds from the sale of such shares, after payment of underwriting discounts and estimated offering expenses, of approximately $52 million. (Irvine)
Canada
Procyon announces corporate restructuring - The Company shifts its focus from early-stage research to late-stage drug development, January 26, 2005, Business Wire
Procyon Biopharma Inc. announced today that it has implemented a corporate restructuring plan which aims at shifting its focus from an early-stage research company to a late- stage drug development company. This will allow Procyon to maximize shareholder value in the short to medium term. Following recent developments at Procyon, the Company has undertaken to substantially reduce its anticipated burn-rate while maintaining its development activities for its three main drug candidates, namely: PCK3145, for advanced metastatic prostate cancer; PPL-100, a new formulation of its protease inhibitor for drug-resistant HIV/AIDS; and Fibrostat(R), for the prevention of hypertrophic scars. (Montreal)
Aeterna Zentaris unit acquires Multichem drug chemicals maker for $23.8M, January 25, 2005, Canadian Press
A unit of Aeterna Zentaris Inc. has acquired Multichem, a private Canadian company that sells specialty chemicals to the drug and cosmetics industries.
(Quebec)
Colorado
HealtheTech, Inc. Announces Resolution of Legal Dispute With Microlife Corporation, January 27, 2005, PR Newswire
HealtheTech, Inc. , a Colorado-based company that develops and markets technologically advanced and proprietary handheld medical and commercial devices and software for the measurement of metabolism and nutrition monitoring, announced today that it has resolved its legal dispute with Microlife Corporation.
Connecticut
Vion raises $32.5M in private placement, January 27, 2005, Mass High Tech
Vion Pharmaceuticals Inc. in New Haven, Conn., has agreed to sell up to 10 million shares of its common stock in a registered direct offering at a price of $3.25 per share to institutional investors, raising $32.5 million in gross proceeds.
Alexion Pharmaceuticals finds $150M from notes sale, January 26, 2005, Mass High Tech
Alexion Pharmaceuticals Inc. in Cheshire, Conn., has completed the sale of $150 million principal amount of convertible senior notes due 2012 to unnamed institutional buyers.
Hawaii
Hawaii nanotech is very small, January 27, 2005, Pacific Business Journal
Hawaii is tied with three other states for last in the nation in a new national ranking of states on research into nanotechnology, the development of microscopic machines for manufacturing, medical and other applications.
India
Indian Immuno signs JV for new entity, January 28, 2005, Financial Express
Indian Immunologicals Ltd (IIL), a wholly-owned subsidiary of the National Dairy Development Board (NDDB) engaged in veterinary biologicals, signed a joint venture pact with the US-based Cooperative Resources International (CRI) to form a new entity, IndiaGen here on Thursday. CRI, claimed to be the largest and oldest cooperative breeding company in the US, is expected to provide on-farm consultations, sales and service offering integration of on-farm record keeping, genetic inputs and livestock marketing.
Indiana
State joins stem cell research pursuit, January 27, 2005, Indianapolis Star
Indiana's first stem cell company plans to begin operations Tuesday. EndGenitor Technologies, backed by angel investors and housed Downtown at the Indiana University Emerging Technologies Center incubator, plans to use stem cells from umbilical cords to repair blood vessels.
Massachusetts
Genzyme brings patent suit against TKT in Israel, January 25, 2005, Mass High Tech
Cambridge-based Genzyme Corp. has filed a lawsuit in the District Court of Tel Aviv alleging that its Cambridge neighbor Transkaryotic Therapies Inc. has infringed Genzyme's Israeli patent that covers certain cell culture processes involved in the manufacture of glucocerebrosidase.
Michigan
Dendritic NanoTechnologies, Dow and Starpharma Sign Major Three-Way Deal to Commercialize Nanotechnology, January 25, 2005, Dendritic NanoTechnologies Inc.
Dow stake positions DNT and Starpharma as leading developers of nanotechnologies for the pharmaceutical and biotechnology industries.
New Jersey
Barrier Therapeutics Files Registration Statement for Follow-On Common Stock Offering, January 24, 2005, Barrier Therapeutics Inc.
Barrier Therapeutics, Inc., a pharmaceutical company developing products in the field of dermatology, today announced that it has filed a registration statement with the Securities and Exchange Commission for a proposed offering of 4 million shares of its common stock, plus an additional 600,000 shares of its common stock to cover over-allotments, if any.
North Carolina
New center added to IGSP, January 27, 2005, The Chronicle (Duke University)
Officials at the Institute for Genome Sciences and Policy announced Wednesday the creation of a new center that will study how genetic variations among patients can be used to improve current methods, diagnosis and treatment. Researchers at the new center will seek to improve current strategies for treating many diseases, such as cancer.
International Coalition of Scientists Calls on Expression Analysis for Help in Drug Analysis Efforts, January 26, 2005, Local Tech Wire
Expression Analysis, a provider of microarray and processing services for drug clinical trials, will work with the Immune Tolerance Network, providing its microarray facility, the company said Tuesday. The Immune Tolerance Network (ITN) is a collaborative research initiative that includes scientists from around the globe. It hopes to accelerate drug trials for treatment of a wide variety of afflictions and medical treatments.
Pennsylvania
7 local companies get BioAdvance seed money, January 25, 2005, Philadelphia Business Journal
BioAdvance unveiled the identities of the seven local life sciences companies chosen to receive $3.5 million in seed capital from its Greenhouse Fund.
Texas
Research Park sells acres to get funding, January 27, 2005, San Antonio Express
The Texas Research Park's board has approved the sale of 245 acres to the Texas General Land Office for $3.7 million. The money will go to jump-start a new biotech business incubator and seed stage investment fund.
Zonagen, Inc. Announces Pricing of Follow-On Public Offering, January 27, 2005, Business Wire
Zonagen, Inc. announced today the pricing of its follow-on public offering of 4,400,000 shares of its common stock at $4.00 per share. All of the shares are being offered by the Company. The underwriters of the offering, Punk, Ziegel & Company and WR Hambrecht + Co, have a 30-day option to purchase from the Company up to 660,000 additional shares of common stock to cover over-allotments, if any.
Stem Cell Research Debate In Texas, January 26, 2005, Associated Press
Scientists believe stem cell research could provide promising treatments and cures for everything from diabetes to cancer and heart disease. It could also pump billions into the state's pharmaceutical and medical communities. That's the reason lawmakers are learning all they can before taking up the issue this session.
Utah
2005 Legislature: Med devices maker seeks reuse liability protection, January 26, 2005, Salt Lake Tribune
For Fred Lampropoulos, it's simple. If one of his "single use" disposable medical products is recycled and sold again by a reprocessor, any liability woes that follow should not be his to bear. On Wednesday, the Senate Judiciary, Law Enforcement and Criminal Justice Committee agreed with the chairman and chief executive of Merit Medical Inc., passing the Medical Device Notification and Liability Act.
Virginia
Adenosine Therapeutics, LLC Announces $3.5 Million in Funding, January 25, 2005, Adenosine Therapeutics LLC
Adenosine Therapeutics, LLC, a drug discovery and development company founded in 1999, announced today that it has raised $3.5 million in a private equity financing. The additional capital will support the firm's overall growth. Williams Mullen served as legal counsel to the Company for the offering.
General
Drug Patent Peril, January 26, 2005, Forbes
If investors are treating unlikely patent upsets as if they were foregone conclusions, the stocks could be undervalued. But that points to a problem with the Hatch-Waxman Act, the U.S. law governing patent challenges. Generic firms are encouraged to challenge patents in the hopes of hitting a home run. If investors discount stocks even based on frivolous patent challenges, drug companies are not being rewarded for the drugs they actually have on the market. At the end of the day, that means that medicines on the market are worth less--and that, in turn, there is less incentive to develop new treatments.
Events
Investment In Innovation: A Preview of Early-Stage Medical Technology Companies
February 10-11, 2005, Hyatt Regency Hotel, Irvine California
Gaining exposure to investors and medical device manufacturers is one of the biggest challenges facing medical technology start-up ventures. Medtech Insight's "Investment In Innovation (In3): A Preview of Early-Stage Medical Technologies" conference is designed to help young, emerging, privately held medical technology companies gain the exposure they need to senior executives of major healthcare and investment firms for purposes of funding, acquisition and strategic partnership.
Over 500 emerging companies have presented at Medtech Insight's In3 conferences. Many of these companies are first time presenters.. As a client and friend of Dorsey, we'd like to invite you to participate in the upcoming conference in Irvine, California at the Hyatt Regency Hotel on Feb 10-11, 2005.
If you are not presenting and wish to attend, as a client and friend of Dorsey, you will receive a $400 discount off of the $1495 registration fee. The cost to you is $1,095 per attendee.
For agenda and registration information, please visit Medtech Insight's website.