Posts Tagged ‘Pharma’
Wednesday, July 14th, 2010
 ATLANTA – InVasc Therapeutics Inc., a clinical stage biopharmaceutical company developing drugs to treat or prevent cardiometabolic disease, plans to raise $12 million, according to a regulatory filing.
The company has raised about $5 million of the total offering, including the $3,150,000 in its first institutional financing from Trois Investments Industriels Internationaux of Luxembourg and two angel investors that we reported earlier this month.
The company also won two SBIR grants totaling $400,000.
Cardiovascular and metabolic diseases such as diabetes, hypertension, stroke and dyslipidemia are the leading causes of morbidity and mortality worldwide.
InVasc Therapeutics was founded in 2006 by three leading researchers at Emory University and Ohio State University.
The company plans to file an IND later this year for INV-144 targeting the slowing of the progression of chronic kidney disease in hypertensive diabetic patients.
Its technology may delay the onset of late-stage kidney disease by more than a year, according to reports.
Tags: Atlanta, Biotech, financing, Georgia, kidney disease, Pharma, Trois Investments Internationaux
Posted in Georgia, Money | Comments Off
Friday, July 9th, 2010
ATLANTA – InVasc Therapeutics Inc., a clinical stage biopharmaceutical company developing drugs to treat or prevent cardiometabolic disease. has closed on $3,150,000 in its first institutional financing from Trois Investments Industriels Internationaux of Luxembourg.
Cardiovascular and metabolic diseases such as diabetes, hypertension, stroke and dyslipidemia are the leading causes of morbidity and mortality worldwide.
InVasc Therapeutics was founded in 2006 by three leading researchers at Emory University and Ohio State University.
The company plans to file an IND later this year for INV-144 targeting the slowing of the progression of chronic kidney disease in hypertensive diabetic patients.
In a human clinical trial, INV-141, a sister compound, demonstrated statistical significance in the reduction of proteinuria in the same patient population. Proteinuria is the presence of an excess of serum proteins in the urine, a possible sign of kidney damage.
InVasc’s pipeline development is supported by two recent SBIR grants totaling $400,000.
Contact Tech Journal South Editor and writer Allan Maurer: Allan at TechJournalSouth dot com.
Tags: Atlanta, cardiovascular metabolic diseases, financing, InVasic, Pharma
Posted in Georgia, Money | Comments Off
Wednesday, July 7th, 2010
 HERNDON, VA -The Virginia Center for Innovative Technology says its CIT GAP BioLife Fund closed on an investment in an undisclosed amount in Parabon NanoLabs Inc.
The Reston-based nano-pharmaceutical company uses a proprietary combination of innovative software and nanoscale fabrication technologies that speeds up and lowers the cost of drug discovery, especially for treatments for cancerous brain tumors like malignant glioma that took the life of late-Senator Edward Kennedy.
Parabon NanoLabs was a presenting company at the 2010 Southeast Venture Conference. For our profile of the company prior to its appearance at SE Venture see: Parabon NanoLabs successfully targets brain cancer cells.
Announcing the funding, CIT President & CEO Pete Jobse said, “Innovation and innovative entrepreneurs like the team at Parabon NanoLabs will be the keys to reviving our economy and creating sustainable job growth. To succeed, they need access to capital, and that is what our CIT GAP Funds provide.”
Parabon NanoLabs allows scientists to develop novel therapeutics using its proprietary Essemblix Drug Design Platform – a powerful combination of computer-aided design software for designing macromolecules and nanoscale fabrication technology for their production.
This platform gives scientists the ability to design and construct multi-functional macromolecules from simpler subcomponents, replacing the current slow and costly model of “drug discovery” with a new efficient, faster and more affordable “drug design” model that allows for faster treatments.
Dr. Steven Armentrout, Founder and President of Parabon NanoLabs, said, “The newly discovered ability to precisely manipulate matter at the nanoscale is ushering in an era of even greater economic impact: the Nanotechnology Revolution.”
Parabon NanoLabs capitalizes on the commercial opportunities made possible by its technology for creating a new class of designer macromolecules.
These engineered molecular structures — not producible with the traditional methods of pharmacology, chemistry or microelectronics — can be used across a wide spectrum of domains, such as nano-sensors for bioweapons defense; nano-arrays for DNA biometrics; and nano-additives for consumer products.
The CIT GAP BioLife Fund is part of the CIT GAP Funds, seed stage investment programs that leverage public and private investments to launch new high expectation companies.
This is the 38th investment. Since its launch, CIT GAP Funds has invested almost $3.8 million to help create 38 companies that, in turn, were able to attract an additional $51 million in private equity. (For a list of portfolio companies, please go to www.citgapfunds.org/
Contact Tech Journal South Editor and writer Allan Maurer: Allan at TechJournalSouth dot com.
Tags: Biotech, CIT, drug design, financing, nanotechinology, Parabon NanoLabs, Pharma, SEVC, Virginia
Posted in Money, Nanotech, Potomac, Washington, DC | Comments Off
Thursday, July 1st, 2010
 ROCKVILLE, MD – Vanda Pharmaceuticals Inc. (Nasdaq:VINDA), a biopharmaceutical company focused on the development and commercialization of clinical-stage products for central nervous system disorders, says former acting U.S. Surgeon General Steven Galson to its board.
Mihael H. Polymeropoulos, M.D., president and CEO of Vanda, said, “Dr. Galson’s experience as the former Acting U.S. Surgeon General and Deputy Director and Director of the Center for Drug Evaluation and Research will add tremendous value to the board.”
We don’t generally note board appointments, but nabbing a former Surgeon General–even an acting one–is something of a coup.
Currently, Dr. Galson is the Senior Vice President for the Civilian Health Operation at Science Applications International Corporation (SAIC). He has also held executive positions in the U.S. Environmental Protection Agency, U.S. Department of Energy, and the Centers for Disease Control and Prevention’s National Institute for Occupational Safety and Health.
That sort of background has to be a plus for any company in the highly regulated pharmaceutical industry.
Tags: Maryland, nervous system disorders, People, Pharma, Steven Galson, Surgeon General, Vanda Pharmaceuticals
Posted in Maryland, People, Potomac | Comments Off
Monday, June 21st, 2010
 WASHINGTON, DC – Despite the economic recession, America’s pharmaceutical research and biotechnology companies invested a record $65.3 billion on the research and development of medicines and vaccines in 2009. This represents an increase of more than $1.5 billion in R&D compared to 2008, according to Manufacturing Chemist.
An analysis was conducted by the Pharmaceutical Research and Manufacturers of America (PhRMA) and U.S. life sciences venture capitalist Burrill & Company. PhRMA member companies alone invested $45.8 billion on research and development in 2009, while non-member companies invested approximately $19.5 billion, according to the report.
The research also found that, during the past nine years, U.S. pharmaceutical research companies have consistently invested approximately 18 percent of domestic sales on R&D.
There are currently more than 2,900 medicines in clinical trials or awaiting review by the U.S. Food and Drug Administration, compared with 2,400 in 2005. The current pipeline includes more than 800 medicines to treat cancer, more than 300 that are specific to rare diseases and more than 300 medicines for heart disease and stroke.
We suspect the amount invested in R&D suggests that companies are trying to build stronger pipelines of new drugs and treatments.
There are two strong reasons for this: older drugs lose patent protection and the U.S. population is aging and a huge market for new treatments for cancer, heart disease, diabetes, and many lesser known ailments.
Tags: Biotech, Pharma, R&D, reports
Posted in Carolinas, Florida, Georgia, Maryland, North Carolina, Other SE, Potomac, South Carolina, Studies, surveys, reports, Tennessee, Virginia, Washington, DC | Comments Off
Thursday, June 17th, 2010
 BALTIMORE – -Arginetix Inc. and Immune Control Inc. have merged to form Corridor Pharmaceuticals Inc., which will develop novel treatments for vascular diseases with an initial focus on pulmonary arterial hypertension. In conjunction with the merger, Corridor Pharmaceuticals completed a $15 million Series A financing with all major investors of both predecessor companies.
Investors include: Domain Associates, Quaker BioVentures, MedImmune Ventures, NewSpring Capital, Maryland Health Care Product Development Corp., Ben Franklin Technology Partners of Southeastern PA, Acidophil LLC, and Red Abbey Venture Partners.
We think this is an interesting trend, venture firms merging and recapping complementary companies under one management team.
Gary Lessing, formerly the CEO of Arginetix, will serve as CEO of Corridor, and Stephen Roth, Ph.D., formerly CEO of Immune Control, will serve as executive vice chairman of the board.
“This merger combines two talented teams and two complementary technology platforms to develop promising new therapeutics to treat pulmonary and vascular diseases,” says Lessing. “Together, we have the resources to advance our product pipeline and manage critical clinical, scientific and regulatory activities.”
C-122, Corridor’s lead candidate for PAH, has undergone extensive preclinical pharmacokinetic and toxicology testing. In animal models of PAH, the drug candidate prevents the elevation of pulmonary arterial blood pressure and reduces arterial hypertrophy and perivascular fibrosis. The company plans to file an IND application for C-122 in the second half of 2010.
The new firm is based in Baltimore with offices in West Conshohocken, PA.
Tags: Baltimore, Corridor Pharmaceuticals, financing, Maryland, Pharma, vascular diseases
Posted in Maryland, Money, Potomac | 1 Comment »
Monday, June 14th, 2010
 DURHAM, NC – Kryosphere, a company providing cold storage of biomaterials and management of clinical trial samples, is closing a debt and equity financing of more than $750,000 from new and existing angel investors and KeySource Commercial Bank of Durham.
“The financing came together quickly and we were thrilled at the level of interest. In the end we were over-subscribed.” says Eric Hallman, CEO of Kryosphere. “Now we turn our focus to piloting this rocket ship. This financing also addresses the infrastructure requirements for a major biotech client which just signed a five year biomaterials management contract. And we’ll use these funds to tackle our growing customer pipeline.”
The company says it is seeing rapid growth in all three sectors of its business.
The biostorage component allows companies to shed the cost of maintaining infrastructure in-house and achieve the assurance that their samples are in the hands of biomaterials experts.
The moving of samples or entire sample collections requires specialized cold-chain logistical operations, a Kryosphere service unique in this region. Finally, the cold-chain management of clinical samples is now recognized as a critical aspect in optimizing clinical trials.
“It’s the Achilles heel of the entire process,” says Neil Jones, Vice President of Scientific Operations. “Kryosphere gets involved at the clinical sites to assure these valuable samples are handled properly and produce better clinical data.”
Tags: Biotech, Durham, financing, Kryosphere, NC, Pharma
Posted in Carolinas, Money, North Carolina | Comments Off
Thursday, June 10th, 2010
 GAITHERSBURG, MD – Ron Laufer, M.D., has been appointed senior managing director of MedImmune Ventures, the company’s venture capital arm. Laufer’s appointment will strengthen MedImmune’s long-term commitment to supporting scientific innovation through strategic venture capital investments.
As both a physician and a venture capitalist, Laufer brings more than 15 years of experience to MedImmune Ventures.
He was a co-founder of Lilly Ventures, Eli Lilly and Company’s corporate venture capital fund. Ron was also a managing director for Visium Asset Management, a healthcare-focused investment firm, where he established the firm’s venture capital team.
MedImmune, the worldwide biologics unit for AstraZeneca PLC (LSE: AZN.L, NYSE: AZN), has approximately 3,300 employees worldwide and is headquartered in Gaithersburg, Maryland.
Tags: Biotech, Maryland, MedImmune Ventures, Pharma, Ron Laufer, venture capital
Posted in Maryland, People, Potomac | Comments Off
Tuesday, June 8th, 2010
 HIGH POINT, NC – TransTech Pharma will receive a $50 million up front payment from Forest Laboratories in a collaboration deal that could be worth more than $1.1 billion in potential fees.
The deal covers development and commercialization of TransTech Pharma’s glucose-lowering small molecule compounds for treating diabetes.
The company’s lead compound, TTP399 has completed Phase I clinical trials. It has other compounds in clinical and pre-clinical studies.
The compounds activate glucokinase in the liver instead of in the pancreas, which may lower blood glucose levels without causing excessive insulin secretion, reducing the risk of patients developing hypoglycemia.
Adnan M. M. Mjalli, Ph.D., Founder, chair and CEO of TransTech Pharma, said, We believe this novel class of compounds has the potential to be a major therapeutic advance in the treatment of diabetes. Our GKAs are specifically selected to improve glycemic control without exerting pressure on the pancreas to produce insulin. We are encouraged by early data suggesting potential additional decreases in serum lipids which tend to be elevated in diabetic patients.”
Tags: Biotech, collaboration deal, diabetes treatment, Forest Laboratories, NC, Pharma, TransTech Pharma
Posted in Carolinas, Money, North Carolina | Comments Off
Monday, June 7th, 2010
 RESEARCH TRIANGLE PARK, NC – Barcelona-based Grifols, the largest maker of blood plasma products in Europe, has agreed to pay $3.4 billion for Talecris Biotherapeutics Holdings Corp.
The move will greatly expand Grifols’ share of the U.S. market, putting it on a par with competitors Baxter International Inc. and CSL. CSL, based in Melbourne, withdrew its plans to acquire Talecris for $3.1 billion when the U.S. Federal Trade Commission objected to the deal.
Grifols, which is a much smaller competitor in the U.S. than CSL, does not expect difficulties from the FTC, its CEO said during a conference call.
Grifols says the combination of the two companies will create a vertically integrated and diversified international plasma protein therapies company, bringing together complementary geographic footprints and products, as well as increased manufacturing scale.
Talecris makes the bulk of its revenue from sales of two products, Gamunex, a treatment for immune system disorders, and Prolastin, for Apha-1 antitrypsin deficiency.
Talecris Chairman and CEO Lawrence D. Stern said in a statement, “We believe that Grifols’ well-established reputation, know-how and expertise will enable the combined entity to meet the needs of more patients.
Grifols is paying $26.16 in cash and stock for each Talecris share, 53 percent higher than the average closing price for the past 30 days.
Tags: Acquisitions, Biotech, Grifols, NC, Pharma, Research Triangle Park, Talecris
Posted in Acquisitions, Carolinas, North Carolina | Comments Off
Thursday, June 3rd, 2010
 OWINGS MILL, MD- Nora Therapeutics Inc., which is developing therapeutics to address issues in womens’ reproductive health, has raised $2.93 million of a financing targeted at $25.1 million, according to a regulatory filing.
Investors so far include Burrill Life Sciences Capital Fund of San Francisco; Prospect Venture Partners III of Palo Alto, CA; Vivo Ventures Fund VI, Palo Alto.
Nora Therapeutics raised $25 million from Burrill, Prospect Venture Partners and Vivo Ventures in 2008.
We always like to see West Coast venture firms investing in East Coast companies. So much venture capital sits in those West Coast VC firms.
Nora is developing products to help women who experience repeated assisted reproduction failure or recurrent miscarriage. It was housed at the Emerging Technology Center in Baltimore in 2004.
We previously incorrectly listed Amicus Therapeutics as an investor but the only connection between Amicus and Nora is that Don Hayden is a board member of both companies.
Tags: Amicus Therapeutics, Burrill Life Sciences Capital Fund, financing, Maryland, Nora Therapeutics, Pharma, Prospect Venture Partners, Vivo Ventures Fund
Posted in Maryland, Money, Potomac | Comments Off
Friday, May 21st, 2010
By Allan Maurer
 CARY, NC – Biologics Inc., which recently bought back its founders shares for $800,000, has a winning combination of services that not only helps make sure cancer patients get the right care, it also saves on health care costs.
That’s appealing to health care insurance companies, employers, and healthcare pros alike.
Founded in 1994, the 75-employee company calls itself an “integrated oncology management company,” says CEO Stuart Frantz, who was formerly chair.
Frantz tells us the company’s three main business units interconnect and rely on each other.
Its oncology pharmacy is licensed in all 50 states and works with clinicians handling anti-cancer drugs and those providing some relief from side-effects such as vomiting and anemia. Fortunately, Frantz says, “Targeted biologics are getting better and while side effects (of anti-cancer drugs) still exist, with a lot of patients, they’re not as severe.”
Targeted drugs attack a tumor or cancer more directly, sparing other rapidly dividing cells such as hair follicles and those in the stomach that frequently cause hair loss and nausea.
The company’s oncology management services works with insurance companies and employers to manage cancer benefit programs, using evidence-based guidelines to help cancer patients manage treatment between doctor visits.
It works with patients to make sure their side effects are not more severe than anticipated, provide feedback between doctor and patient and do claims reviews.
The company provides monthly reports to employers and payers to update them on how the program is working.
Third, the company has developed expertise in handling the drug logistics in oncology clinical trials. Drug makers and the U.S. Food and Drug Administration often require a third party to handle the logistics of providing properly handled drugs used in clinical trials.
“They require a group with climate, humidity and document controls,” explains Frantz.
The company also works with biopharmaceutical companies on the closed distribution or launch of oncology drug launches. Many oncology drugs are both expensive and highly toxic. “They require a lot of patient touching,” says Frantz. “You have to follow back through to make sure it’s being taken properly.”
Frantz says Biologics is growing rapidly and has three job openings on its web site now.
“We’ve grown rapidly over the last three years and our objective is to continue that growth,” he says.
Tags: Biologics, Biotech, Cary, NC, oncology, oncology management, Pharma
Posted in Carolinas, Money, North Carolina | Comments Off
Wednesday, May 19th, 2010
 ROCKVILLE, MD – RegeneRx Biopharmaceuticals, a company developing drugs to treat people who suffer heart attacks, plans to raise $3.9 million in an underwritten public offering of stock. The move comes on the heels of the company’s $3 million grant from the National Institutes of Health National Heart, Lung and Blood Institute, which we reported earlier this month.
The company has priced 11.5 million shares at 41 cents a share. It will use the proceeds to fund upcoming clinical trials.
RegeneRx is focused on the development of its drug, Tβ4 for tissue and organ protection, repair and regeneration. In published preclinical studies, Tβ4 has been shown to significantly reduce myocardial scar volume, regenerate myocardial tissue, and improve cardiac function after an ischemic event.
While RegeneRx is initially targeting RGN-352 for the treatment of patients who have suffered an acute myocardial infarction, or heart attack, although recent animal research suggests that this formulation may also benefit patients with multiple sclerosis and stroke
The company is planning to initiate a Phase 2 clinical trial with RGN-352 later this year.
Tags: Biotech, heart treatment, Maryland, NIH, Pharma, public offering
Posted in Maryland, Money, Potomac | Comments Off
Tuesday, May 18th, 2010
By Lance Hardin, CPA, senior tax manager at Hughes Pittman & Gupton, LLP
 As part of the Patient Protection and Affordability Care Act, signed by President Obama on March 23, $1 billion in tax credits and grants are available for qualified therapeutic discovery projects in 2009 and/or 2010.
The addition of the Qualifying Therapeutic Discovery Project Tax Credit was spearheaded Don DeBethizy, Ph.D., CEO of Targacept, a successful biotech company in Winston-Salem, N.C., member of the BIO board and co-chair of its Capital Formation subcommittee.
As the major advocate for the Qualifying Therapeutic Discovery Project Tax Credit, BIO will be offering a webinar with important insights on May 26 at 1 p.m. It will be free to all BIO R&D company members and available to all interested parties. More information can be found at the BIO website.
“It is important for companies to focus on their justification for the tax credit based on ‘unmet need’ and the impact it will have to society,” says Christy Schafer, Ph.D., CEO of Inspire Pharmaceuticals and member of the Emerging Company Section of the BIO board.
Based on the experience gained from the Advanced Energy Manufacturing Credit of 2009, it is anticipated that there may only be a 30-day window in which to prepare and submit an application for the credit or a grant. Businesses need to be ready to drop information into the application, resolve any open items and send in the application within a short timeframe.
Five tips to ease the pressure of a tight deadline are:
1. Begin data collection now, including budgeting projections and economic impact statistics
2. Plan to submit a separate applications for each project to be considered
3. Document the proper number of employees
a. Consider IRS attribution rules; resolve any related issues
b. If a partnership or S Corporation, detail of partners in the partnership, including indirect owners through other partners/shareholders
4. Create detailed project descriptions including
a. How they qualify
b. Why you believe the project will be successful
5. Apply for a DUNS number and register on CCR, Grants.gov and ERA Common
Additionally, there are four tips for application preparation:
1. Do not provide any reason to deny application:
a. Use specified format – details matter
b. Accurate and complete (don’t make reviewer “hunt” for answers)
c. Adequate and relevant supporting documentation
d. Clear and concise – consider reader
e. Consistent message – drive home key points
2. Demonstrate why you are different from your competition
a. Differentiate on benefits, costs or jobs
b. Focus on the five selection criteria
c. Clearly convey why you expect project success
i. Prior performance—cite examples
ii. Analogous situations—cite similar success
d. Get creative, look for studies by peers or other ways to extrapolate supporting detail for job creation, cost reduction and meeting the other evaluation criteria
3. Cater to the audience—the government
a. Highly technical explanations or investor focused wording may detract from your application
b. Write in layman’s terms
c. Focus on societal benefits
4. Expect a quantitative ranking of application regarding job creation, U.S. healthcare cost reduction—provide the data
The key to a successful application will be how well a business differentiates its project from other applications. Engaging outside resources may go a long way toward being successful. Consider accessing industry associations and organizations, as well as experienced tax accounting and grant-writing professionals to help complete and review the application before the deadline.
The views expressed do not necessarily represent Hughes Pittman & Gupton, LLP or Hughes Pittman & Gupton, LLP policy and cannot be relied upon as accounting or tax advice. The outcome of any specific matter depends upon the specific facts and circumstances in which the matter arises. Check with a qualified adviser before taking any action.
Tags: Biotech, Hughes Pittman & Guptan, Pharma, Qualifying Therapeutic Discovery Project Tax Credit, tips, Webinar
Posted in Carolinas, Government/Defense, Legal, Money, North Carolina | 1 Comment »
Thursday, May 13th, 2010
 ROCKVILLE, MD – The American Reinvestment and Recovery Act passed last year is helping some Southeast biotech companies. RegeneRx Biopharmaceuticals, Inc. (NYSE Amex:RGN), for instance has been awarded a $3 million grant from the National Institutes of Health’s National Heart, Lung and Blood Institute to support and accelerate the clinical development of its novel product candidate RGN-352.
The drug is an injectable formulation of the novel therapeutic peptide Thymosin beta 4, or Tβ4, for patients who have suffered an acute myocardial infarction (heart attack).
The award is being issued under the American Reinvestment and Recovery Act of 2009. We’ve heard from other Southeast biotech and pharmaceutical companies that funds from the ARRA have given them a boost.
RegeneRx is focused on the development of Tβ4 for tissue and organ protection, repair and regeneration. In published preclinical studies, Tβ4 has been shown to significantly reduce myocardial scar volume, regenerate myocardial tissue, and improve cardiac function after an ischemic event.
While RegeneRx is initially targeting RGN-352 for the treatment of patients who have suffered an acute myocardial infarction, or heart attack, although recent animal research suggests that this formulation may also benefit patients with multiple sclerosis and stroke
The company is planning to initiate a Phase 2 clinical trial with RGN-352 later this year.
Tags: Biotech, heart attack drug, Maryland, NIH grant, Pharma, RegeneRx
Posted in Government/Defense, Maryland, Money, Potomac | 1 Comment »
Thursday, April 22nd, 2010
 ATLANTA – Alimera Sciences Inc. developing prescription eye treatments, has raised about $72 million in an initial public offering of stock.
Alimera sold 6.5 million shares at $11 a share, a significant discount from the proposed pricing of $15 to $17 a share.
It will trade on Nasdaq under the symbol “ALIM.”
Alimera has raised nearly $71 million in venture backing since its founding in June 2003. Investors include Scale Venture Partners, Domain Associates, Intersouth Partners, and Polaris Venture Partners, which all have an 18.44 percent stake. Venrock Associates has a 14.93 percent stake.
The company focuses on diseases affecting the lining in the back of the eye, or retina, because these diseases are either not treated pharmacologically or are in need of improved treatments.
It says it is also testing treatments for a type of age-related macular degeneration.
Tags: Alimera Sciences, Atlanta, IPOs, Pharma
Posted in Georgia, IPOs | Comments Off
Tuesday, April 20th, 2010
ATLANTA, GA – Alimera Sciences, a company developing prescription eye treatments hopes to raise $87 million in an initial public offering of stock this week.
The company hopes to sell 6 million shares of stock at between $15 and $17 a share. If it prices in the middle of that range, it would have a market cap of slightly more than $87 million. It plans to trade on Nasdaq under the symbol “ALIM.”
Alimera has raised nearly $71 million in venture backing since its founding in June 2003. Investors include Scale Venture Partners, Domain Associates, Intersouth Partners, and Polaris Venture Partners, which all have an 18.44 percent stake. Venrock Associates has a 14.93 percent stake.
Credit Suisse and Citi serve as co-lead underwriters for the company’s IPO.
The company sold two over-the-counter allergy products and an eye lubricant to Bausch & Lomb for $16.7 million.
The company focuses on diseases affecting the lining in the back of the eye, or retina, because these diseases are either not treated pharmacologically or are in need of improved treatments.
It says it is also testing treatments for a type of age-related macular degeneration.
Tags: Atlanta, IPOs, Pharma
Posted in Georgia, IPOs | 1 Comment »
Tuesday, April 20th, 2010
 RESEARCH TRIANGLE, NC – Drug giant Sandoz has agreed to acquire North Carolina-based Oriel Therapeutics, which focuses on developing respiratory products with known pathways as generic alternatives to patented drugs for asthma and chronic obstructive pulmonary disease (COPD).
Terms of the buy were not disclosed, but Sandoz says Oriel’s owners may receive additional payments for hitting certain milestones and will be eligible for sales royalties.
The acquisition provides Sandoz with three promising development projects targeting leading medicines in this field.
Regulatory approvals of these medicines, if achieved, would enable Sandoz to increase access to affordable, high-quality therapeutic alternatives for these increasingly prevalent diseases.
Both the increasing market segment for treating these ailments and the fact that about half the current treatments for COPD and asthma are expected to lose patent protection by 2016, made the Oriel acquisition attractive to Sandoz.
Tags: Acquisitions, asthma, COPD, NC, Oriel Therapeutics, Pharma, Sandoz
Posted in Acquisitions, Carolinas, North Carolina | Comments Off
Wednesday, April 7th, 2010
 OCALA, FL & CONCORD, NC – CBLPath, a company providing specialized pathology and diagnostic services to doctors, has closed on a $3.2 million mixed securities offering, according to a regulatory filing.
Formerly known as Cytopath Biopsy Lab, the company was founded in 1988.
It sells anatomic pathology and molecular diagnostic laboratory services that delivers advanced diagnostic testing and innovative technology solutions to its physician-clients across the nation.
Anatomic pathology, according to Wikipedia, is a medical specialty that is concerned with the diagnosis of disease based on the gross, microscopic, chemical, immunologic and molecular examination of organs, tissues and whole bodies.
The company disclosed the financing in a filing with the U.S. Securities and Exchange Commission.
The company’s corporate headquarters are in Ocala, FL. Its commercial offices are in Concord, NC. It has a laboratory facility in New York.
www.CBLPath.com
Tags: Biotech, diagnostics, financing, Florida, NC, Pharma
Posted in Uncategorized | Comments Off
Tuesday, April 6th, 2010
 Dr. Jeffrey Cossman, founder of USDS ROCKVILLE, MD – United States Diagnostic Standards Inc., a new, independent certification body for laboratory and pathology diagnostics, has raised $1.5 million in a financing from InterWest Partners, according to a regulatory filing.
USDS plans to improve the regulatory and commercialization pathways for laboratory diagnostics by verifying the analytical and clinical performance of laboratory diagnostics and certifying them for FDA submission.
Jeffrey Cossman, M.D., president of USDS Inc., founded the company. Cossman as chief scientific officer of the Critical Path Institute (C-Path) and directed C-Path’s Washington, DC-area office. He is a co-founder of Halcyon Diagnostics Inc.,and Avalon Pharmaceuticals, now Clinical Data Inc. and was a founding advisor of Ventana Medical Systems, now Roche.
Dr. Cossman co-founder of the Association for Molecular Pathology.
He was the chairman and Oscar B. Hunter Professor of the Department of Pathology at Georgetown University, raised the largest endowment at the Georgetown University Medical Center and led the department to national recognition for excellence in molecular diagnostics, cancer vaccine development and education.
He founded one of the nation’s first Molecular Diagnostics Laboratories while at the National Cancer Institute, where he developed and implemented lymphoma molecular diagnostic tests in use worldwide.
Dr. Cossman has authored 150 scientific publications.
USDS disclosed its financing in a filing with the U.S. Securities and Exchange Commission. Arnold Oronsky and Doug Fisher, of InterWest Partners have joined the USDS board.
Tags: Biotech, financing, InterWest, Maryland, Pharma
Posted in Maryland, Money, People, Potomac | 1 Comment »
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