public offering

Exelixis gets $150M credit line

Thu, 05 Jun 2008 06:59:54 -0400

Exelixis has struck a $150 million financing deal with Deerfield Management. At Exelixis discretion, the developer can draw down the money as needed over the next 18 months in $15 million installments.

"This transaction significantly increases our financial strength and flexibility over the next 18 months, even if we don't draw on the facility," said George A. Scangos, president and chief executive of Exelixis. "The Deerfield facility gives us the time to see our way through this period of major pipeline and business milestones and puts us in a position of strength as we advance our various partnering discussions."

- here's the release on the financing
- read the AP report

Vertex drug improves lung function in IIa CF trial

Thu, 27 Mar 2008 07:59:57 -0400

After stumbling on high investor expectations for its experimental hepatitis C therapy, telaprevir, Vertex garnered a dose of good news with the release of positive Phase IIa data on VX-770 for cystic fibrosis. Researchers reported that the small, 20-patient study revealed improved lung function in patients taking the oral drug. There was no discerned improvement in patients taking a placebo. Vertex shares jumped 10 percent on the news.

"While these are early data, it is unprecedented for an investigational oral compound for the treatment of CF to have such a marked effect on multiple measures of CF disease activity. We saw an average improvement in lung function of 10 percent in patients receiving the highest dose, compared to no observed improvement in patients who received placebo," said Frank Accurso, M.D., Director of the Cystic Fibrosis Center and Professor of Pediatrics at the University of Colorado School of Medicine in Denver.

"More than 10 years ago, the Cystic Fibrosis Foundation believed that Vertex's approach to treating CF by directly targeting CFTR function--the underlying mechanism of the disease--was an important opportunity to meaningfully change the course of cystic fibrosis," said Robert J. Beall, Ph.D., president and CEO of the Cystic Fibrosis Foundation.

- see the release
- read the AP report on the data

Related Articles:
Red tide research points to cystic fibrosis therapy. Report
Investors disappointed in Vertex despite strong data. Report
Vertex refines terms on $300M public offering. Report

Arena touts safety profile of obesity drug

Mon, 17 Mar 2008 07:59:58 -0400

The analysts were buzzing this morning about Arena Pharmaceuticals' chances of a major partnership pact for its obesity drug lorcaserin after hearing that a review of the late-stage drug demonstrated no heart safety issues after 12 months of use. That's been a key issue for Arena, whose drug looks much like the Wyeth obesity therapy that was pulled after demonstrating heart valve risks. Efficacy data from the Phase III trial remains blinded until the trial is completed.

"We believe that this exposure duration, even under a conservative interpretation of the literature, would have been sufficient to observe a fenfluramine like effect on heart valves if present," said Arena CEO Jack Lief in a statement.

"The 12-month data substantially de-risks the lorcaserin development program and should place (Arena) in a stronger position to negotiate a major commercialization partnership for the drug," writes Oppenheimer analyst Bret Holley.

- see the release
- read the report from Dow Jones

Related Articles:
Arena Pharmaceuticals prices $109M public offering. Report
Arena prepares pivotal trial on obesity drug. Report
Arena reports successful lorcaserin trial. Report

Tough times at Chemokine

Wed, 05 Dec 2007 06:59:57 -0500

More bad news for Canadian biotechs: Chemokine Therapeutics has decided to withdraw its public offering due to poor conditions in the financing market. The company is reducing its costs by laying off 65 percent of its workforce; those workers who are staying have agreed to a 10 percent salary reduction. In addition, Chemokine's CEO C. Richard Piazza has resigned and CFO Bashir Jaffer will serve as interim CEO. According to the release, Chemokine is "currently evaluating financing alternatives to fund ongoing activities." The company is developing chemokine-based therapies to treat cancer, blood disorders, and vascular diseases.

- see Chemokine's release for details

Related Articles:
Canadian biotech stocks suffer as bad news mounts. Report
M&A activity heats up as biotech IPOs struggle. Report
Top 5 layoffs of 2007. Report

Arena Pharmaceuticals prices $109M public offering

Fri, 02 Nov 2007 07:59:56 -0400

Arena Pharmaceuticals has announced the pricing of its public offering of 11,000,000 shares of its common stock at a public offering price of $9.91 per share. All of the shares are being offered by Arena. The CIBC World Markets and UBS Investment Bank are acting as joint book-running managers. In late September, Arena announced positive preliminary results from its Phase 2 clinical trial of APD125 in patients with chronic insomnia. Its lead drug is lorcaserin hydrochloride, which is in a pivotal late-stage study for the treatment of obesity. The compound stimulates the 5-HT2C serotonin receptor, located in the hypothalamus, an area of the brain associated with the control of satiety and metabolism.

- check out Arena's release
- see this article for more

Related Articles:
Arena Pharma produces positive insomnia data. Report
Arena prepares pivotal trial on obesity drug. Report
Arena reports successful lorcaserin trial. Report
The Biotech Haunted House. Report

Exelixis therapy fails in Phase II trial

Tue, 16 Oct 2007 06:59:58 -0400

Exelixis is reporting that one of its experimental therapies for diabetic nephropathy failed to hit its primary endpoint in Phase II. The kidney disease is brought on by chronic diabetes. Researchers had hoped to see statistically significant results for XL784 in reducing proteinuria, excess protein in urine, compared to a placebo. XL784 is described as a potent small molecule inhibitor of MMP2 and ADAM10, metalloprotease enzymes that may play a role in renal fibrosis and impairment.

Under the terms of its development pact with GlaxoSmithKline, Exelixis will submit the data to Glaxo to see if the pharma company wants to take the drug as one of three drug candidates it has options on. In the meantime, Exelixis plans to continue to analyze the data to see how, and whether, it wants to pursue more research.

- check out the release on the trial data

Read more on: Exelixis | Diabetes | GlaxoSmithKline

Exelixis garners $71M in public offering

Thu, 13 Sep 2007 06:59:54 -0400

Exelixis has rounded up slightly more than $71 million on the close of its public offering. Just days before the offering Exelixis reported encouraging interim data from an ongoing Phase II trial evaluating XL647 as first-line therapy for patients with non-small cell lung cancer, with 60 percent of evaluable patients experiencing clinical benefit as their best response.

- see this release on the offering

Related Articles:
Cancer therapy gets accelerated review at Exelixis. Report
Adverse events force delay in Exelixis trial. Report
Exelixis to collaborate with Genentech. Report
Exelixis signs $157M deal to license hormone receptor. Report

ALSO NOTED: Cross Country expands research offering; Dyax prices shares; Sciele takes stake in Addrenex; and much more...

Fri, 13 Jul 2007 06:59:50 -0400

> Cross Country Healthcare is buying Assent Consulting for $19.6 million in a deal designed to expand its biotech research services. Release

> Dyax has priced a public offering of 10,500,00 shares of its common stock at $3.67 per share. Release

> Sciele Pharma has acquired a $6 million stake in Addrenex and simultaneously signed a marketing pact. Release

And Finally... For uninsured adults, reaching retirement age and qualifying for Medicare is an opportunity to start getting medical care. Article

Press Release: Nastech Pharmaceutical Company To Get $42.9M In 3.25M Stake Offer

Maureen Martino — Thu, 18 Jan 2007 09:20:12 -0500

Nastech Pharmaceutical Company To Get $42.9 Million In 3.25 Million Stake Offer

BOTHELL, Wash., Jan. 18 -- Nastech Pharmaceutical Company Inc. today announced the pricing of an underwritten public offering of 3.25 million shares of its common stock at an estimated total public offering price of up to approximately $42.9 million. The offering is being made pursuant to a shelf registration that became effective on November 29, 2006. All of the shares are being sold by Nastech. UBS Investment Bank acted as sole bookrunner for the offering. The Company has granted the underwriter an option to purchase up to an additional 487,500 shares to cover over-allotments in the offering, if any.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the securities, nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state. A prospectus supplement and the accompanying base prospectus relating to these securities will be filed with the Securities and Exchange Commission (the "SEC") and will be available on the SEC's website at http://www.sec.gov. This offering of shares of common stock may be made only by means of the prospectus supplement and accompanying base prospectus, a copy of which can be obtained upon request in writing to UBS Securities LLC, 299 Park Avenue, New York, NY 10171, Attn: Equity Syndicate Desk.

About Nastech

Nastech is a pharmaceutical company developing innovative products based on proprietary molecular biology-based drug delivery technologies. Nastech and its collaboration partners are developing products for multiple therapeutic areas including osteoporosis, diabetes, obesity, respiratory diseases and inflammatory conditions.

Contacts: Nastech Pharmaceutical Company Inc. Ed Bell Senior Investor Relations Manager (425) 908-3639 ir@nastech.com Noonan Russo Matthew Haines (Investors/Media) (212) 845-4235

Nastech Pharmaceutical Company Inc.
CONTACT: Ed Bell, Senior Investor Relations Manager of NastechPharmaceutical Company Inc., +1-425-908-3639, ir@nastech.com; orInvestors/Media: Matthew Haines of Noonan Russo, +1-212-845-4235

Press Release: Merck KGaA to Explore Divestiture of Its Generics Business

Maureen Martino — Fri, 05 Jan 2007 11:50:29 -0500

Merck KGaA to Explore Divestiture of Its Generics Business

Darmstadt, Germany, January 5, 2007 – Merck KGaA confirmed, that it is evaluating the divestiture of its Generics division (Merck Generics) as one strategic option. Merck is not engaged in initial discussions with any potential buyers. Irrespective of this strategic evaluation Merck still plans to make a capital increase of EUR 2 billion to EUR 2.5 billion within the first quarter of 2007.

Merck Generics has sales in more than 90 countries and is the number 3 ranked generics business in the world. In 2005 Merck Generics reported sales of
EUR 1.8 billion and an operating result of EUR 238 million. The division employs approximately 5,000 people worldwide.

“Merck Generics has a strong business with excellent leadership and good growth prospects for the future. However it will need continued investment to fully realize its potential and strengthen its market presence,” said Dr. Michael Roemer, Chairman of the Executive Board of Merck KGaA. “In light of the far-reaching changes occurring in the market we are considering as an option the divestiture of Merck Generics to a qualified buyer.”

Important Information
This document does not constitute an offer of securities for sale or a solicitation of an offer to purchase securities in the United States. The shares referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States absent registration under the Securities Act or an available exemption from such registration. The issuer of the shares does not intend to register any portion of the offering in the United States or to conduct any public offering of the shares in the United States.

All Merck Press Releases are distributed by e-mail at the same time they become available on the Merck Website. Please go to http://www.subscribe.merck.de to register online, change your selection or discontinue this service.

Merck is a global pharmaceutical and chemical enterprise with sales of € 5.9 billion in 2005, a history that began in 1668, and a future shaped by 30,158 employees in 56 countries. Its success is characterized by innovations from entrepreneurial employees. Merck's operating activities come under the umbrella of Merck KGaA, in which the Merck family holds a 73 % interest and free shareholders own the remaining 27 %. In 1917 the U.S. subsidiary Merck & Co. was expropriated and has been an independent company ever since.

Data on Vertex hep C drug impresses in Phase IIb

Tue, 12 Dec 2006 19:01:36 -0500

Vertex has posted impressive new interim data from a Phase IIb trial of VX-950 (telaprevir) for hepatitis C, renewing hopes that the company is on to a striking success. Almost nine in 10 of the 74 patients receiving VX-950 in combination with long-acting interferon and the antiviral drug ribavirin demonstrated undetectable levels of the virus after 12 weeks of therapy compared to 52 percent of patients taking long-acting interferon and ribavirin with a placebo. Long-acting interferon and ribavirin are the current gold-standard therapies for hep C.

"This interim analysis of PROVE 1 is an important step forward in the telaprevir clinical development program, as it strongly supports the initiation and conduct of large clinical trials designed to evaluate the safety and antiviral activity of telaprevir," says CEO Joshua Boger, Ph.D.

- here's the release on the data

ALSO: The data was worth a $15 million milestone payment for Vertex. Report

Related Articles:
Vertex inks rich pact with J&J. Report
Vertex refines terms on $300M public offering. Report
Vertex gets good news for RA drug. Report

Bayer sells subsidiary in €1.2B deal

Sun, 26 Nov 2006 19:01:36 -0500

Bayer has struck a deal to sell its material sciences division, H.C. Starck, to a group of investors for €1.2 billion. Bayer had announced earlier that it was shopping the subsidiary to help cover the cost of acquiring Schering. Germany's H.C. Starck, which makes specialty chemicals and metal and chemical powders, will be positioned for a public offering in three to five years.

- see the press release
- read the Pittsburgh Business Journal report

Related Articles:
Bayer Schering outlines global R&D restructuring. Report
Bayer outbids Merck KGaA for Schering. Report

ALSO NOTED: Ariad selling shares; Indevus gains milestone; Barr closing on Pliva; and much more...

Thu, 19 Oct 2006 20:01:30 -0400

> Ariad Pharmaceuticals is selling 3.1 million shares in a public offering. Report

> Indevus Pharmaceuticals has received a $10 million milestone payment from Esprit Pharma, the company's partner in the U.S. for Sanctura and and Sanctura XR. Release

> Barr Pharmaceuticals has now acquired 92 percent of Pliva's shares, putting it on track to close the takeover next month. Report

> Dutch biotech AM-Pharma is touting positive results for its pilot study in treating sepsis with its Alkaline Phosphatase drug. Release

And Finally… Scientists helped add 30 years to the average life span over the past century. Now they're focusing on adding vitality to a longer life. Report

Vertex refines terms on $300M public offering

Thu, 14 Sep 2006 20:01:34 -0400

Vertex Pharmaceuticals has priced a public offering of 9.1 million shares at $33, hoping to raise slightly more than $300 million in the process. The new terms include an additional 1.1 million shares above what the company had revealed just four days ago at a slightly trimmed share price. Vertex makes the HIV drugs Agenerase and Lexiva and has other drugs for cancer and hepatitis C in its pipeline.

- here's the AP report on Vertex

ALSO NOTED: Barrier Therapeutics plans $25M IPO; Innogenetics awarded $7M in Abbott dispute; and much more...

Thu, 14 Sep 2006 20:01:30 -0400

> Cytyc says its $374 million bid for Australia's Vision Systems offers investors more money and a quicker deal than Ventana Medical Systems' competing bid. Report

> Barrier Therapeutics plans to raise $25 million in a public offering. Report

> Belgium's Innogenetics announced that a jury had awarded it $7 million in a patent dispute with Abbott Laboratories. Report

> Chutes & Ladders: Omega Pharma has promoted Jan Cassiman to CEO, replacing Marc Coucke. Report

> Chutes & Ladders: BioBalance CEO Dennis O'Donnell has resigned. Release

And Finally... After virtually disappearing, whooping cough is back and physicians are mounting a new campaign calling for a fresh round of vaccinations. Article

ImaRx files IPO, Adventrx drops offering

Sun, 21 May 2006 20:01:38 -0400

ImaRx Therapeutics has filed to raise up to $75 million in a public offering. ImaRx specializes in developing drugs for vascular conditions. The Tucson, AZ-based biotech recently acquired Abbokinase, an established blood clot dissolver.

- read the StreetInsider report

ALSO: San Diego-based Adventrx Pharmaceuticals, meanwhile, has given up on its attempt to go public, citing "adverse market conditions." Adventrx also announced it has been cleared by the FDA to start a Phase III trial of CoFactor for metastatic colorectal cancer. Report

Microbia lands whopping $75M fifth round

Sun, 26 Feb 2006 19:01:39 -0500

In the second-largest venture capital deal of the past year, Cambridge, MA-based Microbia announced that it raised $75 million in new funds in its fifth round. Sigma Capital Partners, Jennison Associates, and Maverick Capital joined Microbia's original investors in the round. Co-founder and CEO Peter Hecht emerged from MIT to launch the company, expanding on his research into the therapeutic qualities of yeast. An anti-constipation pill is now in a mid-stage trial and a cholesterol-blocking pill is in an early-stage study. Microbia tried originally to develop anti-fungals to combat infections, but switched to broader ailments after that approached failed to deliver the expected results. Investors are looking for a public offering in the next stage of the biotech's development.

- read this report from the Boston Globe for more information