> Tapestry Pharmaceuticals is selling $25.5 million in common stock to raise the funds for ongoing, dose-escalation Phase I trials of an experimental cancer therapy. Boulder, CO-based Tapestry's TPI 287 is described as a third generation taxane that prevents cell division, an essential step in the development of cancer. This particular compound is designed to treat tumors that are resistant to taxane therapy. An oral form of the treatment is in pre-clinical studies. Tapestry's board also approved a 1-for-10 reverse split of its stock. Release
> Chutes & Ladders: Sanofi-Aventis CEO Jean-Francois Dehecq wants to hang on to the executive suite beyond his anticipated retirement date of January 1, 2008. The 66-year-old plans to ask the board to raise the mandatory retirement age of 68. Report
> InterMune has halted a study of Actimmune as a cancer therapy after patients responded better to standard chemotherapy. Actimmune was approved in 1999 as a treatment for an immune system disorder. Report
> Celgene has joined a group of investors sinking $30 million into EntreMed to help fund a mid-stage trial of its lead cancer drug. Report
> Amgen plans to spend $1 billion expanding facilities in Puerto Rico. Report
> Drug makers will earn an extra $2 billion this year from the new Medicare drug plan, which doesn't require the same discounts as Medicaid. Over 10 years, the program will be worth an estimated $40 billion in added profits. Article
> Federal spending on drugs will be less than projected this year, as seniors are signing up for the least expensive drug plans. Report
> Myogen is selling its European unit to Wulfing Holding for $6.1 million. Report
> Alexion Pharmaceuticals and Procter & Gamble have agreed to finalize the ongoing APEX-AMI pexelizumab trial, enrolling about 5,000 patients. Release
> Shares of the U.K.'s Medisys rose after it announced settling a patent dispute with Roche. Article
> Maryland legislators are working on new tax credits for biotech companies. Report
> Canada's Chromos Molecular Systems has finalized its acquisition of Targeted Molecules and wrapped a deal for C$6 million in new financing. Release
> Regulators at the FDA and EMEA have approved an intravenous form of UCB's Keppra for epilepsy. Article
> Evotec has announced the successful completion of the single ascending dose component of the Phase I clinical study with EVT 101, a subtype-specific NMDA receptor antagonist for Alzheimer's. Release
> After a punishing year, big pharma execs are looking on the bright side for 2006. Article
And Finally... Unhappy with traditional medicine, Americans have made alternative health remedies a $27 billion business. Article