Eugene Melnyk

Melnyk switches focus to new company

John Carroll — Tue, 29 Jul 2008 12:10:02 -0400

Eugene Melnyk's decision to back away from his showdown with Biovail's management team lays the stage for him to start a new company--Trimel Biopharma. Melnyk has described the business model for the soon-to-be developer as a "nimble, R&D-focused pharmaceutical company" that will "capitalize on new technologies and new regulatory environments emerging in Canada and the U.S." And he's promised to back the company with millions of his own dollars.

Trimel will be charged with doing everything Melnyk couldn't force Biovail to do, including "difficult to manufacture" generics along with the acquisition of new products and new technologies.

- read the story from the Globe & Mail

Melnyk outlines $100M blueprint for new developer

John Carroll — Thu, 26 Jun 2008 11:33:21 -0400

Fresh from losing an insurgent attack aimed at winning back control of Biovail, the Canadian entrepreneur says he plans to invest $50 million to $100 million of his own money to start a new R&D focused development company--Trimel Pharmaceuticals. But first he faces a looming court fight over the bitter Biovail dispute.

Trimel will be a "nimble, R&D-focused pharmaceutical company" that will "capitalize on new technologies and new regulatory environments emerging in Canada and the U.S.," he told reporters. And Melnyk said that Bruce Brydon would be his new CEO. First though, comes a court fight over Melnyk's failed tactics to win control of Biovail. In the meantime, Biovail says it plans to focus on the development of new therapies for CNS diseases.

- read the report from the Globe and Mail

Biovail focuses on CNS drugs

Maureen Martino — Fri, 13 Jun 2008 12:34:15 -0400

As the battle for Biovail continues, current CEO William Wells emphasized the company's focus on CNS drug development at Goldman Sachs' annual healthcare conference. Biovail is investing $600 million over the next four years for work on epilepsy, multiple sclerosis, and Parkinson's. Wells said the company will "maintain its drug delivery technology but [will seek] to license it or use it for drug development."

Biovail's development plans, however, hardly seem to be the focus these day. Found Eugene Melnyk launched a proxy battle for the company recently and is looking to sweep out its board and senior management. Melnyk has a dissident group of shareholders backing him, while the current management urges shareholders to reject Melnyk's interference. The fight will come to a head at annual shareholder meeting on June 25, when shareholders vote on the company's future management.

- see the CNNMoney article

ALSO NOTED: Acorda shares soar; Lexicon wins fast track; NIH grants $533N in research funds; and much more...

Tue, 03 Jun 2008 06:59:50 -0400

> News yesterday that Acorda Therapeutics' experimental MS drug helped patients walk better sent its shares up 27 percent. Report

> The FDA has provided fast-track status to Lexicon Pharmaceuticals' therapy for carcinoid syndrome. Story

> Cougar Biotech says it presented positive Phase I and Phase II data for CB7630, an experimental therapy for castration resistant prostate cancer. Release

> Arana Therapeutics and Greenovation Biotech have forged a pact to develop up to five anti-cancer antibodies. Report

> China's Genesis Pharmaceuticals Enterprises has raised $30 million in a private placement. Release

> Novartis "stole the show" at ASCO, Forbes says. Between the big Zometa news--that the bone drug may actually prevent breast cancer recurrence--and dramatic data on an experimental med, the Swiss pharma came out of ASCO looking pretty sweet. ASCO report

> Guess who's the new up-and-comer in pharma? Brazil. Report

> It's not a new question, but it's one whose urgency is growing: How long can Pfizer pay its big dividend? Report

> Eugene Melnyk (photo) said he'd do it, and now he has. The founder of Canada's Biovail launched a proxy battle for the company, looking to sweep out its board and senior management. Report

And Finally… The Scripps Transitional Research Institute was one of 14 research groups that will gain $533 million from the NIH over five years. The funds are earmarked to speed the development of new technologies. Report

Biovail picks Wells as CEO

Mon, 21 Apr 2008 06:59:57 -0400

Canadian drugmaker Biovail has named a new chief to take the reigns from interim CEO Douglas Squires. William Wells has been appointed Biovail's new CEO, effective May 1, 2008. He's been on the company's board since 2005, and has been lead director since June 2007. The company has been in search of a permanent CEO since last year after Biovail's founder and chief Eugene Melnyk (photo) retired while being investigated for accounting fraud.

"Biovail is a great company with outstanding potential to deliver enhanced value for its shareholders. I look forward to executing the Company's new strategic plan, which is currently being developed by the Board and management," Wells said in a statement. No word yet on when we'll see the details of that plan.

- here's the release
- read the WSJ report

Related Articles:
Melnyk slams Biovail board, calls for change. Melnyk report
Biovail drug launch draws feds' scrutiny. Biovail report
Biovail shares sink after FDA schedules review. Biovail report
FDA hands Biovail a non-approval letter. FDA report
Biovail's Melnyk to step down amid SEC probe. Melnyk report

ALSO NOTED: Analysts offer conflicting forecasts for Auxilium; test sheds light on cancer therapy; MAP touts new data; and much

Mon, 24 Mar 2008 07:59:50 -0400

> Two analysts assessed Auxilium Pharmaceuticals' chances in a late-stage study of Xiaflex and came up with radically different conclusions. Data is expected in the second quarter. Report

> A new test that analyzes microRNAs can tell doctors the source of some mysterious cancers and help provide a short-cut for treating them, according to media reports quoting researchers in Nature Biotechnology Monday. Report

> MAP Pharma is touting data from a pharmacokinetic trial comparing the systemic drug exposure of UDB compared to the currently marketed conventional nebulized budesonide. Release

> Isolagen has sold its facility in Switzerland for approximately $6.4 million. Release

> Merck and Schering-Plough officials overseeing the Enhance study saw a threat to Vytorin back in late 2005, the Wall Street Journal reports. Report

> Could full clinical trial data disclosure avert scandals? Report

> As Eli Lilly went up to bat in the big Zyprexa trial in Alaska, the judge said lawsuits play a vital role in drug safety. Without them, claims of safety problems "might well go unaddressed," Judge Mark Rindner told the court. Evidence the State of Alaska presented over the past two weeks, he said, shows that the FDA "isn't capable of policing this matter." Report

> The Securities and Exchange Commission charged Biovail, its founder Eugene Melnyk (photo), and three other current and former executives with fraud, alleging that they repeatedly overstated earnings and hid losses. Report

And Finally... A new UN report on tuberculosis control concludes that efforts to rein in the disease have slowed down. Report

Melnyk slams Biovail board, calls for change

Fri, 29 Feb 2008 06:59:58 -0500

Biovail founder--and largest shareholder--Eugene Melnyk (photo) isn't happy with the company's management, and he's going to do something about it. In a scathing letter to shareholders, Melnyk lambastes the current board of directors for, as he says, not helping the company realize the full potential of its drug delivery technology.

After disappointing talks with the current board, Melnyk says he is exploring "various options available to me in connection with my interest in Biovail, including the possibility of joining with a partner or partners to acquire the remaining shares of Biovail, selling all or a portion of my current Biovail shares to a third party, continuing to hold my shares for investment, or seeking changes to the composition of the Board of Directors."

Melnyk stepped down as chairman in June of 2007 as part of a settlement with Canadian regulators who were investigating insider trading allegations linked to his sale of $1.3 billion in Biovail stock between 2002 and 2004. Melnyk currently owns 11 percent of the company's stock.

- read Melnyk's letter
- see this Financial Post article for more

Related Articles:
Biovail drug launch draws feds' scrutiny. Report
Biovail shares sink after FDA schedules review. Report
FDA hands Biovail a non-approval letter. Report
Biovail's Melnyk to step down amid SEC probe. Report