commercialization

Discovery secures $60M financing deal

Tue, 27 May 2008 06:59:54 -0400

Struggling Discovery Labs signed a three year, $60 million financing deal with Kingsbridge Capital, a U.K.-based investment group. Kingsbridge will provide the capital through the purchase of newly issued shares of Discovery's common stock. The company said the deal "significantly improves the company's financial flexibility to support the potential commercialization of Surfaxin," as well as the rest of its respiratory pipeline.

Discovery has been on the ropes since receiving a third approvable letter for Surfaxin, a treatment for premature infant respiratory distress syndrome. The most recent approvable letter did not call for a new trial of the drug and execs said they hope to quickly respond to the FDA's concerns.

- here's Discovery's release for more

Somaxon secures cash for Silenor marketing

Fri, 23 May 2008 06:59:56 -0400

As Somaxon waits for the FDA okay on insomnia treatment Silenor, the company has lined up funding for marketing and commercialization of the drug. The company inked a $15 million secured loan agreement with Oxford Finance Corporation and Silicon Valley Bank. In addition, Kingsbridge Capital has committed to provide up to $50 million of capital through the purchase of newly-issued shares of Somaxon's common stock.

"The the availability of these funds will support our financial position as we continue to move forward in discussions with a number of companies regarding a potential strategic collaboration relating to the commercialization of Silenor," said Somaxon's interim CEO David F. Hale.

- check out the Somaxon release

Roche expands Memory pact

Fri, 02 May 2008 06:59:55 -0400

Roche has exercised its option to further develop and commercialize Memory Pharmaceuticals' drug candidate, MEM 3454, for various neurological and psychiatric disorders. Memory gets a $6 million milestone payment and will be eligible for a $17 million once an ongoing Phase IIa study in cognitive impairment associated with schizophrenia (CIAS) is completed. Back in November, Memory Pharmaceuticals announced a positive Phase II proof-of-concept trial of MEM 3454 in 80 patients with Alzheimer's disease.

"We are excited that Roche shares our enthusiasm for MEM 3454 and its potential to address the cognitive deficits associated with debilitating CNS disorders," stated Vaughn M. Kailian, Memory's CEO. "We have aggressively advanced MEM 3454 through early-stage clinical trials, including a positive Phase IIa trial in Alzheimer's disease. We believe that Roche's continued commitment to the program, together with its expertise in later-stage clinical development and commercialization, will provide the support and capabilities to realize the full potential of this compound."

- check out this release

EUSA Pharma spins off assets as it narrows focus

Thu, 01 May 2008 06:59:56 -0400

The transatlantic EUSA Pharma has spun off its monoclonal antibody research operation along with a development program for leukemia as it narrows its focus to late-stage drug development and marketing. France's International Drug Development snared the antibody operation while the Alize Pharma Group snagged the recombinant L-asparaginase therapeutic research program for acute lymphoblastic leukemia. EUSA's antibody research business is based in Dardilly, France, and includes a library of approximately 600 murine antibodies.

Bryan Morton, chief executive of EUSA Pharma said: "As we continue to rapidly build our business around our commercial infrastructure in the US and Europe, we are creating the opportunity to compete effectively with major players as an attractive partner for companies seeking specialist transatlantic commercialization and late-stage development expertise in the oncology, pain control and critical care areas."

- read EUSA's release for more information

Vernalis inks financing deal

Mon, 21 Apr 2008 06:59:55 -0400

Vernalis has signed a €18.4M financing agreement with Paul Capital Healthcare for frovatriptan, Vernalis' migraine drug. In return for the cash, Paul Capital Healthcare will receive approximately 90 percent of Menarini's payments to Vernalis under their agreement for the commercialization of frovatriptan. According to Hemscott, "the plan was a way for it to meet its debt obligations to U.S. Frova marketing partner Endo Pharmaceutical, which had been valued at $56 million and represented a 'sword of Damocles' for Vernalis." In a release, Vernalis' CFO Tony Weir said the financing deal will allow the company to rebuild new shareholder value in the medium term.

- here's the release
- read the Hemscott report

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Cash-hungry Thallion hunts for development partner

Thu, 27 Mar 2008 07:59:54 -0400

Thallion Pharmaceuticals is hunting for a partner to help with its development of Shigamabs, a therapy for E. coli food borne bacterial infections. The biotech says it will also delay its Phase II/III trial of the therapy in South America in recognition of the seasonality of infections. Analysts sounded skeptical, though, noting that Thallion needs to get its hands on new money in order to complete development of the therapy and the development delay will also delay any possible profits from the drug.

"Given the firm's estimated current cash level of around C$19 million, the costs for funding the Shigamabs trials would have necessitated either an additional financing initiative or the attainment of a commercialization partner who would contribute to the funding of the clinical program," noted Desjardins Securities analyst Maher Yaghi.

- here's the release
- read the report in the Canadian Press

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
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Arena reports successful lorcaserin trial. Report

EUSA raises $50M to help fund Cytogen buyout

Tue, 11 Mar 2008 07:59:57 -0400

About four months after launching a review of its strategic alternatives, Cytogen has landed in the arms of EUSA, which has announced plans to buy the company for $22.6 million. Cytogen markets four cancer-related products and launched the review after its CEO departed last year. To complete the buyout, the UK's EUSA has raised $50 million from a consortium of venture groups led by TVM Capital.

"The acquisition of Cytogen is of great strategic importance for EUSA as it completes the building of our transatlantic commercialization infrastructure, as well as fitting perfectly with our focus on oncology and pain control," Bryan Morton, chief executive of EUSA, said in a statement.

- see the release
- read the story from the Star-Ledger

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Dr. Reddy's joins with 7TM on research pact

Mon, 10 Mar 2008 07:59:56 -0400

India's Dr. Reddy's Laboratories is teaming up with 7TM on a drug discovery deal for metabolic disorders. Both companies agreed to collaborate on selecting new drug candidates, jointly advancing them through Phase IIa, when they can decide whether to license them out to another developer or take them on ahead as far as commercialization. The financial terms are being kept private.

"7TM has established a track record as one of the leading drug discovery companies focusing on GPCRs, and we are excited at the prospects of combining 7TM's capabilities with Dr. Reddy's to discover and develop innovative products," said Rajinder Kumar, Dr. Reddy's president.

- here's the release
- read the report from the Business Standard

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Sanofi to pay $500M for Dyax antibody program

Tue, 12 Feb 2008 06:59:58 -0500

Sanofi-Aventis has committed up to $500 million for the worldwide rights to Dyax's DX-2240 human monoclonal antibody product. Sanofi also inked a nonexclusive license to Dyax's proprietary antibody phage display technology. Dyax pockets $25 million under the deal this year. Sanofi will be responsible for the ongoing development, commercialization and consolidation of sales of DX-2240. Dyax is retaining co-development and profit sharing rights "for certain other future antibody product candidates discovered by Sanofi-Aventis." DX-2240 is a fully human monoclonal antibody that targets the Tie-1 receptor on tumor blood vessels. In preclinical animal models, DX-2240 has demonstrated activity against a range of solid tumor types.

"These strategic agreements validate Dyax's capabilities to successfully discover novel antibody drug candidates utilizing our proprietary phage display technology and advance the resulting drug candidates into development," commented Henry E. Blair, Chairman, President and Chief Executive Officer of Dyax.

- check out the press release

ALSO: Take a look at Sanofi's pipeline. Report

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