Cancer

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

Inimex raises $22M in VC

Wed, 04 Jun 2008 06:59:55 -0400

Despite a recent Ernst & Young report on the funding challenges in Canada, Inimex Pharmaceuticals managed to round up a healthy $22 million in Series B funding. The company is launching the first clinical trials of an Innate Defense Regulator (IDR) drug in patients and assessing IDR drugs in a range of disease models. IDRs are novel drugs that selectively trigger the body's innate defenses, protecting against antibiotic-resistant infections and controlling inflammation. CEO John North said IDRs peptides could treat infections related to cystic fibrosis, pneumonia, inflammation and in cancer patients undergoing chemotherapy.

Morningside Venture Investments led the round, along with new investors Roche Venture Fund, Switzerland, CA-based Astellas Venture Management, and BC-based Advantage Life Science Fund II. Additional investors also participated.

- here's Inimex's release

Genetic mutation will narrow target cancer groups

Mon, 02 Jun 2008 06:59:55 -0400

The K-ras gene is coming in for some star treatment at the ASCO meeting in Chicago. The gene plays a key role in several cancers, and new research indicates that the common genetic mutation makes Erbitux useless for slightly more than a third of all patients who may currently qualify for the drug.

The Wall Street Journal notes that the genetic signpost is helping R&D teams design clinical trials for new cancer drugs, using the genetic information to help them identify patients most likely to respond. The developers will benefit by increasing their shot at producing statistically significant data but will likely have to scale back the potential size of their market--a trade-off that payers in the U.S. will be glad to see.

- read the article in the Wall Street Journal

BMS buys Kosan for $190M

Thu, 29 May 2008 06:59:58 -0400

Bristol-Myers Squibb is adding two oncology drugs to its pipeline with the acquisition of Kosan Biosciences. The company is paying $5.50 per share in cash for Kosan and gains two anticancer agents: novel Hsp90 (heat shock protein 90) inhibitors and epothilones.

"Kosan has done great work advancing two classes of novel anticancer medicines: epothilones and Hsp90 inhibitors," said Elliott Sigal, M.D., Ph.D., executive vice president and chief scientific officer, Bristol-Myers Squibb. "Epothilones are microtubule stabilizers with multiple therapeutic applications in various cancers and potentially in neurodegenerative diseases. The Hsp90 program includes a Phase III compound for the treatment of patients with multiple myeloma, an area of high unmet medical need."

- see the buyout announcement for more

Melanoma therapy produces positive mid-stage data

Tue, 20 May 2008 06:59:54 -0400

Researchers for GlaxoSmithKline and Synta Pharmaceuticals say a mid-stage study of elesclomol produced "statistically significant" data on progression-free survival of patients with metastatic melanoma.

"These data, combined with earlier clinical and pre-clinical data we have presented for elesclomol, support our belief that oxidative stress induction is a promising new approach to cancer therapy in melanoma and, potentially, other cancer types," said Eric Jacobson, M.D., Synta's CMO.

- here's the press release
- read the AFX report

A deluge of pre-ASCO data hits the market

Fri, 16 May 2008 06:59:57 -0400

As we mentioned earlier this week, data from almost 5,000 clinical studies was released last night in preparation for next week's ASCO meeting. And some of the most interesting data won't be released until the conference. In the meantime, here's a sampling of the trial results that are making waves today.

Kidney cancer patients taking Novartis' RAD001 (everolimus) had progression of their disease delayed by a year, a significantly better result than in those taking placebo. Release
Amgen's brain tumor drug AMG-102 may only work on a subset of patients. The data is from a small Phase II study of the drug. On a better note, Amgen said denosumab cut the risk of bone fractures in cancer patients, outperforming Novartis' Zometa in an early stage trial. Release
A Phase III trial of Avastin for early-stage colon cancer will be available sooner than previously thought, said Genentech, because of faster data collection and more patients with the disease. Data will be available in 2008--a full year earlier than previously planned. Release
BioVex said data from a Phase II trial of OncoVEX demonstrated an impressive rate and durability of response in patients with advanced metastatic melanoma. Release
Nektar Therapeutics announced results form a Phase I study of NKTR-102. The data shows significant anti-tumor activity in patients with refractory solid tumors. Release

Enzon spins off biotech ops into $150M enterprise

Wed, 07 May 2008 06:59:57 -0400

Enzon Pharmaceuticals has decided to spin off its biotech operations into a new company, adopting a suggestion floated by none other than Carl Icahn. Icahn has been making quite a name for himself as a mover and shaker-upper in the biotech industry. Unlike Biogen Idec, which is now barricading the doors against Icahn's campaign to push a sale, Enzon appears to have quickly changed game plans under pressure from Icahn--separating its business into specialty pharma and biotechnology.

Icahn reported a 6.9 percent stake in the company last March, according to the Wall Street Journal, and swiftly suggested either a spin-off or sale of the company.

"The separation will enable the two businesses to compete more effectively in their respective markets and optimize their business goals, research initiatives and capital requirements," says Chief Executive Jeffrey H. Buchalter. Enzon CFO Craig Tooman will become president and CEO of the new company, which will start off with $150 million in the bank to fund R&D efforts. That's enough to fund operations for two to three years.

- see Enzon's release
- check out the article in the Wall Street Journal

SPOTLIGHT: Array lands $80M financing deal

Tue, 06 May 2008 06:59:53 -0400

Deerfield Management will provide $80 million to Array BioPharma to fund its drug discovery work. Array is advancing new therapies for inflammatory diseases and cancer. Principal and interest of 6.5 percent a year accrue annually and are due in 2014. Release | Story

Pfizer builds plant, creates jobs in Ireland

Fri, 02 May 2008 06:59:58 -0400

Pfizer has finally confirmed earlier reports about its plan to build a biologics manufacturing facility in County Cork, Ireland. The company is investing €190 million ($297 million) in the new facility and anticipates creating 100 jobs. The plant will manufacture small amounts of biologic treatments for use in Phase II and III cancer and diabetes clinical trials. It will be situated next to Pfizer's other Cork facility and is expected to be completed in 2009.

"Our aim is to gain access to the best science inside and outside our walls, and the new Shanbally facility will ensure that we can produce the product for clinical trials which could ultimately impact the lives of millions of patients," said Nat Ricciardi of Pfizer Global Manufacturing.

Pfizer's investment is good news for Ireland. Late last year Amgen said it would "postpone indefinitely" a planned €800 million manufacturing facility in Cork, much to country's disappointment.

- here's the report for more

Optimistic Dendreon revs up second program

Wed, 16 Apr 2008 06:59:57 -0400

Dendreon is making bullish noises about its development efforts. The CMO of the Seattle biotech says that Provenge will deliver positive new data to the FDA on the delayed cancer therapy Provenge later this year. And that advance is allowing Dendreon to free up some money so researchers can get back to its number two program: Neuvenge for breast cancer, which has already gone through two early-stage trials.

Dendreon presented new data on Neuvenge at AACR. The Post-Intelligencer reports that two of 11 patients with breast cancer whose disease had spread had their tumors stabilize after being on the Dendreon treatment for 49 weeks and 72 weeks, respectively. Researchers at the University of California-San Francisco and Mayo Clinic in Rochester, MN., didn't see any cases of tumor shrinkage.

Neuvenge is an offshoot of the prostate cancer drug Provenge, which reengineers patients' white blood cells to kill cancer cells. Earlier this month Dendreon announced that it had raised $47 million from an unnamed institutional investor. The unnamed investor, the Post-Intelligencer reports, is Susquehanna International Group.

- read the article in the Seattle Post-Intelligencer
- here's the earlier P-I story on the financing deal

Related Articles:
FDA accelerates Provenge timeline. Provenge report
FDA's stand on Provenge riles cancer patients. Provenge Report
Provenge delay triggers furor among cancer victims. Dendreon report
Dendreon gets approvable letter for Provenge. Dendreon report