ALSO NOTED: Emisphere shares dive on Phase II data; NovImmune raises $46M;and much more...

> Shares of Emisphere Technologies took a nasty hit today after the company reported negative Phase II data from a diabetes study. Report

> Switzerland's NovImmune raised $46 million in its second round of financing. Release

> AAIPharma has raised $30 million through a rights offering to existing shareholders. Release

> Shares in Germany's Paion surged today after an independent committee recommended that it resume enrolling patients for a trial of its stroke drug desmoteplase. Report

> In the event of a Democratic takeover of the House next week, start looking for high-profile hearings on the pharmaceutical industry's "profiteering" ways. Report

> GlaxoSmithKline said today that a review of its data indicates that Cervarix can reduce the incidence of cervical cancer by up to 80 percent. Report

> In the 1930s scientists discovered that restricting calorie intake by a third could extend life spans by 30 to 40 percent. Now a number of biotechs are involved in efforts to recreate the effects of a restricted calorie diet in pill form. Report

And Finally… College grads in the U.S. appear to be increasingly unqualified for jobs in biotechnology. Article