ALSO NOTED: KV buys drugs rights; Abraxis lays out plan for Abraxane; BMS exercises drug option for $20M; and much more...

> KV Pharmaceutical has inked a deal to buy the rights to an experimental drug designed to prevent premature births for $7.5 million down and up to $74.5 million more on final approval. Release

> Abraxis says it will spend $30 million setting up a marketing organization for Abraxane powder in Europe. Report

> Exelixis says that Bristol-Myers Squibb has exercised an option to develop one of its compounds, triggering a $20 million payday. Report

> GlaxoSmithKline, meanwhile, has opted not to exercise its option on a diabetic nephropathy drug that failed a mid-stage trial. The announcement leaves the experimental drug up for grabs. Report

> Ambrilia says a late-stage study of Octreotide demonstrated positive results for a decrease of Growth Factor and Growth Hormone plasma levels, the trial's primary endpoint. But the data did not demonstrate non-inferiority, or inferiority, compared to Sandostatin. Release

> Knopp Neurosciences has completed its second venture round for $10 million. "Hitting value creation milestones provides our investors with an objective measure for judging our performance and confidence that we'll continue to efficiently advance our programs in ALS and neurodegeneration," says Knopp CEO Michael Bozik. Release

> Two months after taking the CFO's job at Gilead, Caroline Dorsa resigned "to pursue another opportunity." Report

> Cardiokine has named Dr. Manuel Worcel as its new president and CEO. He had been the chief medical officer at NitroMed. Report

> Switzerland's Arpida announced today that patient screening for enrollment into the pivotal Phase III study with the TLT treatment in onychomycosis has been initiated and is progressing at a very good rate. Release

> More ripples from the storied Vytorin trial. With Congress looking into the familiar ads Merck and Schering-Plough used to pump up Vytorin sales, Advertising Age is bewailing the campaign's potential effects not just on DTC ads, but the ad business in general. Report

> Pharma may need to keep a closer eye on the endangered species list. Demand for drugs is among the culprits pushing thousands of plants to the verge of extinction, according to a new study. Report

And Finally… Bay Area biotech companies are burning the midnight oil in pursuit of new therapies to treat drug-resistant superbugs. Article

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