> New River Pharmaceuticals has entered into a licensing deal with the Ernest Gallo Clinic and Research Center at the University of California San Francisco to investigate a new approach toward improving the use of opioid analgesics in the treatment of pain by reducing the development of tolerance. Release
> Panacea Pharmaceuticals of Gaithersburg, Maryland, has raised $7 million in its third round. Mitsubishi Corporation Life Sciences Venture, Olympus, JSR, Shin-Etsu Chemical, Fuji Photo Film, Dai Nippon Printing, and Tokio Marine & Nichido Fire Insurance all participated. Release
> Dutch biotech Pepscan Systems has raised $6 million in its first round. Release
> Chutes & Ladders: Gary S. Kledzik, PhD, CEO, chairman and director of Miravant Medical Technologies of Santa Barabra, California, has resigned. Release
> A new study from researchers at Columbia University says that prescription drug abuse in the US has hit epidemic proportions, with more than 15 million people -- including 2.3 million teenagers -- abusing pharmaceuticals. Story
And Finally... New York City health officials plan to monitor how well diabetics manage their ailment. Story