Corcept's Cushing's drug completes Phase III; Galapagos earns GSK milesone payment;

 @FierceBiotech: Epizyme lands $650M GSK deal. Report | Follow @FierceBiotech

 @JohnCFierce: Planning a Fierce happy hour for tweet fans on Wednesday, hosted by fierce publisher @ArsalanFierce. Follow @JohnCFierce

> Corcept Therapeuctics' Cushing's Syndrome treatment, Corlux, met its secondary enpoint in a Phase III study, the company announced. Ninety percent of the patients that completed in the study have signed on to participate in the long-term extension study. Corcept release

> After finishing a Phase I diabetes study for its insulin candidate IN-105, BioCon released its preliminary results that showed the drug did not meet its primary endpoint, but met several secondary endpoints. The drug did not lower HbA1c levels 0.7 percent more than the placebo, and the company also cited possible behavioral changes in patients that may have skewed results. BioCon release

> Galapagos has started its Phase I trial of GLPG0778, an arthritis drug. The commencement earned the company a €7.4 million milestone payment from GlaxoSmithKline. Report

> According to a study by the UK's Academy of Medical Sciences, bureaucracy and unnecessary delays are hampering advances in the medical and biotech industries with few benefits. To combat the issues, it proposed a Health Research Agency to centralize approvals. News

> Palo Alto, CA-based StemCells Inc. has closed a 10 million share stock sale, garnering $9.4 million in net revenue for the company. The research company plans to use the funds for general corporate needs. StemCells release

And Finally... Perhaps there is a use for nicotine. AstraZeneca and Yale University found that AZ's AZD0328, which works with the nicotonic alpha-7 receptor, improved the function of schizophrenic monkeys' memory network, which may translate to a new treatment for humans. Story

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