Oncolytics shares jump on cancer patent; Medivation, Astellas begin PhIII; Tongjitang selling divisions

 @FierceBiotech: Palatin cuts half its workforce, discovery R&D. Article | Follow @FierceBiotech

> Shares of Oncolytics jumped yesterday after it announced that it had landed a patent on its work related to cancer. The patent covers the production and use of reoviruses. Story

> Medivation and Astellas Pharma have treated the first patient in a second Phase III clinical trial of MDV3100. Medivation release

> Tongjitang Chinese Medicines Company says that it will sell off three divisions for $38 million. Report

> Indian drugmakers, after building their fortunes from selling generic medicines, are now looking at copying biotech drugs to drive further growth. However, this could prove to be a tough task due to recent changes in the U.S. regulatory backdrop, heavy investment requirements and uncertainties regarding the use of biosimilars. News

And Finally... Researchers from the Royal Botanic Gardens, the Natural History Museum and the International Union for the Conservation of Nature say that a fifth of the world's plants are at risk of extinction. Item

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