Proteus to invest $225M in stem cells; GPC says satraplatin app pulled;

> Proteus Venture Partners says it will invest $225 million in 10 to 15 emerging stem cell developers. Story

> Germany's GPC Biotech says that its development partner on satraplatin pulled its European application for approval of the prostate cancer therapy. A European expert committee had already indicated that the drug is not currently approvable. Report

> Wynden Pharmaceuticals says it will raise $23 million to develop a new therapy for drug-induced magnesium deficiency found in cancer and heart cases. Report

> The FDA has informed CV Therapeutics that it is continuing its review of CV's pending applications for Ranexa PDUFA action date of July 27. CV release

> Direvo Biotech has created a subsidiary named Direvo Industrial Biotechnology GmbH. The new company was formed to spin-out Direvo's industrial biotechnology business unit established at the beginning of 2007 and the recently acquired AC Biotec GmbH. Dirveo release 

> Barack Obama may have spooked drugmakers with his proposal to have Medicare buy meds in bulk, but that proposal pales beside a plan India is now considering. The Indian government may take over all patented-drug purchases--not only for public healthcare but also for private providers. Report

> Congress raked some specialty pharma companies over the coals on Friday, accusing them of gouging patients with "staggeringly high prices." Drug price report

> Help for Alzheimer's may already be in thousands of medicine cabinets. Researchers found that patients taking blood pressure drugs called agiotensin receptor blockers, or ARBs, were 35 percent to 40 percent less likely to develop the degenerative brain disease or other forms of dementia. Alzheimer's report

> Drugmakers were hit with a record $1.8 million in fines by Australia's industry self-regulator, some for slamming rivals' products, and others for putting on lavish "educational" presentations for doctors. Report

And Finally... Two dead birds found near the Olympic equestrian center in Hong Kong are being tested for bird flu. Story