Transgene plans to raise more than $200M; GW shares spike on new Sativex data; Somaxon raising cash

 @FierceBiotech: Biovail founder Melnyk sells his remaining stake. Article | Follow @FierceBiotech

 @JohnCFierce: CTIC shares have bounced back to 47 cents, down 48%. Where do they go from here?  | Follow @JohnCFierce

> France's Transgene is reportedly setting out to raise more than $200 million as it seeks to transform itself from a developer into a drugmaker. The news follows a recent option deal with Novartis covering its TG4010 cancer vaccine, which left investors with a sour taste. Analysts note that Transgene has enough cash on hand to make it to the end of 2011 or early 2012, when the option deal with Novartis should come down to the wire. Story

> Shares of the U.K.'s GW Pharmaceuticals are up on its release of positive Phase IIb data on Sativex. Analysts say that GW and its partner Otsuka are poised to begin a confirmatory Phase III. Report

> Somaxon says it plans to raise up to $35 million from a stock sale and plans to use the money to start marketing the newly approved Silenor. Story

> Alnylam has picked up a $20 million payment from Takeda in exchange for its transfer of RNAi technology. Alnylam has already picked up $20 million and stands to earn another $10 million in the deal. Story

> Cell Therapeutics' (CTIC) setback yesterday at the hands of an FDA expert panel has put the company in a difficult spot. "After spending $1.4 billion of shareholders' money, maybe it's best for Cell Therapeutics to return what's left to shareholders and call it a day," says David Miller, president of Seattle-based Biotech Stock Research. Story

> The University of Limerick is spinning out a biotech company--HKPB--that plans to hire 200 people over the next five years. Report

> Complete Genomics hired Mark Sutherland as its SVP for business development, with plans to accelerate its development of sequencing centers around the globe. Release

> BioSante announced its second orphan drug designation for GVAX along with new data from a Phase II study. Release

> The stem cell company Celulas Genetica has struck a deal for operational funding with Emerging Healthcare. Story

And Finally... The National Cancer Institute has taken a significant step forward in its construction of its sprawling new Advanced Technology Research Facility in Frederick, VA. Phase I construction is nearing completion, putting the agency that much closer to finishing its sprawling, 330,000-square-foot facility - designed to bring together industry, academic and government biomedical researchers to collaborate on new oncology therapies and diagnostics. Story

Suggested Articles

Half of patients in an early trial of Allogene's off-the-shelf CAR-T cells for lymphoma who received a higher dose of its antibody ALLO-647 responded.

Takeda is tossing out a Shire pipeline med after it couldn't find a buyer.

Ipsen's new hire arrives at a company reeling from a torrent six months that have crushed hopes for its $1 billion bet on a rare disease drug.