Venture funds suffer big shrink; Addex shares spike on pain data; MerLion raises $7M;

 @FierceBiotech: Biotech start-up wins Google's attention--and money. Report | Follow @FierceBiotech

 @JohnCFierce: Market votes on Vivus, up 31 pecent. Risks are present, but evidently manageable in Qnexa. Pregnancy concerns rate fairly high. | Follow @JohnCFierce

> U.S. venture capital outfits managed to raise $1.9 billion in new funds during the second quarter, a precipitous 49 percent decline from the first quarter of 2010, according to a new report from Thomson Reuters and the National Venture Capital Association. There was some encouraging news for biotech, though, with Venrock and Polaris raising the largest funds during the second quarter. Release

> Shares of Switzerland's Addex shot up after the developer said its preclinical test for an osteoarthritis pain drug had proven promising. Addex officials told Dow Jones that they had sufficient capital for their development work but were interesting in partnerships to help spur its work. Story

> Australia's Clinuvel Pharmaceuticals says that clinical trials have demonstrated a significant reduction in pain among patients suffering from a rare disease that makes them sensitive to light. CEO Philippe Wolgen says the data will be used to make its case to regulators. Article

> Singapore's MerLion Pharmaceuticals has completed a $7 million Series C. Release

> Xcelience formed a joint venture with Penn Pharma to extend its manufacturing ops to Europe. The joint venture will manufacture therapies for clinical trials. Story

> Human Genome Sciences has inked a supply deal with Lonza for its experimental lupus drug Benlysta. HGS plans to manufacture all the Benlysta needed during the first two to three years of marketing before turning to Lonza for added capacity. Report

And Finally... Edelman BioScience managing director David Noble is leaving the agency after more than three years. Report

Suggested Articles

The deal comes almost two years after Roche dropped the tumor microenvironment modulator after putting it through a clutch of early-phase studies.

The buzzy life sciences company Verily is looking to speed up COVID testing with a new lab based at its native South San Francisco.

Although Genfit canned its NASH program last month, it has been plugging away at a blood-based diagnostic for the liver disease.