Deals and Data June 4, 2009
San Diego DNA vaccine developer Inovio Biomedical (NYSE: INO) completed its merger with VGX Pharmaceuticals of Blue Bell, PA, giving the combined company cash to operate through Q2 2010.
Vertex Pharmaceuticals (NASDAQ:VRTX) is about to begin pivotal clinical trials of its product VX770 for cystic fibrosis, which was discovered at the company’s San Diego site. Both VX770 and the company’s second compound, VX-809, which entered a Phase 2a trial earlier this year, were the result of collaboration with the Cystic Fibrosis Foundation. The New Yorker recently featured the company’s work on the deadly disease.
Isis Pharmaceuticals (NASDAQ:ISIS) presents data on three of its antisense cancer drugs, including data from its phase 2 clinical trial of a drug for metastatic prostate cancer. Earlier last month, Isis reported positive data from a Phase 3 clinical trial of its experimental therapy for people with a genetically caused form of high cholesterol.
Amgen’s (NASDAQ:AMGN) Denosumab is expected to drive robust annual growth in the osteoporosis market.
Despite a lackluster economy, Resmed (NYSE:RMD) posts record profits.
Insulin pump company Tandem Diabetes Care shows there is investment money out there. Another privately-held company, Vista-based Opthonix, an ophthalmology company, raised $25.9 million in venture funding.
PURE Bioscience (NASDAQ: PURE) raised up to $3 million through a direct offering.
Metabasis (NASDAQ:MBRX) reorganizes to conserve cash.
Xconomy’s San Diego Editor Bruce Bigelow wrote Senomyx (NASDQ:SNMX) finding its sweet spot by using biotechnology to improve food flavor additives.
The board of Torrey Pines Therapeutics (NASDQ:TPTX) decides to liquidate the company.
In the wake of the emergence of the HINI swine flu, vaccine maker Vical (NSDAQ:VICL) raised about $20 million in private stock sales, according to a Voice of San Diego article. A bioterrorism database could be useful for companies like Vical, according to an article in the San Diego Business Journal.
Privately-held Aragon Pharmaceuticals, a San Diego-based start up developing small molecule therapeutics for the treatment of hormone-resistant cancers, raised $8 million in a Series A financing.
San Diego-based start up Fate Therapeutics had lots of news last month including its announcement that it secured the exclusive rights to technology involving blood-forming stem cells from Children’s Hospital Boston and Massachusetts General Hospital. Two weeks later, the company announced the first patient had been treated in a Phase 1b clinical trial of its experimental product FT1050. The product, a small molecule stem cell modulator, aims to increase the number and function of hematopoietic stem cells in people with leukemia and lymphoma.
Carlsbad-based Genoptix (NASDAQ:GXDX), which provides diagnostic services to community hematologists and oncologists, was selected to join the S&P SmallCap 600 Index. The Index is comprised of publicly traded companies with a market capitalization of between $200 million and $1 billion. Eligible companies must have four consecutive quarters of positive earnings, among other criteria. Genoptix has posted quarterly profits since its initial public offering in October 2007.
San Diego-based Victory Pharma was acquired May 18, in a $150 million deal that gives Sciele Pharma, the Atlanta-based subsidiary of Japanese pharmaceutical company Shionogi & Co., an entry into the U.S. pain market. Victory, which employs 182 people and reported 2008 net sales of $57 million, markets the once-daily naproxen sodium pain treatment Naprelan, a non-steroidal anti-inflammatory used for treating arthritis, tendonitis and acute gout.
After a hard-fought battle between San Diego’s Amylin Pharmaceuticals’ (NASDAQ: AMLN) board and dissident shareholders Eastbourne Capital Management and Carl Icahn for seats on the company’s board, both sides portrayed a split vote as a victory last week. But on Tuesday, the company’s chairman and lead independent director were ousted.
Up in Carlsbad, scientists at Life Technologies’ Invitrogen division compiled a new guidebook for stem cell research. At the company’s Foster City-based Applied Biosystems division, there was a launch of a pair of new mass spectrometry tools, one for public health and safety for food and water contaminant testing, forensic drug screening and protein biomarker research, and another to accelerate productivity for pharmaceutical and clinical research. The firm also launched a new system to identify DNA impurities in biological drug manufacturing.