Deals and Data Oct. 23- Dec. 15, 2008
Wrapping up one of the biggest biotech stories of the year, Invitrogen and Applied Biosystems completed their $6.7 billion acquisition and have changed their name to Life Technologies, so update all your stock charts to change to 'LIFE', the new ticker symbol for the combined company, which is headquartered in Carlsbad, with sales of approximately $3.5 billion, 9,500 people, offices in more than 100 countries and over 3,600 patents and exclusive licenses. You can check their new Web site to see the new look and the like here: http://www.lifetechnologies.com/.
Congratulations are in order to Ligand Pharmaceuticals, whose partner GlaxoSmithKline was able to secure an accelerated FDA approval of a new drug to treat chronic immune (idiopathic) thrombocytopenic purpura, a blood disorder which causes an increased risk of bruising and bleeding. Promacta stimulates the proliferation and differentiation of cells in the bone marrow to produce platelets, the company says. Ligand, which has received approval for several oncology drugs, landed a $2 million payment in the deal.
Word on the street is that Pacira Pharmaceuticals has added $55 million in venture funds, led by MPM Capital, HBM BioVentures, OrbiMed Advisors and Sanderling Ventures. The San Diego-based developer is currently in a Phase III program for DepoBupivacaine for postsurgical pain … startup Cebix has apparently landed $2.85 million in funding … and speaking of money, Sofinnova Ventures, whose David Kabakoff works upstairs in BIOCOM's VC suite, has raised its sixth fund with $260 million. Here's a profile in Xconomy.com.
There's been a raft of news out of TorreyPines Therapeutics, including changing its licensing agreement with Lilly, showing Phase II data on a treatment for dry mouth as well as early data on a treatment for pain which helped earn a milestone payment from Eli Lilly, along with licensing several Alzheimer's products to QR Pharma.
Lpath and Merck Serono signed a deal for Asonep, Lpath's Phase 1 monoclonal antibody that is being evaluated for the treatment of cancer. Merck Serono will pay up to $23 million upfront, with additional $28 million in funding and up to $422 million in total payments if the drug is approved.
Santarus says it signed a collaboration with Cosmo Technologies Limited which grants Santarus exclusive rights to develop and commercialize Budesonide MMX and Rifamycin SV MMX for the U.S. market. Budesonide MMX is an oral corticosteroid currently being investigated in two multi-center Phase III clinical trials for ulcerative colitis while Budesonide MMX is designed to retain the effectiveness of classical corticosteroids.
The next time you feel like New York City is breaking your heart, you could get a little closer to some San Diego technology than you expect. An article in the New York Times points out that Cardium Therapeutics and its InnerCool Therapies unit have equipped New York City ambulances to transport cardiac arrest patients to hospitals using therapeutic cooling from InnerCool, designed to slow oxygen consumption in the body and help prevent brain damage. How is that for a cool story? Or I was going to go with 'and that's the cold-hard truth' - take your pick. Cardium also landed a $6 million secured debt financing with Empire Asset Management giving financial advice and Barone Group as the lead investor.
Guess what is on diagnostic company Quidel's Christmas/Chanukah/Kwanza/month of December shopping list? Why Quidel, of course- the company is planning to buy back $25 million of its own shares in a stock repurchase program … Pure Biosciences in El Cajon got a raft of attention after signing a deal with household product giant Ciba Specialty Chemicals.
DermTech has launched a clinical trial at Rady Children's Hospital to look at different ways that Vitamin D impacts eczema on children and young adults. The company's diagnostic tests are non-invasive via specimens obtained from the patient's skin, making them a potentially much better diagnosis option for children.
Like everyone, Amylin Pharmaceuticals has been going through a tough time recently, reducing headcount after the FDA said it would likely want more data on the long-acting version of its Byetta treatment for diabetes. Things have started to look up for the firm, though, on the FDA front … Metabasis Therapeutics said it had positive Phase II diabetes data on a treatment for helping to control glucose, but that it was going through a restructuring with Dr. Mark Erion taking over CEO duties from Dr. Paul Laikind … Also in diabetes, Aegis Therapeutics, who showed preclinical data on one of their peptide's abilities to control weight gain and glucose levels (PDF) … Arena Pharmaceuticals started a new Phase I diabetes trial with partner Ortho Macneil Jessen, ended development of an insomnia program and published more data on its weight-loss drug Lorcaserin. … Orexigen also said it will focus on its weight loss program.
Halozyme Therapeutics also put out some data on a Phase II program in diabetes, but this was looking at the company's additives into insulin for Type I diabetics. Halozyme also took home a $10.25 million milestone payment from partner Roche, who had chosen a biologic target and started a Phase I trial with Halozyme's technology.
Zacharon Pharmaceuticals landed a $3.5 million Series A financing as well as $2.2 million in National Institutes of Health (NIH) research grants. The financing, provided by Avalon Ventures LLC, will help the company advance its lead small-molecule glycan inhibitors identified with a proprietary high-throughput screening platform through safety studies into early clinical trials. Here's a profile on the firm in Xconomy.com. While you are in the neighborhood on the 'net, we remind you that a wise man once said, "there's something in the air tonight." We say read more about Aires Pharmaceuticals at Xconomy.com here.
Favrille is completing a reverse merger with MyMedicalRecords.com … while Artes Medical has filed Chapter 7. Inovio Biomedical, which has an electroporation-based DNA delivery technology, said it was merging with privately held VGX Pharmaceuticals, which makes DNA vaccines. The two previously showed successful studies against cancer and HIV, along with interesting data from Inovio showing almost complete reduction of viral load in hepatitis C in trials, as well as some very interesting and pioneering early study data in melanoma showing the company was able to inject DNA directly to tumors, which would then express the interleukin-12 cytokine to stimulate natural immunity.
Also working in DNA delivery (and a partner of Inovio), Vical landed a $1.3 million contract with the Army and Navy to develop a formulation for Dengue fever, showed Phase II data on stem cell transplant reaction suppression and landed a Merck milestone of $1 million. Also in stem cells, Medistem says it going to stop filling SEC reports … while VentiRx put its first drug into clinical trials, a toll-like receptor to treat cancer (PDF).
Celladon, an exciting gene-therapy company working in heart disease, says it has some early Phase I/II data in using genetically-targeted enzyme replacement therapy for advanced heart failure, which it showed at the American Heart Association meeting last month. Gene therapy is a very promising but very difficult drug delivery technology; Ceregene ended a trial in Parkinson's disease, but secured $5.4 million in NIH funding to look at the same drug in Alzheimer's.
Cytori Therapeutics showed some preclinical data on using its fat-based stem cell treatment process for spinal disk repair, while Cyntellect says it signed a partnership with the University of Florida to study cancer stem cells (PDF). International Stem Cell signed a partnership to develop cell-derived corneal tissue for testing purposes, while Novocell said it would collaborate with Kyoto University of Japan on pluripotent embryonic stem cell research.
Novocell, Invitrogen, StemGent and Vala Sciences were among a handful of life science companies that received grants from the California Institute for Regenerative Medicine. Click here to see the Institute's full release (PDF).
Nanogen has licensed out more of its diagnostic technology to Celera Corp. … The FDA has extended the review time of Somaxon Pharmaceutical's Silenor treatment by up to three months. Cypress Biosciences says the FDA also missed its PDUFA date of Oct. 18 but that it should have an answer soon; the company just released positive Phase III data on their Fibromyalgia treatment. The company also launched two new personalized medicine services to help Rheumatologists deal with patients with rheumatoid arthritis.
Auspex Pharmaceuticals of Vista says it has positive Phase I results in a trial of its SD-254 treatment for depression (PDF) … Icohr Medical Systems also showed Phase I data of its drug delivery system being used to deliver an HIV vaccine … Mpex Pharmaceuticals launched a Phase I trial of its treatment for chronic obstructed pulmonary disease; more info here.
Isis Pharmaceuticals had some major news, including a profitable quarter based on income from licensing deals and partnerships, positive Phase II data on its prostate cancer drug as well as news from its Ibis Biosciences subsidiary showing its T5000 sensor for finding and detecting pathogens. Regulus Therapeutics, an offshoot of Alnylam and Isis, showed data on using its technology in identifying cancer pathways, as well as in heart failure, while Ambit showed leukemia data at another conference … Accumetrics is keeping on moving and nameing Timothy Still CEO.
Althea Technologies spinout AltheaDx, which is commercializing clinical oncology diagnostics, says it signed an agreement with DxS Ltd, a personalised medicine company from Manchester. Don't believe they are English? Check the spelling of personalized. AltheaDx is expanding its diagnostic reach further into lower the costs of cancer care. And speaking of diagnostics, Gen-Probe put out new data on its human papillomavirus test.
Ambrx released Phase I/II data on a human-growth hormone analogue partnered with Merck Serono for adults who are lacking that hormone … A month after showing Phase I results with its ANA598 to treat HCV, Anadys Pharmaceuticals got a little spring in its step with a Fast Track designation from the FDA on the drug. The company also started a Phase I trial of its ANA773 in Hepatitis C patients ... Speaking of fast on their feet, cancer lab company Genoptix has been named the ninth fastest-growing company in Deloitte's Tech Fast 500.
Two conferences, two drugs, two presentations were what Ardea Biosciences brought to the table, with data on its lead candidate, RDEA806 to treat HIV at the ICAAC/IDSA meeting in Washington D.C., and Phase I data on its RDEA594 follow-up at the ACR/ARHP meetings. Ardea closed an $8 million growth capital loan agreement with Oxford Finance Corporation and Silicon Valley Bank in November, as well.
Fresh off its fine Forest financing for up to $340 million, Phenomix has started a Phase I trial of a Hepatitis C protease inhibitor called PHX1766 … Valor Medical closed a $1.4 million convertible debt facility and received a ISO13485 certification.
Sequenom has continued on its scientific rebirth under the flag of non-invasive neo-natal testing for Down syndrome. They launched a major 10,000 woman study on the technology, signed a partnership with Xenomix on Transrenal technology. Sequenom has new data showing Downs can be identified in the first trimester, along with other disease like cyctic fibrosis.
Up in Orange County, Ista Pharmaceuticals files an NDA with the FDA for its Bepreve treatment for itching eyes associated with conjunctivitis, as well as positive data on its Xibrom treatment for post-surgery ocular inflammation … just a little bit north in LA, CytRx showed Phase I data on a new treatment for leukemia patients that have a resistance to Gleevec. The company is pursuing partners for the drug.
Shares in IDM Pharma jumped on word of a recommended approval of the company's cancer treatment for osteosarcoma in Europe from the Committee for Medicinal Products for human use.
And finally, making its way almost full circle, Zevalin, the second drug Idec Pharmaceuticals got FDA approval for, has made its way back to Southern California after being sold-post Idec's merger with Boston-based Biogen to Seattle's Cell Therapeutics. Spectrum Pharmaceuticals of Orange County will partner with Cell Therapeutics to market the drug, a radioactive-charged targeted treatment for non-Hodgkin's lymphoma.
That's all for Deals and Data ... See you next year.