EpiCept signs agreement for purchase of 6.1M shares of common stock
The company has entered a definitive agreement for the purchase of approximately 6.1 million shares of its common stock $1.10 per share, five year warrants to purchase up to around 4.6 million shares of common stock at an exercise price of $1.57 per share exercisable beginning December 30 2010 and one year warrants to purchase up to approximately 6.1 million shares of common stock at an exercise price of $1.57 per share exercisable beginning December 30, 2010.
In addition, EpiCept has the right to call the short-term warrants if the stock trades at or above $2 per share for 20 consecutive trading days. The offering is expected to close on or about June 30 2010 subjects to the satisfaction of customary closing conditions. The company will receive approximately $6.2 million in net proceeds from the offering.
Net proceeds will be used to meet working capital needs and for general corporate purposes. This together with existing cash is expected to be sufficient to fund most of the balance of the company’s anticipated cash expenditures for 2010.
Medivir and GSK enters exclusive agreement
Medivir and GlaxoSmithKline (GSK) have announced an exclusive agreement for the commercialization of Medivir’s cold sore treatment Xerclear (acyclovir and hydrocortisone). The agreement concerns non-prescription use (OTC) in key global markets.
“This alliance demonstrates GSK’s ongoing commitment to invest in and expand our OTC business. It will help strengthen our dermatology portfolio across multiple territories including several key emerging markets,” said John Clarke, President, Consumer Healthcare at GSK
In the agreement, GSK gains exclusive rights to commercialize and distribute non-prescription Xerclear™ as part of the Zovirax franchise, across multiple markets, including Europe, Russia, Japan, India, Australia and New Zealand. The agreement excludes North and South America, China, South Korea and Israel. GSK will assume responsibility for funding ongoing and future commercial development of Xerclear™ in all territories covered by the agreement. In addition to funding the commercial development of Xerclear™, GSK will pay up to Euro 3 million in up-front and pre-launch milestones and up to double-digit royalties on sales to Medivir for the exclusive rights.
“We are pleased to have partnered Xerclear™ with GlaxoSmithKline Consumer Healthcare – one of the world’s largest OTC consumer healthcare products companies,” said Ron Long, CEO of Medivir. “This represents a major step in the global commercialization of our cold sore product."
Xerclear is the only topical herpes labialis (cold sores) treatment clinically proven to help prevent cold sore lesions appearing. The product was granted marketing approval in 14 European countries in October 2009. Based on strong clinical data, Xerclear was given a unique label, which differentiates it from other topical cold sore products currently on the market.
Diamyd Medical signs breakthrough agreement
Swedish biotech company Diamyd Medical, developing diabetes therapies, has signed a license agreement with Ortho-McNeil-Janssen Pharmaceuticals, Inc., a Johnson & Johnson (J&J) company.
The agreement includes world-wide commercialization and continued development of its GAD65 antigen-based therapy for the treatment of type 1 diabetes. Johnson & Johnson will pay an upfront fee of USD 45 million to Diamyd and additional milestone payments of up to USD 580 million may be paid out under the terms of the agreement.
The cost for the ongoing phase III clinical trials will be shared between the companies. Following a successful registration of the product, Johnson & Johnson will have the global sales and marketing rights to the product, excluding Scandinavia where Diamyd Medical will keep its rights. In addition, Diamyd will obtain an undisclosed royalty of sales of the product.
Santaris Pharma and miRagen collaborates
The two companies have announced collaboration regarding development of microRNA-targeted medicines for cardiovascular diseases. Santaris Pharma is a Danish clinical-stage biopharmaceutical company focused on the discovery and development of RNA-targeted therapies. miRagen Therapeutics is a biopharmaceutical company focused on developing innovative microRNA-based therapeutics for cardiovascular and muscle disease.
In the agreement miRagen is planning to develop and commercialize single-stranded LNA-based product candidates intended for the treatment of cardiovascular disease by utilizing Santaris Pharma A/S proprietary Locked Nucleic Acid (LNA) Drug Platform. Santaris Pharma received a minority equity interest in miRagen, and is eligible to receive milestone payments and royalties when achieving certain development and regulatory milestones. Financial terms of the collaboration were not disclosed.
Cardiovascular disease is the number one cause of death worldwide, claiming 17.1 million lives a year, or 29 percent of all deaths globally. An estimated 81 million American adults – more than one in three – have one or more types of cardiovascular disease, which include high blood pressure, coronary heart disease, congenital cardiovascular defects, heart attack, chest pain, heart failure and stroke.
"We are pleased that miRagen selected Santaris Pharma A/S as its preferred partner, further validating that our LNA Drug Platform is the technology-of-choice for developing RNA-targeted medicines," said Soeren Tulstrup, President and CEO of Santaris Pharma. "This collaboration is a prime example of two companies leveraging their unique capabilities in developing RNA-targeted medicines and combined expertise in cardiovascular disease to develop new medicines for life-threatening diseases. Santaris Pharma A/S looks forward to adding more alliances with biotechnology companies to its growing list of partners."
AstraZeneca to slash 280 jobs in Södertälje
As part of their package of global cutbacks 280 Research Fellows posts will be dismissed from the
AstraZeneca unit in Södertälje, Sweden. Of the 280 alerts 170 are researchers from Pharmaceutical Development Unit and a further 110 are working in clinical trials.
It has been known since January, when the company launched its efficiency and reduction package that changes would take place even in Södertälje, and know they are known in detail. The plan is that the company will concentrate its research in the early phase of the three centers in Sweden.
Exclusive agreement between Nanexa and Neoventa Medical
The nanotechnology company Nanexa and the Medtech company Neoventa have signed an agreement to develop and use Nanexa’s technology within the perinatal care area. In the first application Neoventa and Nanexa will develop a sensor that measures lactate during labour and delivery. Lactate is an indicator for oxygen depletion of the fetus.
The sensor technology has the advantage that it is not necessary to draw a blood sample from the patient since the sensor measures the lactate level of the baby directly at the tip of the fetal scalp electrode.
“Our development collaboration with Neoventa is outstanding and I am very pleased to announce this agreement for our ultra sensitive sensor within the field of perinatal monitoring. This agreement is an important step towards Nanexa becoming a sustainable supplier to the medical device industry. We are convinced that Neoventa will make the new product a success,” said Christian Östberg, CEO at Nanexa.
