Paion AG, which has six drugs under clinical development following its 2008 acquisition of CeNes Pharmaceuticals Plc, has decided to concentrate on one drug while actively seeking to licence some of the others.
Cytos Biotechnology AG said it will sharply reduce its headcount and development programs because its hypertension vaccine, CYT006-AngQb, failed to show a significant reduction in blood pressure in a Phase 2a trial.
ThromboGenics NV, the Belgian company that is developing products related to the vascular system, reported a net profit of €12.1 million in 2008 compared with a net loss of €16 million in 2007, but it left doubts as to whether it would be able to operate profitably in 2009.
Following positive Phase 3 data for its gene therapy for brain cancer, Ark Therapeutics plans to take three more gene-based medicines into the clinic in 2009. All three use an adenoviral vector platform to deliver a gene treatment.
The price of GW Pharmaceuticals Plc rose by 41.8% in London following the UK company’s announcement of positive Phase 3 results for its lead drug, Sativex, a cannabinoid compound for treating multiple sclerosis (MS).
Galapagos NV said that spending on research and development will increase in 2009 as it brings two products into the clinic for the first time. Meanwhile, revenues are expected to rise by 30% to €100 million on the back of income from its services division and pharmaceutical company alliances.
Flamel Technologies SA reported a 5% increase in turnover for 2008 to $38.6 million and a 68% decline in its net loss to $12.1 million because of an across-the-board decline in operating charges.
H. Lundbeck A/S of Denmark has reported a record DKK 11.3 billion in revenue for 2008 following the double-digit growth of its three marketed drugs for neurological disorders, Cipralex (escitalopram), Ebixa (memantine) and Azilect (rasagiline).
IP Group Plc, which commercialises intellectual property from UK research institutions, reported a 25% decline in the estimated market value of its holdings in life-science therapeutic companies in 2008.
Intercell AG expects to see strong revenue growth in 2009 following the launch of its first-ever product on the market, a vaccine to prevent Japanese Encephalitis.