News

The European Patent Convention (EPC), a multilateral treaty establishing the legal framework for patent awards in Europe, has been updated and the new agreement is scheduled to take effect on 13 December 2007. It succeeds the original Convention on the Grant of European Patents of 5 October 1973.

Patent judges from around Europe have signalled their support for a proposal that would create a single jurisdiction for the litigation of patent disputes in the European Union.

The European Medicines Agency’s Committee for Orphan Medicinal Products has recommended that seven medicines be given orphan designation, thus qualifying them for financial and regulatory incentives.

Shares of Ablynx NV were trading at €7.15 per share on 9 November 2007, a slight premium above its issue price at its initial public offering (IPO) on the Euronext Brussels stock exchange two days earlier.

Pronova BioPharma ASA, a Norwegian company that uses fish oil to make omega-3 derived prescription drugs, reported strong third quarter results following an initial public offering of its shares in October 2007.

Legislation that would provide a new regulatory pathway in Europe for advanced medicinal products, including tissue-engineered therapies, has received final approval from the European Union’s Council of Ministers.

Polar Capital Holdings Plc, an investment management company with $3.9 billion under management, said it will launch the Polar Healthcare Opportunities Fund in December 2007.

Ark Therapeutics Group Plc, which is developing gene-based medicines, has raised a net £35.4 million with an “oversubscribed” placement of its London-listed shares.

GlaxoSmithKline (GSK) has reached an agreement with Tolerx Inc to develop and commercialise a candidate biologic for the treatment of type-1 diabetes and other autoimmune diseases.

The recently formed Paediatric Committee of the European Medicines Agency (EMEA) has issued its first opinions on requests from companies for waivers on the testing of their drug candidates in children.