Genmab A/S, the Danish producer of antibody therapeutics for cancer, expects its 2009 revenue to rise 61% to DKK 1.2 billion following a gain of 41% in 2008. The main reason is the company’s collaboration with GlaxoSmithKline which is producing a hefty stream of milestone payments.
MorphoSys AG is looking to double its expenditure on technology and product development in 2009 to between €18 million and €20 million following a strong performance in 2008 when turnover rose 16% to €71.6 million and net profit advanced 14.8% to €13.2 million.
Addex Pharmaceuticals Ltd said that its cash resources are sufficient to cover its operations until early 2012 without the need to raise additional capital. The forecast was made on 24 February 2009 with the release of its 2008 results.
Heptares Therapeutics Ltd, a 2007 spin-out of the UK Medical Research Council’s Laboratory of Molecular Biology, has raised £21 million in a Series A financing round from three venture capital firms.
The European Medicines Agency has recommended that Raptiva (efalizumab), a treatment for psoriasis, be suspended from the European market following three cases of a rare brain infection known as progressive multifocal leukoencephalopathy (PML). In two of the cases, patients died.
Algeta ASA of Norway has raised $35 million in a private placement of its shares with new and existing investors. The proceeds will be used to finance the Phase 3 development of its lead product for bone metastases.
Following the failure of a Phase 3 trial of its lead wound-care product, the Intercytex Group Plc has announced plans to sell its business or merge with another company. The UK company disclosed the start of the formal offer period on 23 February 2009.
Shares of the Neuropharm Group Plc remained weak at sharply lower levels following news that its Phase 3 trial of a treatment for autism failed to show efficacy. The preliminary trial results were announced on 18 February 2009.
Shire Plc, the UK specialty pharmaceutical company, is predicting a decline in earnings in 2009 due mainly to the loss of patent protection for its lead drug, Adderall. But it said the setback would be temporary because new product sales are soaring and new acquisitions will bolster income.
GPC Biotech AG has entered into a merger agreement with the privately-held developer of cancer drugs, Agennix Inc of Houston, Texas.