News

Two drug applications that were under review by the European Medicine Agency’s main scientific committee have been withdrawn by their sponsors following the committee’s request for more data.

Edmond de Rothschild Investment Partners has raised €150 million for its BioDiscovery 3 Fund in just three months, suggesting that investor demand for life-science companies is far from dormant.

BTG Plc reported its third consecutive year of profits for the year ended 31 March 2008, and forecast continued earnings growth during the current year. The UK life science company expects to see an increase in royalties from marketed products, while at the same time advancing its own products through development. On 31 March, the company had cash and cash equivalents of £57 million compared with £43 million a year earlier.

Researchers from Cancer Research UK have identified a new protein target that could be used to produce vaccine therapies for cancer. Their findings are reported in the 22 May 2008 issue of The Journal of Clinical Investigation.

Medical Marketing International Group Plc (MMI) said that it is divesting its antiviral business in order to focus its cash resources on oncology. The company’s lead oncology products are a DNA vaccine for the treatment of prostate cancer and a chemotherapy product using a ruthenium compound.

ReNeuron Group Plc said that it has been granted a US patent for the technology underpinning its candidate stem cell therapy for type 1 diabetes. The patent, CD56 Positive Human Adult Pancreatic Endocrine Progenitor Cells, contains broad claims relating to methods for culturing and identifying living islet progenitor cells by way of the expression of the CD56 cell surface marker.

SkyePharma Plc said that its chief executive officer, Frank Condella, intends to resign once the company renegotiates or refinances its convertible debt. He will be replaced by Ken Cunningham, the chief operating officer.

Daiichi Sankyo Co., Ltd has agreed to pay €150 million for the German biotechnology company, U3 Pharma AG, which researches fully-human antibodies as potential therapies for cancer.

Five new investigational medicines have been recommended for designation as orphan medicinal products by a committee of the European Medicines Agency.  Producers of orphan-designated products may be eligible for grants and regulatory fee reductions.

NsGene A/S announced on 20 May 2008 that it has raised 40 million Danish Krone (€5.36 million) from its current shareholders to continue clinical development of its biodelivery products.