News

The recently restructured Medical Marketing International Group Plc (MMI) has raised gross proceeds of £0.95 million in an institutional share placement designed to fund its oncology programmes.

The Italian speciality pharmaceutical company, Cosmo Pharmaceuticals S.p.A., said that increased revenues and efficiencies from its contract manufacturing business should make it possible to break even in 2008.

MediGene AG said that sales of its prostate-cancer treatment, Eligard (leuprolide acetate), and proceeds from the sale of the European rights to its dermatology treatment, Oracea (doxycycline), will help the company significantly increase revenues in 2008. While operating costs will increase, the operating loss will narrow this year compared with 2007. Figures were not given.

Belgium’s UCB SA said it that intends to streamline its medical research over the next three years in order to enhance its profitability and competitiveness. Details are to be announced by the end of the summer 2008.

York Pharma Plc, a specialist dermatology company, has completed its previously- announced £3.9 million share placement which is part of a larger fundraising to finance the purchase of two wound-care products from Belgium‘s Solvay Pharmaceuticals BV.

Shire Plc has revised upward its sales forecast for 2008 following a strong second quarter in which revenue rose by 35% on the back of robust demand for its five newest products. The company said revenue growth for the year is expected to be “at least” 20%. Previously, it had forecast growth in the mid to high teens.

Ark Therapeutics Group Plc said that a Phase 3 study of its gene therapy for brain cancer reached its primary endpoint. The multi-centre trial was undertaken at the request of the European Medicines Agency to confirm the safety and efficacy of the treatment, which is known as Cerepro.

GPC Biotech AG said that the European marketing authorisation application for its cancer drug, satraplatin, is being withdrawn following a review at the European Medicines Agency which indicated the drug is not approvable.

MorphoSys AG, which specialises in developing antibody-based drugs, reported that its half-year revenues rose by 16% to €33.3 million from the year-earlier period while its net profit tripled to €6.3 million from €2 million.

One of the UK’s most promising vaccine developers, Acambis Plc, has agreed to be acquired by Sanofi Pasteur Holding in an all-cash deal valued at £276 million.