Platinum Partners
Tantalizing data underscore depression-fighting potential for party drug
For years patients from depression have been cycled through one drug after the next, a hit-and-miss approach that also reflects the poor odds of success in clinical development. But now investigators say that a trial of a well-known anesthetic often used illicitly in the club scene has real potential in the fight against depression.
Cardeas banks $34M round for PhII antibiotic
H.I.G. BioVentures has stepped up to lead a $34 million round for Seattle-based Cardeas Pharma, which is developing new antibiotics for drug-resistant bacterial infections.
A 'rational' market finally develops an appetite for biotech IPOs
For 5 long years the IPO window on Wall Street has largely been closed to biotech companies. But with investors warming up to the potential rewards after a lengthy chill, Portola Pharmaceuticals became the latest biotech to pull off a successful maiden offering. The biotech raised $122 million from the sale of 8.4 million shares, sticking to the middle of its range after pricing shares at $14.50.
UPDATED: Cash-strapped biotech fails PhIII test for pioneering Fragile X drug
Seaside Therapeutics has revealed its second failed study for its lead drug STX209 this month. In one of two Phase III studies for the compound for the genetic mental disorder Fragile X syndrome, STX209 treatment missed its main goal of reducing social withdrawal.
BTG snaps up new technologies in $420M deal splurge
In a bid to join the billion-dollar sales club, the UK's BTG has snapped up a pair of operations with new delivery tech and a treatment for deep vein thrombosis for up to $420 million—most of that in cash. And it's selling a chunk of shares to help pay for it all.
J&J taps top blockbusters in the pipeline, lays out global R&D strategy
Johnson & Johnson built its R&D rep around blockbuster development deals. Now the pharma giant's drug development arm wants the world to know that there's a comprehensive, global pipeline strategy in play that will deliver more than 10 new product applications over the next 4 years. And new drug development efforts in China and Japan are growing to rival the work it does in the U.S. and Europe.
UPDATED: FDA panel backs low-dose rollout of Merck's sleep drug suvorexant
A panel of experts assembled by the FDA has given Merck a boost in its quest for an approval of the sleep drug suvorexant.
Gilead steals a march for hepatitis C drug application
The European Medicines Agency will provide an accelerated review of the treatment combined with ribavirin, which is shaping up as the first all-oral hepatitis C regimen up for a regulatory decision.
Swiss billionaires create major biotech campus at former Serono site
Two Swiss billionaires--Ernesto Bertarelli and Hansjorg Wyss--have joined forces to buy out the former Merck Serono facility in Geneva, with ambitious plans to create a major collaboration on discovery work and translational research while offering a home for a new generation of biotech companies in the region.
VC: Kineta, Oligomerix gain fresh venture backing for R&D programs
A group of ex-oil traders who created a new private equity group dubbed Hydra has decided to back the two lead programs at Seattle-based Kineta. There's no word on just how much they're investing in the biotech, but the "major investment" will be used to develop ShK-186, a Phase I immune-sparing autoimmune disease drug, and rOAS, a pan-viral therapeutic "aimed at an array of high priority contagious pathogens" now headed into the clinic.