Issue of Sept. 21
Medarex expands collaboration
Princeton Township’s Medarex, Inc. has expanded its existing collaboration with California-based diaDexus, Inc. for the research and development of fully human antibody therapeutics against novel cancer targets provided by diaDexus.
Under the terms of the expansion, diaDexus and Medarex expect to develop antibodies against three novel cancer targets outside of the field of lung cancer, which was the focus of the original January 2003 collaboration between the two companies, Medarex said Sept. 16 in a statement.
Both expect to share the cost of development and commercialization, as well as potential profits resulting from any developed products.
DiaDexus is a privately held biotechnology company in San Francisco, Calif. Medarex is a biopharmaceutical company focused on the discovery and development of therapeutics to treat life-threatening and debilitating diseases.
Zargis display approved
Zargis Medical Corp., in Plainsboro, has received U.S. Food and Drug Administration approval for a new graphical display for its Cardioscan, a cardiac diagnostic system.
Cardioscan uses an electronic stethoscope and laptop computer to analyze a patient’s heart sounds. The new display is expected to improve analysis of suspected heart murmurs by showing median energy level, timing and duration.
Zargis is a majority-owned subsidiary of Speedus Corp., headquartered in New York.
Barrier collaborates with Texas company
Barrier Therapeutics, a Plainsboro biopharmaceutical company concentrating in the field of dermatology, and Healthpoint Ltd. have formed a product development and commercialization collaboration for Zimycan, Barrier’s antifungal prescription pharmaceutical candidate.
Under the terms of the agreement, Healthpoint Ltd. an affiliate company of DFB Pharmaceuticals Inc., a Texas-based market leader in advanced wound care, dermatology and surgical products will have the exclusive rights to market the product for all approved indications to healthcare institutions in the United States and Canada, Barrier said in a statement Sept. 13.
Healthpoint is also expected to fund further clinical development of Zimycan for adult indication. Barrier is expected to receive milestone payments and revenue from the sale of Zimycan to Healthpoint, as well as the right to any new indications for the product.
The specific terms of the collaboration were not disclosed.
NovaGen buys Route 130 property
NovaGen Pharmaceuticals has purchased a 250,000-square-foot South Brunswick building for more than $12 million from Multi-Employer Property Trust.
The property, located at 2615 Route 130, is currently 40 percent leased. NovaGen will occupy the balance of the building and is expected to use the space for manufacturing and distribution.
NovaGen Pharmaceuticals is an affiliate of Aurobindo Pharma Ltd. of India, a research and development-led multinational pharmaceutical company. Multi-Employer Property Trust is an open-ended commercial equity real estate fund maintained by Riggs Bank NA of Washington, D.C.
The sale was managed by Trammell Crow Company, a commercial real estate company with offices in West Windsor.
WorldWater reports revenue growth
Pennington-based WorldWater Corporation reported an increase in revenue to shareholders Sept. 10.
Orders completed or in progress in 2004 are in excess of $6 million, representing a more than 400-percent increase over last year’s sales of $1.28 million, said Quentin T. Kelly, WorldWater chairman and CEO.
In addition, WorldWater, an international solar engineering and water management company, has a new operating name WorldWater & Power Corp. that reflects the firm’s expanding capabilities and expertise in solar and renewable energy. The stock symbol, WWAT.OB, will stay the same.
Rockwood completes purchases
Rockwood Pigments NA, Inc., a subsidiary of Rockwood Specialties Group Inc., in West Windsor, has acquired the business and assets of Hamburger Color Company, a supplier and processor of color pigments, Rockwood announced Sept. 9.
The acquisition includes Hamburger’s plant and equipment in King of Prussia, Pa. Further terms of the deal were not disclosed.
In addition, another Rockwood subsidiary has completed the acquisition of the pigments and dispersion business of Johnson Matthey PLC for roughly $50 million, Rockwood said Sept. 2.
The purchase by Rockwood Pigments (UK) Limited, includes manufacturing facilities in Kidsgrove and Sudbury in the United Kingdom and Braeside, Victoria, Australia.
Rockwood, a speciality chemical and advanced materials company, used remaining undrawn funds from the term loan portion of its senior credit facilities to finance the transaction.
State to take control of MIIX
The state Department of Banking and Insurance has received state Superior Court approval to take over MIIX Insurance, a struggling medical liability insurer in Lawrence.
Two years ago the company stopped writing policies after getting into financial trouble.
The DBI says its plans are not to liquidate MIIX, but rather to rehabilitate the company. The action does not apply to The MIIX Group or a subsidiary, MIIX Advantage, which is still writing policies.
Bristol-Myers settlement OK’d
A federal judge approved Bristol-Myers Squibb’s plan for distributing the $150 million it will pay as part of a recent settlement plan with the U.S. Securities and Exchange Commission, the company said Sept. 2.
Bristol-Myers, in Lawrence, was charged with improperly booking $1.5 billion in revenue in 2000 and 2001 by coaxing wholesalers to buy more of its drugs than they could sell. The company settled the SEC’s civil charges without admitting or denying any wrongdoing.
Garden City Group, in Melville, N.Y., will be the claims administrator for the settlement and the money will be distributed pro rata to investors who bought Bristol-Myers common stock in 2000 and 2001.
In addition, Bristol-Myers recently agreed to pay $300 million to settle a shareholder class-action lawsuit over the accounting allegations and problems with developing a cancer drug with biotech firm ImClone Systems Inc.
ExpertPlan gets $8.2 million
Retirement services company ExpertPlan, of East Windsor, has closed an $8.28 million Series C financing round, led by The Argentum Group of New York City and First Analysis of Chicago, the company announced Sept. 1.
Current investors Meridian Ventures, Liberty Ventures, Milestone Ventures, BaseCamp Ventures, Gamma Investors, SeaCap Ventures, Next Level Ventures and Paddington Ventures also participated.
ExpertPlan expects to use the funding to accelerate growth and enhance its retirement administrative services platform. The company’s record-keeping platform offers asset-management firms, banks and broker-dealers the ability to network together to provide a comprehensive suite of retirement-services products.
MGI buys Aesgen Inc.
Bloomington-based biopharmaceutical company MGI Pharma Inc. announced Sept. 1 it has agreed to buy Aesgen Inc., a privately held Plainsboro-based pharmaceutical company, for $32 million in cash.
MGI is looking to add cancer treatments to its lineup with the deal, which is expected to close by the end of the year and is subject to shareholder approval.
Aesgen is expected to soon begin a second late-stage clinical trial for a drug called Saforis, which treats mouth sores commonly suffered by chemotherapy and radiation patients. The trial will support a new drug application filing with the U.S. Food and Drug Administration.
If Saforis gets FDA approval, MGI may be required to pay Aesgen’s former holders an additional $33 million in milestone payments, plus $25 million if sales exceed $50 million the second year after the product’s launch. MGI is also expected to pay a 5 percent royalty on product sales.