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JULY 13th, 2005
Emphasizing that the most widely used medical treatments are based
on compounds derived from nature’s greenhouse, PhytoMedical Technologies, Inc. (OTCBB:PYTO), reported that it has entered
into an agreement with Fusion Capital Fund II, LLC to finance the development and commercialization of its plant derived pharmaceutical
and nutraceutical compounds.
Similar to Fusion Capital’s agreement with HepaLife, Fusion
Capital has agreed to purchase $10 million in common stock over a period of 25 months. The agreement, which is subject to
stipulations concerning the exact timing, price of the stock and amount of the investment, is expected to revolve around a
program that involves 25 monthly payments of $400,000.00 each.
Mr. Harmel S. Rayat, a Director of PhytoMedical Technologies and
also, HepaLife, commented on the investment and the PhytoMedical’s medical focus, "Fusion's unique and innovative financing
commitment will allow our Company to raise a significant amount of capital efficiently and on a cost effective basis from
a single institutional investor. Now our management team can focus on PhytoMedical's core research activities, expanding and
accelerating the scope of our science and working towards developing clinically approved products for two of the most devastating
disease states in America - diabetes and cachexia."
PhytoMedical also provided interesting statistics that illustrate
what may be lost as tropical rain forests are turned indiscriminately into barren landscapes. The company reports that an
estimated 300 important drugs still remain to be discovered from the 250,000 species of higher plants. The company says that
only 15 percent of the plants so far have been studied for bioactive compounds. Underscoring the point, PhytoMedical reports
that twenty of the best selling drugs come from natural plant sources.
Currently PhytoMedical is focused on the development of BDC-03,
a plant derived compound that has potential to fight Cachexia through the promotion of a lower fat percentage, lower cholesterol
and increased lean muscle mass. Cachexia, a real concern for those that have cancer or AIDs, can result in a lose up to 30
percent of lean muscle mass – a major factor that effects vital organs and often results in the death of the patient.
Cachexia is said to afflict 25 percent of all AIDs patients and
90 percent of all cancer patients.
The company also is focused on diabetes. An interesting result that
the company noted from a study published in Diabetes Care, from the American Diabetes Association, was that one gram of cinnamon
can lower blood sugar by an average of 18 to 29 percent. Significant reductions in triglycerides and LDL cholesterol were
also noted in the study. These positive effects lasted for at least 20 days after the cinnamon treatment was stopped. PhytoMedical
is currently working on synthesizing the active components in cinnamon.
JULY 7th, 2005
Depomed, Inc. (NASDAQ:DEPO) as a result of the approval of Glumetza
for the treatment of Type II diabetes from the U.S. Food and Drug Administration, has received a $25 million dollar payment
from Biovail Corporation. According to John W. Fara, Ph.D., Chairman of Depomed, "As anticipated, Biovail made the milestone
payment to us within the time frame called for in our agreement. We now look forward to the launch and commercialization of
the product in the United States and Canada and beginning to generate royalties from product sales in those regions." Depomed
expects to receive further payments from Biovail as product sales begin in the United States and Canada. To reduce the royalty
rate, Biovail has the option of making a $35 million buy-down payment.
Depomed, Inc. focuses on the development of oral-delivery based,
time-released drug formulas. The company has also received approval for its time-release tablets (Proquin XR) for the treatment
of urinary infections and has a Phase II trial underway for a post herpetic neuralgia treatment (Gabapentin GR).
MAY 26th, 2005
Phenomix Corporation with a new round of $40 million in Series B
funding, brings its total level of funding up to $65.5 million. The drug discovery company, which is focused on oral alternative
treatments as opposed to the traditional injectable treatments, presently has under development therapies for type 2 diabetes
and rheumatoid arthritis.
Primary investors in the round included JPMorgan Partners and Delphi
Ventures as well as Baker Brothers Investments Alta Partners, Sofinnova Ventures, Bay City Capital, CMEA Ventures, GBS Venture
Partners and Novartis BioVenture Fund.
MAY 17th, 2005
BioTech Begins Shipment of Diabetes Drug to Mexico's Wal-Marts
Biotech Holdings Ltd. (TSX.V: BIO; OTTBB: BIOHF) announced last week that orders for its diabetes
drug from Mexico have shipped. According to Robert Rieveley, President of Biotech Holdings, “The Sucanon orders received
from Wal-Mart’s Superama and Supercenters divisions have now been delivered to Wal-Mart’s distribution system.
This Sucanon shipment will be distributed to Wal-Mart Superama and Supercenter stores in all parts of Mexico, in preparation
for the start of Sucanon infomercial and radio advertising,”
Biotech, whose diabetes drug, Sucanon, is for Type II diabetes,
notes on its web site that Mexico is one of the largest diabetics market in the world.
MAY 12th, 2005
New Needleless Inhalable Insulin Offers Painless Solution
for Diabetics - But Could Blunt MEMS Based SiliconNeedle Market
Coremed Incorporated,
a nanotechnology based company focused on oral and inhalable insulin technology, has revealed that Alveair, a product billed
as a needleless, or inhalable insulin, will be the focal point of a global consortium of diabetes companies. Frank K. Leung,
M.D., F.A.C.E., Coremed's founder, outlined the course of development for the drug, "Alveair's long-acting duration and efficacy
is clearly an advantage. It also makes sense to minimize the risks and exposure of pulmonary delivery. Alveair will be in
two clinical development directions: regular pathway and fast-track in different countries." The company also revealed that
its partners have the capability to produce bulk insulin API at costs that are much lower than current suppliers. Coremed
listed the injectable insulins on the market as Novolog, Humalog and Aprida. Alveair is considered a fast-onset and long-duration
insulin.
MAY 10th, 2005
Bayhill's Multiple Sclerosis and Diabetes
Effort Sees $35.4 in Series B Funding
Bayhill Therapeutics Inc. has completed a Series B round valued at $35.4 million. The private
equity financing was led by De Novo Ventures and Lilly Ventures. Other investors included A.M. Pappas Life Science Ventures,
Boston Life Science Venture Corp, CMEA Ventures, Grand Cathay Venture Capital Company, LTD, Latterell Venture Partners, Montreux
Equity Partners, Morgenthaler Ventures, PAC-LINK Bio Management Corp, Prudence Venture Investment Corp, Quintiles' PharmaBio
Development, U.S. Venture Partners, and the Vertical Group.
Mark W. Schwartz, PhD, and President and CEO discussed
the use of the funding, "This financing supports the development of our lead product candidate currently in phase I, BHT-3009,
an antigen-specific drug for treating multiple sclerosis, through Phase II clinical testing. The financing will also support
development of our second antigen-specific therapeutic for type I diabetes, as well as the development of our oligonucleotide
therapeutic."
Bayhill is focused on drugs for the treatment of autoimmune diseases such as multiple sclerosis, type
1 diabetes, and rheumatoid arthritis. In addition, Bayhill is also developing oligonucleotide based drugs for autoimmune diseases.
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