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September 14th, 2005
Study Indicates Lilly/Alkermes Inhaled Insulin Lowers Blood
Sugar Level to Injection Levels
Eli Lilly and Company (NYSE: LLY) and Alkermes, Inc. (NASDAQ:
ALKS) reported that a Phase 2 clinical study of inhaled insulin for those with type 1 diabetes indicated that blood sugar
levels for inhaled insulin were similar to those for injected insulin. According to the announcement, “Using the standard
measure of blood sugar, A1C, patients achieved an average level of 7.9 using the Lilly/Alkermes inhaled insulin system, compared
to 8.0 in the injected insulin group. A1C is an average measure of blood sugar (glucose) over a three-month period.”
The study revolved around the Lilly/Alkermes system. The results
of findings were presented at the 41st annual meeting of the European Association for the Study of Diabetes in Athens, Greece.
August 24th, 2005
Alba Therapeutics Corporation, focused on the use of
zonulin pathway modulation for the delivery of drugs and vaccines, has closed a $30 million Series A financing round. The
round’s investors included SV Life Sciences, which led the round, as well as Alta Partners, HealthCap, Red Abbey Venture
Partners and the Maryland Venture Fund. Other investors listed included Esperance BioVentures, Astellas Ventures, Maryland
TEDCO, and Townsend Capital.
With the announcement, Blake M. Paterson, MD, Alba’s
CEO noted the applications for the company’s products, "This financing supports the vast potential of the zonulin pathway,
both for the delivery of drugs and vaccines, and for the treatment of disease states characterized by inappropriate permeability.
The latter includes a significant number of acute and chronic inflammatory and immune conditions, such as Celiac Disease and
Type 1 Diabetes. We are honored to have an outstanding group of investors who share our vision and are providing the funding
to enable us to move AT-1001 into human trials for Celiac Disease and other autoimmune conditions."
Commenting on the research behind the company was Alessio
Fasano, MD, the interim CEO at Alba."Alba's platform is based on more than 10 years of research and an extensive intellectual
property foundation licensed from the University of Maryland School of Medicine, and we are now well positioned to advance
drug candidates into the clinic."
August 9th, 2005
Speedel Raises
CHF 70 Million in Private Funding Round
Speedel, based in Switzerland, has completed its latest
round of private funding bringing in CHF 70 million, estimated at approximately $56 million in U.S. dollars. The funding brings
the total funding for the company in 2005 to CHF 117.8 million and over CHF 239 million since the company began operations.
The recent funding was in the form of a convertible loan. Speedel indicated that the funding round was one of the largest
private biotech funding rounds worldwide.
The biopharmaceutical company Phase III products include
SPP100 for hypertension applications and SPP301 for diabetic kidney disease. The company also has SPP200 in Phase II for graft
occlusion in chronic hemodialysis applications. Speedel also indicated that it was a world leader in renin inhibition. For
this application, it currently has SPP630 and SPP635 in the early Phase I stage and other compounds at the pre-clinical stage.
August 8th, 2005
MannKind Agrees on $175 Million
Private Placement
MannKind Corporation (NASDAQ:MNKD), a company focused on the development
and commercialization of products for diabetes and cancer, reported that it has entered into a definitive agreement for the
private placement of $175 million of its common stock. According to the company, institutional investors will invest $87.5
million and Alferd E. Mann, Chairman of the Board and CEO of MannKind will invest the other $87.5 million. The financing was
scheduled to close on August 5, 2005.
The company plans to use the net proceeds for the further development
of its lead product, Technosphere Insulin, which is now in phase 3 clinical trials in the United States and Europe.
AUGUST 3rd, 2005
Altea, a Transdermal Patch Company, Completes $30 Million Round
C - Diabetes and Pain Management Patch Under Development
Signifying a potential promising trend in non-invasive medical
treatment, Altea Therapeutics has completed a $30 million round of equity financing for the further development of its protein
and drug delivery patches. The Series C round was led by Aperture Venture Partners. Others that contributed to the round were
CX Ventures, Domain, KBC, Quilvest, Rockport Ventures, Venrock and vSpring Capital
Eric Tomlinson, Ph.D., CEO of Altea Therapeutics indicated that
the funding would be used for the clinical development of its lead products, "Altea Therapeutics will use the proceeds to
continue the clinical development of our lead products for pain management and diabetes control. These funds will also support
the further development of processes for the fabrication of our commercial products."
Paul E. Tierney, Jr., Managing Partner of Aperture Venture Partners,
the lead investment firm, commented on Altea’s progress "Altea Therapeutics has made impressive progress in developing
a convenient method for the sustained delivery of proteins and water-soluble drugs across the skin; the Company's achievements
to date set the stage for future success."
Altea Therapeutics in the announcement indicated that its patented
PassPort transdermal system, in clinical studies, is able to deliver proteins and water-soluble drugs through patches, something
that for the most part has only been achieved in the past through the use of needles, which are considered a high-risk and
sometimes painful medical delivery system.
Altea also noted in the announcement that it is conducting Phase
2 clinical trials in the United States for a daily hydromorphone patch for rapid pain management and a Phase 1 clinical trial
for its insulin patches.
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