|Healthcare review: BioTime, Dara BioSciences, Retrophin, Cell Therapeutics, Qiagen|
|By Staff and Wire Reports|
|Friday, 30 May 2014 14:11|
BioTime ($BTX) subsidiary Asterias Biotherapeutics receives a $14.3M strategic partnership award from the California Institute for Regenerative Medicine (CIRM). The award supports the company's Phase 1/2 dose escalation trial of AST-OPC1 in cervical spinal cord injury.
Dara BioSciences ($DARA) prices its Series C-1 Convertible Preferred Stock at $12.5M, convertible into ~11.26M shares of common at $1.11/share. The offering includes immediately-exercisable warrants to purchase ~11.26M shares at $1.67, half with a five-year term and half with a thirteen-month term.
Shares of Retrophin ($RTRX) are up 32% premarket on robust volume in response to the company's upward revision of its 2014 revenue guidance to $30M - 35M from $20M - 22M and 2015 revenue guidance to $60M - 70M from $36M - 41M after it acquired the marketing rights to Mission Pharmacal's Thiola (tiopronin) for the treatment of cystinuria. RTRX plans to file an IND within two months followed by a Phase 1 trial.
Effective May 30, Cell Therapeutics ($CTIC) will change its corporate name to CTI BioPharma Corporation. It will continue to trade under the symbol "CTIC." President and CEO James A. Bianco, M.D. says, "The rebranding from Cell Therapeutics to CTI BioPharma comes at a defining moment in our company's history and better reflects who we are today and our aspirations for becoming a leader in developing therapies for patients with blood-related cancers."
Qiagen ($QGEN) and Eli Lilly ($LLY) collaborate to co-develop universal and modular assay panels for the simultaneous analysis of DNA and RNA biomarkers targeting multiple cellular pathways involved in common cancer types. The agreement includes tests based on QGEN's multi-modal multi-analyte Modaplex analysis platform which can process multiple sample types and biomarkers in a single test.