|Idera Reports Clinical Hold On Proposed Phase 2 Clinical Trial. Pfizer To Acquire Icagen.|
|By Staff and Wire Reports|
|Wednesday, 20 July 2011 19:17|
Idera Pharmaceuticals Inc (NASDAQ:IDRA) announced the receipt of a verbal communication from the U.S. Food and Drug Administration (FDA) that a proposed Phase 2 protocol that the Company had recently submitted under an Investigational New Drug Application for IMO-3100 will be placed on a clinical hold.
The proposed Phase 2 trial of IMO-3100 is for the treatment of psoriasis. A clinical hold is an order issued by the FDA to the sponsor of a clinical trial to delay a proposed clinical trial or suspend an ongoing clinical trial. IMO-3100 is a TLR7 and TLR9 antagonist being developed for the treatment of autoimmune diseases.
The Company has not yet received a written communication from the FDA regarding the clinical hold. Once the Company has received the FDA’s official communication, it will review the content and determine its next steps.
Pfizer Inc. (NYSE:PFE) and Icagen, Inc. (NASDAQ:ICGN) announced they have entered into a definitive merger agreement. Pfizer, which currently owns approximately 11% of Icagen’s fully diluted shares, will acquire the remaining 8.3 million shares at a price of $6.00 per share.
The aggregate transaction value, including the value of the shares currently owned by Pfizer, is approximately $56 million. Under the terms of the definitive merger agreement, Pfizer will promptly commence a tender offer to purchase all of the outstanding shares of Icagen common stock for $6.00 per share in cash.
The agreement also provides for the parties to effect, subject to customary conditions, a merger to be completed following the completion of the tender offer which would result in all shares not tendered in the tender offer being converted into the right to receive $6.00 per share in cash.
The completion of the tender offer is conditioned on Pfizer acquiring sufficient shares to own a majority of the shares of Icagen on a fully-diluted basis and other customary conditions. The companies are targeting closing before the end of the year. J.P. Morgan Securities LLC acted as financial advisor to Icagen.
Aeterna Zentaris Inc. (NASDAQ: AEZS) (TSX: AEZ) (the "Company") today announced that it has successfully reached a key milestone in the non-clinical development of its live recombinant prostate cancer vaccine candidate, AEZS-120, for oral administration.
CryoLife, Inc. (NYSE:CRY), a leading tissue processing and medical device Company focused on cardiac and vascular surgery, announced today that 2011 second quarter financial results will be released on Thursday, July 28, 2011.
Sangamo BioSciences, Inc. (Nasdaq:SGMO) today announced that the company will release its second quarter 2011 financial results on Wednesday, July 27, 2011, after the market closes.
Stereotaxis, Inc. (NASDAQ:STXS) today announced that it will release financial results for the second quarter ended June 30, 2011 on Monday, August 8, 2011 after the close of the U.S. financial markets.
Vanda Pharmaceuticals Inc. (Vanda) (NASDAQ:VNDA), a biopharmaceutical company focused on the development and commercialization of products for central nervous system disorders, today announced it will release results for the second quarter of 2011, on Thursday, August 4, 2011, before the market opens.
Viral Genetics, Inc. (Pinksheets: VRAL) is providing this update of accomplishments and highlights from the first half of the year.