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Archive for the 'Biomedical' Category

Clarient buys cancer-test maker

December 21st, 2009, 3:57 pm by Ronald Campbell

Clarient Inc. of Aliso Viejo said it bought Huntsville, Ala.,-based Applied Genomics Inc. in an all-stock deal worth up to $17.6 million.

Clarient Chief Executive Officer Ron Andrews said Applied Genomics brings a new lung cancer panel as well as several  cancer tests that are in development. Clarient also gets a  lab in the eastern U.S. and access to Applied’s network of academic consultants.

Andrews said the acquisition puts Clarient in a position to grow in 2010 and later.

The combination of near-term commercial opportunity, the rich, long-term pipeline, and the robust development capabilities would be nearly impossible to replicate in-house and would take an investment of many years and considerable cash resources to attempt to do so,” Andrews said.

The merger was announced after the markets closed today. Clarient stock, which is listed on Nasdaq, rose 8 cents to $2.56 in after-hours trading.

Read the Clarient news release here.

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American Airlines to end all O.C.-Bay Area flights

August 12th, 2009, 3:04 pm by Mary Ann Milbourn

American Airlines, which had been planning to cut five flights a day from John Wayne Airport to the Bay Area , now says it will end all service to San Francisco and San Jose on Nov 19.

american-airlines

Tim Smith, an American spokesman, said the decision is part of a system-wide reduction in capacity that will take place in two phases.

On Aug. 25, three American Eagle flights from John Wayne to San Francisco and two to San Jose will be discontinued.

American will cancel its remaining service — five flights to San Jose and two to San Francisco — on Nov. 19, Smith said.

“We had good traffic (to the Bay Area) but it was not always profitable traffic,” Smith said. Service from  John Wayne to Dallas/Ft. Worth and Chicago will continue, he said.

Jenny Wedge, a John Wayne spokeswoman, said the airport was notified last week about American’s plans to eliminate service to the Bay Area. She noted the airport currently has 46 flights a day to Bay Area airports, includingOakland Airport, which American doesn’t serve. The American cuts will leave John Wayne with 34 flights a day.

“I think we do have sufficient service to that area,” she said.

She said American Eagle is considered commuter service so the airport will have to see if there are other commuter carriers interested in picking up the slots American Eagle will be giving up.

Wedge noted Virgin America just began service to San Francisco from John Wayne in April . Southwest jumped in to match that service in May.

“When Virgin America came on board, it got us back to level ground,” Wedge said. “But we will see a decline in passenger levels in November.”

Air Canada was supposed to start John Wayne’s first international service this summer, but has yet to follow through.  Wedge said one or two other airlines have expressed interest.

American’s decision to drop service between John Wayne and San Jose is a major turnaround from the dot-com days of the late ’90s when its so-called “nerd birds” were packed with people flying between the two tech hubs.

San Jose Airport spokesman David Vossbrink suggested to the San Jose Mercury-News that American may have fallen victim to fierce competition from Southwest Airlines.

Vossbrink noted Southwest also flies seven times a day to John Wayne from San Jose and that Southwest’s planes carry about three times as many passengers as American Eagle’s.

In other Virgin America news, the airline is launching direct flights from SFO to Ft. Lauderdale,  but spokeswoman Abby Lunardini says the airline has no plans to offer direct service out of John Wayne.

Register Travel Editor Gary Warner contributed to this report.

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FDA approves Allergan anti-sight loss drug

June 18th, 2009, 11:55 am by John Gittelsohn

allerganAllergan Inc. said today that the Food and Drug Administration approved a drug it developed to treat macular edema, a condition that can cause loss of central vision.

Irvine-based Allergan says the drug, trade-named Ozurdex, is the first and only drug therapy approved for treating macular edema associated with retinal vein occlusion, the second-most common retinal vascular disease that leads to vision loss.

Macular edema affects about 150,000 people a year. It is different from macular degeneration, the leading cause of blindness in people over age 50.

Allergan is conducting a study of Ozurdex for the treatment of wet age-related macular degeneration. It is also conducting three studies assessing the use of another drug delivery system, Novadur, in combination with brimonidine for the treatment of dry age-related macular degeneration, retinitis pigmentosa and optic neuropathies.

Best known for making wrinkle remover Botox, Allergan historically has been an eye-product company, pioneering treatments for glaucoma.

“With our nearly 60-year leadership and research investment in eye care, we are pleased to enter the retina market and provide physicians and their patients with the first FDA-approved drug treatment for macular edema following retinal vein occlusion,” said Dr. Scott Whitcup, Allergan’s Chief Scientific Officer.

After closing Wednesday at $44.56, shares of Allergan were trading up almost 3% following the announcement.

Ozurdex is a biodegradable, injectible steroid implant with extendable release.

To see Allergan’s release, CLICK HERE.

More Orange County biomedical news …

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Broadcom could raise bid for Emulex

June 9th, 2009, 8:27 am by John Gittelsohn

Broadcom Corp. in Irvine could raise its $9.25-per-share hostile takeover bid for Costa Mesa-based Emulex broadcom3Corp., according to an e-mail exchange in a regulatory filing released today.

The possibility of an increased offer is raised in a Securities and Exchange Commission filing in which Broadcom is seeking consent from Emulex shareholders for its hostile bid. Broadcom included the e-mail exchange between its Chief Executive Officer Scott McGregor and his counterpart at Emulex, Jim McCluney.

McGregor wrote that he would consider raising his bid if Emulex can show it is worth more by sharing confidential information:

(W)e are open to discussing all terms of a potential transaction. I said that if Emulex is willing to share its perspective and information that could prompt us to take a different view on transaction terms. If Emulex can justify a valuation that is not ascertainable from public information, we would consider it.

Emulex continues to spurn Broadcom’s overtures. Today, it scheduled a shareholders’ meeting for Nov. 19, urging a rejection of Broadcom’s “grossly inadequate” offer. A press release quoted McCluney saying:emulex_logo4

With our annual meeting now scheduled, we believe it is clear that Broadcom’s consent solicitation is nothing more than an opportunistic attempt to gain leverage for themselves and further their grossly inadequate offer. The Board continues to unanimously recommend against Broadcom’s tender offer and consent solicitation.

Broadcom needs two-thirds of Emulex shareholders to return consent forms backing its request for a meeting to elect a new board and consider its buyout offer. The deadline is 60 days after it receives the first response to its solicitation, according to Broadcom’s SEC filing.

Broadcom filed a suit seeking to lower the threshold for calling a special shareholders’ meeting to 50% of Emulex’s 82.9 million shares.

In early trading Tuesday, Emulex shares rose 7 cents to $10.67 while Broadcom shares climbed $1 to $26.82.

Emulex has resisted the takeover in public statements and court filings, including a lawsuit in Orange County Superior Court that accused Broadcom of being a “sin-based business,” citing federal criminal and SEC civil charges against the company’s co-founders, Henry Samueli and Henry T. Nicholas III. Broadcom filed a motion to have the lawsuit moved to federal court.

Broadcom designs and markets semiconductors for computer networking, mobile devices and other communications and entertainment electronics. Emulex makes computer storage and networking devices mostly for industrial applications. Broadcom wants to buy Emulex because its high-capacity fibre channel over ethernet adapters represent a potential growth market and extension of its technology portfolio.

To see Broadcom’s official consent solicitation to Emulex shareholders, CLICK HERE.

To see Emulex’s announcement, CLICK HERE.

More stories on Orange County tech companies …

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O.C. health tech firm sells for $16 million

June 8th, 2009, 11:47 am by John Gittelsohn

Endocare Corp., an Irvine-based company that endocare-logomakes medical devices for the treatment of prostate cancer, announced today it is being acquired by HealthTronics Inc., for about $16 million.

HealthTronics is based in Texas company and specializes in urology treatments.

The acquisition has been approved by boards of both companies but still must be approved by shareholders, according to a press release.

“By joining forces, we believe that our products will have a wider adoption in the urology community, and we will have access to greater resources to market existing and emerging applications of our technology,” said Michael Rodriguez, Endocare’s chief financial officer and co-principal executive officer. “We are very excited about the compelling strategic and financial benefits of combining our two companies.”

Under the terms of the deal, Endocare stockholders will have the option of trading in some of their shares for cash or HealthTronics’ stock.

Following the announcement, Endocare shares jumped by 33 cents or 36% to $1.23. HealthTronics shares fell 6 cents to close at $1.50.

In May, Endocare received a delisting notice from Nasdaq because its publicly-traded equity did not meet the minimum required value of $2.5 million.

Today’s announcement said the HealthTronics-Endocare deal took place after Endocare terminated a merger with Galil Medical Ltd., a privately-held Israeli health care company. That deal, announced in November, said the combination of Galil and Endocare would form a company with combined revenue of $55.6 million and gross profit about $39.1 million for fiscal 2008.

More Orange County biomedical stories …

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O.C. cancer drug company bought by Japanese firm

May 18th, 2009, 6:54 am by Mary Ann Milbourn

IDM Pharma Inc., an Irvine biomedical firm developing treatments for cancer, is being purchased by Takeda Pharmaceutical Co. Ltd. for about $67 million, the companies announced today.

The $2.64-a-share offer is 55% premium over IDM’s closing price of $1.70 on Friday.

idm-pharmaIDM’s drug treatment focuses on destroying cancer cells by activating the immune system. The company’s Mepact, which treats malignant bone cancer in children and young adults following removal of a tumor, recently was approved for marketing in Europe.

Takeda is Japan’s largest pharmaceutical company. Yasuchika Hasegawa, Takeda’s president, has said he wants to make it one of the world’s top three companies for cancer treatment by 2020.

Last year, Takeda bought Millennium Pharmaceuticals in Cambridge, Mass. for nearly $9 billion.  Millennium created the blood cancer drug Velcade.

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