Private investment round-up: February 2009
This article was originally published in Scrip
Executive Summary
Private investments in pharmaceutical and biotech companies took a healthy leap last month as the funds raised increased by 30% to $273.9 million, compared with January, a Scrip analysis has found.
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Myotec and Hybrid merge to form PsiOxus
Myotec Therapeutics and Hybrid Biosystems are to merge to form PsiOxus Therapeutics with £3.6 million in funding from a syndicate led by the former's previous backer Imperial Innovations.
Trophos's MitoCare programme receives €6 million EU funding
A Phase II efficacy and safety study of Trophos' cholesterol-oxime compound TRO40303 to treat cardiac ischaemia-reperfusion injury in acute myocardial infarction patients will be substantially underwritten by funds from the European Union, the Marseilles-based company says. Trophos is to head a new 16-partner consortium called MitoCare, a 2.5 year international translational medicine project that has received a €6 million award under the European Union Seventh Framework Programme for research. The project will begin in January 2011.
Novartis and Alcon reach compromise to settle merger saga
Alcon's board of directors has finally approved a merger agreement with Novartis for the Alcon shares the latter does not already own, drawing a close to protracted negotiations that first began nearly a year ago.