→ Daré Bioscience is the latest biotech to pull off a reverse merger. The company is taking over Cerulean, leaving it with a majority of the stock and a listing on Nasdaq for its women’s health effort. Cerulean, meanwhile, sold CRLX101 and CRLX301 to a subsidiary of NewLink and laid off 11 staffers, leaving 8 employees. Last summer Cerulean’s lead drug went 0 for 2 in mid-stage trials, blasting any remaining hope of success and forcing the company to lay off half of its staff.
→ The UK’s Pulmocide has raised a $30.4 million B round. The money will be earmarked for its R&D work on a new therapy for RSV as well as pulmonary aspergillosis. New investor SR One led the round in a syndicate that included Longwood Fund plus existing investors SV Life Sciences, F-Prime Capital, Johnson & Johnson Innovation – JJDC, Inc. and Touchstone Innovations plc. “This Series B fundraising will provide us with the capital to advance our two novel compounds through early clinical development; another step closer to a treatment for patients for these debilitating infections,” said CEO Garth Rapeport.
→ Waltham, MA-based X-Chem has forged a drug discovery collaboration with Astellas Pharma, bagging a $16 million upfront. Milestone payments range up to $100 million on each program.
→ France’s AB Sciences saw its shares bounce higher this morning after announcing that a Phase II/III study of masitinib hit the primary endpoint for ALS. The company, though, has some credibility issues after the EMA rejected a pair of cancer applications for the same drug, citing problems with the trials used to gather data.
The best place to read Endpoints News? In your inbox.
Comprehensive daily news report for those who discover, develop, and market drugs. Join 25,000+ biopharma pros who read Endpoints News by email every day.Free Subscription