Vertex Shares Rise

CAMBRIDGE, Massachusetts – Vertex Pharmaceuticals said Tuesday that an early-stage clinical trial for its hepatitis C drug was well tolerated and “demonstrated potent antiviral activity.” The news sent its shares up 20 percent. Early-stage trials do not provide proof of efficacy but can give clues as to how well a drug is likely to perform further along the regulatory approval process. The Centers for Disease Control and Prevention (CDC) in Atlanta estimates that 3.9 million, or 1.8 percent, of Americans have been infected with the virus. New Jersey-based Schering-Plough and Swiss company Roche Holding AG have hepatitis C treatments already on the market. However, Vertex’ study suggests that its drug in development will probably eliminate the infections much more quickly than these treatments. The company’s stock rose $2.21 to $13.40 on trading of 23 million shares, more than 40 times the average volume during the past 50 days.

BioniCare May Snag up to $20 Million

SPARKS, Maryland – BioniCare Medical Technologies has received $15 million in a third round of funding given by both U.S. and Japanese institutional investors. The Series C round was led by New Science Ventures. Allen & Co. and Nippon Sigmax were also involved. The company, based in Maryland, makes noninvasive medical devices for arthritis and related musculoskeletal conditions. BioniCare is also planning a “follow-on” closing with other investors in early June, which could rake in an extra $5 million. The company’s lead product is BIO-1000, an FDA-approved device that treats osteoarthritis of the knee and rheumatoid arthritis of the hand.

Ovarian Cancer Test

LAS VEGAS, Nevada – Researchers at the Nevada Cancer Institute have made a huge leap forward in the diagnosis of ovarian cancer. The disease is currently diagnosed on the basis of abdominal pain, bloating, and a protein associated with it called CA-125, which only predicts 10 percent of early-stage cases accurately. The Nevada researchers designed a new test that looks at four proteins and is accurate in 95 percent of patients.

Wilex Raises $39 Million

MUNICH, Germany – Cancer therapy company Wilex announced Tuesday that it had closed a $39-million Series C round of financing, bringing its total funding to $89 million. The round was led by Merlin Biosciences and will allow Wilex to push through its final-stage clinical trials of its lead compound for kidney cancer. The Technical University of Munich spin-off also has research projects in breast and stomach cancers.

NeoRx Takes a Knock

SEATTLE, Washington – NeoRx has announced it will reduce its staff by 40 percent. The company works in the area of cancer therapeutics. However, NeoRx said that it will end the development of its lead drug candidate, which was in final-stage clinical trials for multiple myeloma, and close its facility in Denton, Texas. The company estimates the restructuring charges at $2 million.