The Day In Review: Corautus Genetics Inc. Whacked After Drug Failure

April 10, 2006 -- Corautus dropped two-thirds of its value after it stopped a Phase IIb trial of its angina drug; MedImmune detailed the three-pronged mechanism of its solid tumor cancer drug; Array will receive a $1 million milestone from AstraZeneca; Forest Labs in-licensed a prospective COPD drug from Almirall, a privately held Spanish biotech; Celera Genomics sold its small-molecule cancer drug program to Pharmacyclics for a potential $146 million; Myogen slipped lower on mixed results for ambrisentan, its treatment for PAH; Adventrx Pharma will buy fellow San Diego biotech SD Pharma for stock worth about $10 million; CombinatoRx said a proposed therapy for adult periodontitis failed to show any benefit; Somaxon reported that Silnor, its sedative, was effective against chronic insomnia; Novartis filed for approval of Gleevac as a treatment for four rare types of cancer; Perlegen, a recent spin off from Affymetrix, filed to raise $115 million in its IPO; Serono officially declared that it no longer is seeking a takeover bid; and, looking ahead, tomorrow, after the close of trading, Genentech will announce its first quarter financial results. The Centient Biotech 200™ was 10.4 points lower at 3816.88, a drop of .27%. More details...

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