The Day In Review: Immunomedics, Inc. Sells Cancer Drug For $183 Million

May 10, 2006 – Immunomedics outlicensed its lead cancer drug candidate to Belgian biotech UCB, for $38 million upfront and another $145 million in milestones; Vivus soared after announcing very strong data from its obesity drug, Qnexa; VaxGen slipped another two years behind schedule in its $877 million anthrax contract; AVI BioPharma released disappointing results from a trial of its hepatitis C drug; Incyte began a Phase I test of an HIV drug; Cell Genesys won Fast-Track status for its prostate cancer therapeutic vaccine; Smith & Nephew won FDA approval for its new Hip Resurfacing system; GenVec expanded trials of its cancer drug, TNFerade; NeoRx treated the first patient in a test of its colorectal cancer drug; and Novacea began trading today, closing at its IPO price. The Centient Biotech 200™ closed the session with a 44 point loss. It was off 1.16% at 3736.86. More details...

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