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Biotech / Medical : Elan Corporation, plc (ELN) -- Ignore unavailable to you. Want to Upgrade?

To: Icebrg who wrote (3084)	8/15/2002 4:49:46 PM
From: Icebrg	Respond to of 10345

Ribozyme adjusts its focus One-quarter of biotech's work force eliminated By Matt Branaugh, Camera Business Writer August 15, 2002 A reorganization at Ribozyme Pharmaceuticals Inc. will shift the company away from some flailing projects and place more emphasis on emerging ones, slashing 25 percent of its work force along the way. The Boulder biotech announced the plan, along with a second-quarter loss, on Wednesday. In all, 30 of the company's 120 workers lost jobs, a move that is expected to cut costs by about 35 percent. The company's work is based on a Nobel Prize-winning discovery made by University of Colorado researcher Tom Cech of a drug that blocks certain diseases. Efforts have mostly concentrated on fighting cancer and hepatitis C. "(The cuts) are very tough to do organizationally, from the standpoint that we're a small company, a close-knit group of folks all pulling in the direction of making this a successful biotechnology company. It's the people aspect we're much more concerned with," said Marvin Tancer, chief financial officer for the company. "It's always tough to let a program go, but it's a lot more difficult to attach people to that." While Ribozyme (Nasdaq: RZYM, $0.97) tries getting drug candidates through clinical trials, it has posted a string of consecutive quarterly losses. This time, the biotech lost $9.6 million, or 48 cents a share, on sales of $1.6 million. One analyst polled by Thomson Financial/First Call expected a 50-cent loss for the quarter. Two recent setbacks prompted Wednesday's changes, Tancer said. Angiozyme, the company's leading drug candidate, prevents new blood vessels from attaching to a tumor. It was dealt a blow this spring, when test results showed solo use of the drug wasn't achieving hoped-for results in breast cancer patients. Ribozyme will continue Phase II work, pairing Angiozyme and chemotherapy together for colorectal cancer patients. Final results are expected early next year. The biotech also said it will stop its trial of hepatitis drug Heptazyme after an animal lost its vision during the study earlier this year. Now, it will look at new ways of using the technology. "With scarce resources we have to make tough choices," Tancer said. "With Heptazyme, we believe those resources should be applied to the next generation, to accelerate the next generation of that product." Tancer said the company's breast cancer drug Herzyme should finish its Phase I trial, although its partner in the study, Elan Corp., has publicly said it's struggling and won't focus resources on oncology. Where Herzyme goes after Phase I depends largely on the results, due later this year. Since a Ribozyme-related product isn't likely to hit the market for three or four years, Tancer said the company will pursue manufacturing contracts for other drug companies and contract work detecting ribonucleic acid sequences — its strength for 10 years — for other companies. The company also will seek additional funding through public and private markets. And it's increasing its investment in a RNA interference program, an emerging technology Ribozyme has quietly pursued during the past year after encouraging results, Tancer said. John McCamant, who follows the industry for the Medical Technology Stock Letter, said Ribozyme will get a boost if it can produce promising data from the remaining Angiozyme trial and land a diagnostics contract. "We've seen companies at this point before. It can be very difficult," he said. "But this is where management can show it can deliver." bouldernews.com

To: Icebrg who wrote (3084)	8/21/2002 8:17:05 AM
From: Icebrg	Read Replies (2) \| Respond to of 10345

Sheffield Regains All Systemic Intellectual Property Rights to Tempo(TM) Inhaler and Premaire(R) Delivery System Terminates Joint Venture With Elan ST. LOUIS, Aug. 21 /PRNewswire-FirstCall/ -- Sheffield Pharmaceuticals, Inc. (Amex: SHM - News) today announced that it has recovered all rights to the intellectual property for the Tempo(TM) Inhaler and Premaire® Delivery System for systemic disease applications previously committed to a joint venture arrangement with Elan Corporation, plc (NYSE: ELN - News). The joint venture, called Systemic Pulmonary Delivery, Ltd. ("SPD"), was established in 1998. As a result of the transaction, the SPD joint venture is ended and Elan retains a carried interest. In addition, both companies will enter into a licensing agreement, whereby Elan's UPDAS(TM) system, a unit-dose pulmonary delivery system, and its Enhancing Technology, which had been exclusively licensed to the joint venture, will now be exclusively licensed to Sheffield. Sheffield has granted Elan an ongoing right to receive royalties on commercialization for two specific products that were the subject of feasibility work by the joint venture. Those products are Tempo-ergotamine and Premaire-morphine. Thomas M. Fitzgerald, President and CEO, said, "This transaction is strategically important for Sheffield because now both the systemic and local respiratory applications of the Tempo and Premaire intellectual property are consolidated solely in Sheffield. We plan to pursue additional outlicensing opportunities and develop further systemic applications for these important technologies, which will build value in Sheffield. The termination of SPD will also enable Sheffield to receive a greater share of commercial opportunities created by systemic therapies delivered by the Tempo Inhaler and Premaire Delivery System. We continue to work closely with Elan, the company's largest shareholder, to identify opportunities to mutually build shareholder value in Sheffield." Termination of the SPD venture has no effect on Elan's shareholding in Sheffield. However, as part of the termination agreement, Elan has relinquished its right to exchange its holdings in Sheffield Series C convertible preferred stock into an ownership of SPD. The SPD venture had been conducted as a wholly owned subsidiary of Sheffield. Sheffield Pharmaceuticals, Inc. provides innovative, cost-effective pharmaceutical therapies by combining state-of-the-art pulmonary drug delivery technologies with existing and emerging therapeutic agents. Sheffield is developing a range of products to treat respiratory and systemic diseases using pressurized metered dose, solution-based and dry powder inhaler and formulation technologies, including its proprietary Premaire® Delivery System and Tempo(TM) Inhaler. Sheffield focuses on improving clinical outcomes with patient-friendly alternatives to inconvenient or sub-optimal methods of drug administration. Investors can learn more about Sheffield Pharmaceuticals on its Web site at www.sheffieldpharm.com .