Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Biotech / Medical : Emisphere -- Ignore unavailable to you. Want to Upgrade?

To: hmpa who wrote (237)	12/7/2005 10:50:04 PM
From: hmpa	Respond to of 272

Competing oral insulin goes from Nobex to Biocon Biocon plans to acquire Nobex’s IP assets Tuesday, December 06, 2005 BANGALORE: Biotechnology major Biocon, plans to acquire the intellectual property of its research collaborator Nobex Corporation, which has applied for cover under Chapter 11 of the U.S. bankruptcy laws, Biocon informed the Bombay Stock Exchange (BSE). The Bangalore-based biotechnology firm and Nobex have been co-developing the revolutionary tablet-form oral insulin — IN105 — for both Type 1 and Type 2 diabetics. The company said it has invested $5.8 million in Nobex — $1 million as common stock and the rest in convertible loans. “Based on progress made till date, the company does not anticipate any disruption to its ongoing oral insulin research program, licensed from Nobex. The company is also seeking to acquire the intellectual property assets of Nobex,” according to a statement from Biocon. The company’s CEO, Kiran Mazumdar-Shaw said, “Biocon is seeking all IP assets of Nobex. We are having exclusive licensing rights, which, as per the agreement, survive any event of bankruptcy. Biocon is in a position to select any options that it chooses.” As for its plans for oral insulin, "Our IN105 programme remains on track; there is no rescheduling," she said. Both the companies announced their tie-up in October 2004 for what could be the world's first oral insulin product. The project had completed pre-clinical or animal trials. Biocon had earlier said it planned to apply for regulatory clearance to begin human trials in India around the middle of 2006 and also file an INDA (investigative new drug application) with the USFDA by then. siliconindia.com and more on Nobex Chapter 11 filing: Nobex Files Bankruptcy; Assets For Sale RTP, NC – Nobex Corporation, a drug development company that was working on an orally taken insulin drug, announced today that it has filed a Chapter 11 bankruptcy in the United States Bankruptcy Court for the District of Delaware. The company had a partnership with GlaxoSmithKline for 17 months revolving around the Nobex oral insulin drug that was in development but that partnership ended abruptly and without explanation in 2004 when Glaxo pulled the plug. If Nobex had met all of the milestones, the collaboration could have been worth $283 million in payments to Nobex. Charles Dimmler, Chairman of Nobex, stated, “We regret that circumstances forced the company to file chapter 11 bankruptcy. However, we appreciate the support we have received from employees, vendors, investors and development partners over the years. Our hope is that the technology developed by Nobex will continue to be of benefit in the hands of a new owner.” Nobex also announced that it has obtained a commitment for debtor-in-possession financing in the amount of $1.2 million. Russ Savre, Vice President of Finance and Administration of Nobex, stated, “With the debtor-in-possession financing, Nobex will have sufficient funds to pay operating expenses during the bankruptcy until a sale can be closed.” In addition, Nobex has entered into an asset purchase agreement to sell the assets of the company, primarily consisting of intellectual property but has not released the name of the firm. The sale is subject to bankruptcy court approval and higher and better offers, if any are received, said the company. triangletechjournal.com