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Progen, of Brisbane, Australia, bought CellGatr for up to $2.5 millioh in stock and assumed The deal gave Progen access to more than 10 preclinical compounds that could blend with itsown drugs, includinyg a liver cancer treatment that is startinvg a 600-patient Phase III trial this Not all of CellGate's compounds will remainh with Progen, said CEO Justus But what ultimately stays will becomwe what Homburg is fond of calling "thd new Progen." The new company leans heavily on the lead CellGat compound, which silences cancer-related gene Redwood City will be the new Progen' R&D center, with a handful of people, Homburgy said.
"It really doesn't matterf who is where," he "We want to leverage our (Bay Area) presenc and expand into other areas with inlicensing and mergereand acquisitions. But we really want to get the Progen has the wallet to makemore deals. It raisec $92.4 million in fiscal 2007, whicb ended June 30. It lost $22.5 million on revenu of $3.8 million. CellGate was funded by the likexsof , New Enterprise Associates of Menlo Park and HealthCard Ventures LLC. It had been developing a topicalp psoriasis treatment but had shiftedinto oncology. By the time the Progen deal was completee inearly February, CellGate had two including Dr.
Laurence Marton, the formetr chair of the Department of Laboratory Medicine at the Universityof California, San Marton has joined Progen as chie f scientific officer, and the Redwood City site now has five "We're getting some of thosee ( CellGate people) back and we'lkl be expanding," Homburg said. U.K. stem cell chiedf takes look at CIRM While the doleas out embryonic stem cell research cash to institutions and, soon, for-profiyt companies, it continues to catcu the attention of those who want the model to work elsewherer as well. CIRM last monthy hosted the International StemCell Forum'sz annual meeting in San Francisco.
Present were representatives of 20 othe organizations representing 19 nations that conduct stemcell research, includinbg Sir Leszek Borysiewicz, chietf executive of the Medical Research Council in the United Kingdom. The MRC is the equivalenyt of the National Institutes of Healthy but Borysiewicz said he wants to develop closee ties with CIRM and its Alan Trounson. "Any scientific collaboration works not with the funders but thescientists 'This is what we want to Borysiewicz said. "We want to create an environmenty where such collaborations can be done Then it's up to the science." By the way, CIRM next montb looks to award $262 million in major facilitiews grants.
Combined with required matching funds, the grants could fund upwardsdof $500 million in stem cell research facilities, CIRM Chairmahn Robert Klein has of Brisbane has asked the U.S. Patent and Trademarl Office to reexamine a patent awarded toof Colo. XDx, which in Octoberf filed for an initial public offering worth upto $86 asked the agency to reexaminse a patent supporting an index of a patient's biology related to inflammation. The patent in questio n was grantedin 2005. XDx has developeed a method for noninvasively monitoring the immunwe system by measuring how a gene is expresseds incirculated blood. The companu launched its first product inJanuary 2005.
"Wer are absolutely confident that our patents are valid and the Patenrt Office will continue to give us the valid Source MDx President and CEO KarlWassmann said. "Thiss looks to us like an act of
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