Acorda Drops Epilepsy Candidate Once Central To Its Revenue Forecasts
Plumiaz, a nasal spray formulation of diazepam, is discontinued after it fails one of three Phase III trials undertaken to comply with 2014 FDA complete response letter.
You may also be interested in...
Even Series A rounds have been large during recent record-breaking years for biotech venture capital investment, but it looks like smaller financings for early-stage companies may be in the midst of a comeback. With VC firms closing new funds, that raises the question: Will the number of preclinical and Phase I financings increase?
Last week saw the NASDAQ Biotechnology Index (NBI) finish up 2.9%, outperforming a flat week for the broad market S&P 500 index. In the past six months this has been a reasonably rare event although it was often the case in the last biotech bull market that ended last summer. While much of the NBI's performance came from the relief rally on Friday, May 20, some commentators on social media were hailing it as the start of a recovery in biotechnology.
Acorda Therapeutics Inc.'s president and CEO Ron Cohen has been dropping hints for some months that he was pursuing significant business development opportunities and the EU was his preferred hunting ground. Finally, on Jan. 19, Acorda said it has agreed to acquire Biotie Therapies Corp. of Finland for around $363m. Biotie has a Parkinson's disease drug candidate in Phase III which has a mechanism of action that has caused problems for other companies.