Beech Tree Labs has closed an over-subscribed series B round where it raised $7 million from undisclosed investors. The funds will be used to finish two Phase II trials currently in progress with Beech's lead drug candidate, BTL-TML, for influenza and recurrent oral herpes.

Summarizing the month in European dealmaking.

One of the last of the major hospital groups to commit to an Internet strategy, Novation has leaped into e-commerce with both feet through its recent deal with Neoforma. The company faces a host of challenges, not the least of which come from uncertain hospitals and reluctant product companies. For suppliers, the alliance of leading groups and dot-com companies raises questions about the future of the hospital marketplace.