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Vical Flies High on Bird Flu Vaccine News

Vical’s experimental pandemic bird flu vaccine, Vaxfectin, was safe and effective in an early stage human study, the local biotech reported Feb. 13.

The vaccine effectively induced antibody formation in 67 percent of patients and T-cell responses in 75 percent to 100 percent of patients in reaction to the H5N1 flu virus, also known as bird flu.

The 182-day trial involved 100 patients, ages 18 to 45, conducted at three U.S. sites.

Vical said the responses lasted six months, through the end of the trial, suggesting the vaccine could provide long-lasting protection. Vaxfectin also produced a response against different strains of the H5 virus, which suggests that the vaccine may protect against other emerging flu strains.

Vical says it is exploring potential sources of funding for further development toward commercialization. First, it will study its safety and immune response in a larger number of subjects at a higher dosage.

Vical, which trades on Nasdaq under the symbol VICL, reported 2008 financial results Feb. 17.

The net loss for 2008 was $36.9 million, or 93 cents per share, compared with a net loss of $35.9 million, or 92 cents per share, for 2007.

Revenues for 2008 were $8 million, compared with $5.5 million for 2007.

It had cash and investments of $42 million at year-end, including $5 million invested in long-term auction rate securities.

For 2009, Vical is projecting a net loss of $24 million to $28 million and a net cash burn of between $19 million and $23 million, and says it expects to have cash and investments of $19 million to $23 million at year-end.


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Mpex Finds Financing:
Mpex Pharmaceuticals, a local biotech aiming to combat antibiotic resistance with new therapies, said Feb. 10 that it completed a $27.5 million round of Series D financing led by Investor Growth Capital.

Investors included RiverVest Venture Partners, Aberdare Ventures, Adams Street Partners, HBM BioVentures and SV Life Sciences.

The investors have also made commitments that could bring the total Series D financing to $40 million, Mpex said.

Its lead product candidate, MP-376, is an aerosol formulation of the antibiotic levofloxacin, which is being developed as a maintenance therapy for patients with chronic respiratory infections. MP-376 is undergoing Phase 2 clinical trials in patients with cystic fibrosis and chronic obstructive pulmonary disease, known as COPD.

“This new investment will enable us to complete the ongoing Phase 2 trials of MP-376 in both CF and COPD, as well as prepare for Phase 3 trials in these indications,” said Mpex CEO Daniel Burgess.


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La Jolla Pharma Drops Riquent Trial:
Negative results from an interim analysis of lupus drug Riquent were enough to shelve the late-stage drug that La Jolla Pharmaceutical had been developing. La Jolla saw its stock value plummet 90 percent on the news Feb. 12.

Riquent was the biotech’s only clinical-stage drug in development. It had partnered with Novato-based BioMarin Pharmaceutical last month to co-develop the drug.

An independent monitoring board told La Jolla that continuing the study would be futile, the business admitted. In response, it decided to end the study and evaluate the results.

The decision to halt its development was a major setback to La Jolla Pharmaceutical, which had attempted for years to get the drug approved. The FDA had asked for more data on Riquent in 2004 as a condition for its approval.


Send biotechnology news to Heather Chambers at hchambers@sdbj.com, or call her at 858-277-6359.

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