NovaBay reports positive cash flow in Q1
EMERYVILLE, Calif. A biopharmaceutical company that develops drugs for preventing and treating infections reported positive cash flow during first quarter 2009 thanks to a milestone and initial payments made under agreements with two other drug makers.
NovaBay Pharmaceuticals reported revenues from licenses and collaborations of $2.6 million, compared with $1.5 million for first quarter 2008, mostly from agreements with Alcon and Galderma. Net loss for the quarter was $300,000, compared with $270,000 during first quarter 2008, leaving the company with cash, cash equivalents and short-term investments of $12.9 million, compared with $12.1 million as of Dec. 31.
“We believe the first quarter of 2009 was one of continued accomplishment for NovaBay as we achieved business development and clinical progress in advancing our first-in-class Aganocide compounds that are designed to mimic the human body’s natural defense against infection without developing resistance,” NovaBay chairman and CEO Ron Najafi said.
E.F. Bavis and Associates create non-pneumatic, tape-drive prescription carrier
CINCINNATI Retail pharmacies that deliver prescriptions to drive-through customers via pneumatic tube have a more environmentally friendly option.
E.F. Bavis and Associates, a company that manufactures drive-through equipment for retail pharmacies, banks and quick-service businesses, has launched the Captive Carrier TransTrax, a non-pneumatic, tape-drive prescription carrier. The company said that other systems typically use 40 amps to operate, while E.F. Bavis’ uses two amps and is made with recyclable materials.
A company spokesman said that while it is conceptually similar to a pneumatic tube system, the use of a tape drive allows Captive Carrier to adjust to different vehicle heights and allows for manual retrieval in the event of a power failure.
Genentech presents positive study results at ASCO meeting
SOUTH SAN FRANCISCO, Calif. Positive results of phase 2 and phase 3 studies of a cancer-fighting monoclonal antibody are among the subjects that biotech company Genentech plans to present at the American Society of Clinical Oncology’s 45th annual meeting in Orlando, Fla.
Key study results will include positive phase 3 results for Herceptin (trastuzumab) in advanced HER2-positive stomach cancer and phase 2 data in metastatic HER2-positive breast cancer with trastuzumab-DM1, which uses Herceptin’s antibody to deliver a specialized cancer cell-killing agent to tumor cells. The company will also present data from two phase 3 studies of Avastin (bevacizumab), one that studied the drug as a treatment for early-stage colon cancer and another that investigated a combination of the drug with Tarceva (erlotinib) as a first-line treatment for non-small cell lung cancer.
“By focusing on the biology of cancer, we are able to create potential new therapies that uniquely target the disease, impede multiple growth triggers and can be used at different times during the course of treatment,” Genentech chief medical officer and EVP global development Hal Barron stated. “Biomarker research is involved in each of our cancer development programs in order to help us identify which patients may respond best to our medicines.”