West Coast Biotech Roundup: Genentech, CareDx, Otonomy, and More
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a long-lasting antibiotic gel intended to treat various types of middle ear infections among children who undergo tympanostomy tube placement surgery.
—Freedom Meditech has raised almost $1.2 million from investors in a round that aims to raise $6 million for the San Diego diagnostic equipment maker, according to a regulatory filing. The FDA cleared the technology last year. It is intended for use by optometrists and ophthalmologists to screen their patients for diabetes during routine eye exams.
—Enzyme maker Codexis (NASDAQ: CDXS) of Redwood City, CA, said Monday it inked a deal with GlaxoSmithKline (NYSE: GSK) that gives the drug maker license to use Codexis’s protein engineering technology, the first time a health care entity has licensed the platform, dubbed CodeEvolver. The deal pays Codexis $6 million upfront and $19 million more in milestones over two years. Codexis shares rose more than 80 percent upon the news, to a high of $2.65, before settling back down.
—Ultragenyx Pharmaceutical (NASDAQ: RARE) of Novato, CA, a developer of treatments for rare diseases, closed Monday a follow-on stock offering that grossed about $60 million for the company. The firm sold 1.6 million shares at $40 apiece, and other stockholders sold approximately 706,000 shares, the sale of which did not benefit the company.
Bruce V. Bigelow contributed to this roundup.