(Page 2 of 2)
that Schultz is out as founding director of the Genomics Institute of the Novartis Research Foundation. The Novartis-funded institute, which has 560 employees working in a 260,000 square-foot facility, is one of the major scientific players in the biomedical research cluster atop Torrey Pines Mesa. That was Luke scoop No. 2.
—Speaking of Novartis, the global head of technical operations at Novartis Vaccines & Diagnostics detailed his company’s turnaround at Chiron during a recent swing through San Diego. Novartis acquired Chiron in 2006, and the Novartis executive, Matthew Stober, said fear pervaded the old workforce. Employees were afraid to make decisions and stand up to management, which can hurt an operation.
—The outcome of a vote expected today on the weight-loss drug Qnexa by a panel of expert advisers to the FDA could determine the fate of Qnexa’s developer, Mountain View, CA-based —Vivus (NASDAQ: VVUS). But as Luke reported, the panel’s vote on Qnexa also could indicate the committee’s disposition toward rival weight loss drugs under development by Orexigen Therapeutics (NASDAQ: OREX) and Arena Pharmaceuticals (NASDAQ: ARNA), two San Diego rivals developing their own weight loss drugs. A regulatory review the FDA posted on its website about the Vivus drug Tuesday wasn’t as harsh as some investors anticipated.
—San Diego’s Femta Pharmaceuticals raised $2.2 million in equity and options financing. The two-year-old startup has now raised a total of $7 million to develop targeted antibody drugs that pack more punch.
The Pentagon’s Defense Advanced Research Projects Agency (DARPA) awarded San Diego’s AnaptysBio a $1.5 million contract to develop military biosensors that could be used to detect specific biological agents in possible terrorist attacks.