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Quelle:http://biz.yahoo.com/rf/000828/n28505165.html Monday August 28, 6:52 pm Eastern Time Guilford drops Gliatech purchase over FDA concerns BALTIMORE, Aug 28 (Reuters) - Guilford Pharmaceuticals Inc. (NasdaqNM:GLFD - news) on Monday said it has scrapped plans to buy Gliatech Inc. (NasdaqNM:GLIA - news) after finding that the medical device maker needed to resolve regulatory concerns about the only product it sells, a gel to prevent post-surgical scarring. The companies mutually agreed to terminate the deal, valued at about $203 million when announced in May. The deal called for the Baltimore-based drug maker Guilford to give Gliatech holders 1.38 shares of Guilford stock for each Gliatech share held. ``The parties mutually agreed that, in light of Gliatech`s need to focus on certain of its ongoing regulatory and product development matters, the parties have elected not to proceed with the proposed merger at this time,`` Guilford said in a statement. Gliatech, in a separate statement, said that the U.S. Food and Drug Administration (FDA) on Aug. 23, issued a report raising questions about how the data from a clinical trial of Adcon, Gliatech`s gel, was recorded and then presented to the agency. The company is working on a response to the report and said the outcome of the process remains uncertain. The company said it can continue to sell Adcon, which won FDA approval in May 1998. Guilford Pharmaceuticals Inc. develops polymer-based treatments for brain and other cancers, and treatments for the treatment of neurological diseases, including Parkinson`s disease, Alzheimer`s disease, and stroke. Gliatech discovers and develops products to treat neurological disorders and medicines improve recovery after surgery. |
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| Autor (Datum des Eintrages): | veronaf (29.08.00 15:14:50) |
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