Nuvelo and Arca Biopharma announced yesterday that they will be merging to make a late-stage cardiovascular biotechnology company. Nuvelo's alfimeprase, a drug to treat blood clots, failed last year but Nuvelo retained $76 million. This is an example, says Reuters, of failed or failing biotechs being taken over for access to their excess cash. The San Jose Business Journal writes that the combined company should have enough funding until the end of 2009.
Give Us the Money
Sep 26, 2008