Cell Therapeutics (CTIC) has signed a worldwide licensing deal with Norvartis worth US$285M. This agreement will see Norvatis assisting in the development and commercialisation of Cell Therapeutics’ flagship drug, XYOTAX. The amount includes US$15M equity investment in the drug development company as well.
Cell Therapeutics traded up 13 cents or 6.67% on Monday to $2.08.
Technorati Tags: cell therapeutics, ctic, xyotax, licensing deal, agreement, novartis, drug, cancer, investment
Cell Therapeutics stock was up after positive results from 91 percent target achievement rate was reported in the August issue of the American Journal of Clinical Oncology. Twelve patients with esophageal or gastric cancer has been tested with the cancer drug Xyotax.
Dr. Howard Safran of Brown University says that Xyotax may “replace paclitaxel as the most important radiation sensitizer in solid tumors”. If this is true, we may see a future without the need for or less side effects from chemotherapy drugs.
CTIC closed $1.61 on Thursday 24 August 2006.
Technorati Tags: cell therapeutics, ctic, xyotax, results, cancer, tumor, chemotherapy, drug
The value investing guru of our time, Warren Buffett, has announced that he would plan to donate 83 percent of his Berkshire Hathaway shares to several charity organisations, including the Bill and Melinda Gates Foundation. At the company’s current market price, this translates to about $37.4 billion US dollars.
This news may be related to the recent announcement by Bill Gates to fully move on to philantrophy by 2008, mentioned previously here.
Buffett’s unmatched generous gesture is prompted by his wife Susan’s death in 2004. He has also allocated 350,000 shares for each of his children, advising them to “focus the new funds and your energy on a relatively few activities” in which they could make a difference.
From today onwards, I think many of us, including myself, have a new respect for Buffett. This man has more than what anyone on Earth needs and now he is giving it back to society.
How much is enough for you? When will you be satisfied? How will you feel if you don’t get it in the end?
<URL:http://quote.bloomberg.com/apps/news?pid=10000006&sid=aimfM9VqxrOw&refer=home>
<URL:http://www.washingtonpost.com/wp-dyn/content/article/2006/06/25/AR2006062500801.html>
Technorati Tags: warren buffett, charity, bill gates, donation, berkshire, shares