Antex

Gaithersburg-based Antex Biologics announced yesterday that it has begun an early stage clinical trial of an orally administered vaccine to protect against a bacteria that causes gastroenteritis and diarrhea in many Third World countries.The publicly held biotechnology company, which went by the name MicroCarb until changing it this month, said 100 volunteers at military institutions in Maryland have been signed up for the trial.The trial's goal is to determine the safety and effectiveness of the vaccine with an additive that the company believes will improve immune responses.

Antex Biologics Inc., a cash-starved Gaithersburg biopharmaceutical company, said yesterday that a deal to sell itself to a Michigan vaccine maker had unraveled, forcing it to file for Chapter 11 bankruptcy protection."

MicroCarb Inc. officially changed its name yesterday to Antex Biologics and is trading under a new ticker symbol.The Gaithersburg-based company's common stock now is quoted on the OTC Bulletin Board under the ticker symbol ANTX.Dr. Vic Esposito, chairman and chief executive officer of the 5-year-old biotechnology company, said the company changed its name because MicroCarb no longer describes the technologies that the company is working to develop."We wanted to more accurately reflect our mission of developing and marketing products based on our anti-infective technologies," he said.

Antex Biologics Inc., a Gaithersburg biopharmaceutical company that is running out of money, announced yesterday an agreement to sell its assets to BioPort Corp., a Michigan maker of anthrax vaccine. Kimberly Brennen Root, BioPort's director of communications, said that while plans are not complete, the acquiring company expects to continue operating Antex's Maryland facility and to offer jobs to its 38 employees. BioPort would pay $3 million in cash or $3.6 million in cash and notes, roughly equal to Antex's recent market capitalization.

Antex Biologics Inc., a cash-strapped biopharmaceutical company in Gaithersburg, said yesterday that it canceled a public offering that would have raised more than $5 million - enough to keep it operating the rest of this year. The underwriter, Roan/Meyers & Associates LLP, notified Antex that it could not complete the offering of stocks and warrants within the time frame that the company had anticipated, Antex said in a statement yesterday. Antex, which has 12.4 million shares outstanding, had filed for the stock sale in October.

Antex Biologics Inc., a vaccine developer whose shares trade at lowly levels in the relative obscurity of the over-the-counter market, said yesterday that it had hired an investment-banking firm in a bid to make the company more visible to investors, boost its stock price and scout for new sources of revenue. First Security Van Kasper will help the Gaithersburg company assess alternatives, including the acquisition of rights to sell products already approved and on the market - something Antex doesn't yet have, said Theresa M. Stevens, vice president of corporate development for Antex.

Citing a 45.7 percent increase in research and development expenses, Gaithersburg-based Antex Biologics Inc. reported a net loss of $120,872 for the third quarter that ended Sept. 30, compared with a net loss of $157,551 for the same period of 1996.The small biotechnology company said yesterday that it booked third-quarter revenue of $965,331, compared with revenue of $623,646 for the year-ago quarter.Research and development expenses increased to $801,228 in the third quarter of 1997, from $549,762 in the comparable 1996 quarter.

These are not glamorous days for Dr. Stephen Keith. Early one recent morning, the new president of Antex Biologics Inc. battled traffic on the Capital Beltway as the sun rose, then lugged a computer from car to plane to Boston's subway before walking the last few blocks to his destination. There, at the Maison Robert restaurant, Keith had about 20 minutes to pitch the Gaithersburg vaccine developer to a group of about 30 stockbrokers. When some heads nodded in understanding and no one broke early for the door, Keith scored the talk a success.

Antex Biologics Inc., a Gaithersburg biopharmaceutical company that is running out of money, announced yesterday an agreement to sell its assets to BioPort Corp., a Michigan maker of anthrax vaccine. Kimberly Brennen Root, BioPort's director of communications, said that while plans are not complete, the acquiring company expects to continue operating Antex's Maryland facility and to offer jobs to its 38 employees. BioPort would pay $3 million in cash or $3.6 million in cash and notes, roughly equal to Antex's recent market capitalization.

An Antex Biologics vaccine against a bacteria that causes stomach ulcers and that has been associated with cancer will be moved into a second stage of human tests next year, after getting positive Phase I test results, the company said yesterday. The vaccine, known as Helivax, resulted in no serious side-effects when 45 healthy volunteers drank five doses over an unspecified period of days, the Gaithersburg company said. The vaccine also stimulated the production of antibodies, a sign of potential effectiveness.

Antex Biologics Inc., a cash-strapped biopharmaceutical company in Gaithersburg, said yesterday that it canceled a public offering that would have raised more than $5 million - enough to keep it operating the rest of this year. The underwriter, Roan/Meyers & Associates LLP, notified Antex that it could not complete the offering of stocks and warrants within the time frame that the company had anticipated, Antex said in a statement yesterday. Antex, which has 12.4 million shares outstanding, had filed for the stock sale in October.

An Antex Biologics vaccine against a bacteria that causes stomach ulcers and that has been associated with cancer will be moved into a second stage of human tests next year, after getting positive Phase I test results, the company said yesterday. The vaccine, known as Helivax, resulted in no serious side-effects when 45 healthy volunteers drank five doses over an unspecified period of days, the Gaithersburg company said. The vaccine also stimulated the production of antibodies, a sign of potential effectiveness.

Antex Biologics Inc. said yesterday that it had raised $3 million through a securities sale to help pay for development of its experimental vaccines and antibiotics. The private placement of convertible preferred stock and warrants comes as the small Gaithersburg company is poised to move its fourth vaccine into human testing. It also comes on the heels of a number of executive changes designed to help the company focus on getting its vaccines to market, rather than on research, said V.M. Esposito, the company's chairman and chief executive.

In the Region Md. insurance chief upholds fine against HMO for denying care Maryland Insurance Commissioner Steven B. Larsen yesterday upheld his agency's largest fine against an HMO for denying medically necessary care - $125,000 imposed against Connecticut General Life Insurance. The fine, imposed in July, came after the insurer denied coverage for additional inpatient rehabilitation for a patient who had received skull surgery. According to Larsen's ruling, Connecticut General challenged the law under which the Maryland Insurance Administration hears patient appeals over whether care is medically necessary, and has the medical file reviewed by independent doctors.

In the Region Commerce approves expansion of city's foreign trade zone Baltimore's Foreign Trade Zone No. 74 has been approved for a major expansion by the Foreign-Trade Zones Board of the U.S. Commerce Department, the Baltimore Development Corp. announced yesterday. Foreign-trade zones are seen as catalysts for international commerce because of the breaks they can offer on tariffs or excise taxes. The local foreign trade zone - previously 286 acres - now is composed of 1,464 acres at 11 sites, said the BDC, the city economic development agency that also operates the trade zone.

These are not glamorous days for Dr. Stephen Keith. Early one recent morning, the new president of Antex Biologics Inc. battled traffic on the Capital Beltway as the sun rose, then lugged a computer from car to plane to Boston's subway before walking the last few blocks to his destination. There, at the Maison Robert restaurant, Keith had about 20 minutes to pitch the Gaithersburg vaccine developer to a group of about 30 stockbrokers. When some heads nodded in understanding and no one broke early for the door, Keith scored the talk a success.

Antex Biologics Inc., a cash-starved Gaithersburg biopharmaceutical company, said yesterday that a deal to sell itself to a Michigan vaccine maker had unraveled, forcing it to file for Chapter 11 bankruptcy protection."

Antex Biologics Inc. said yesterday that it had raised $3 million through a securities sale to help pay for development of its experimental vaccines and antibiotics. The private placement of convertible preferred stock and warrants comes as the small Gaithersburg company is poised to move its fourth vaccine into human testing. It also comes on the heels of a number of executive changes designed to help the company focus on getting its vaccines to market, rather than on research, said V.M. Esposito, the company's chairman and chief executive.

In the Region Hanger's earnings show effects of 1999 acquisition Hanger Orthopedic Group Inc. of Bethesda showed the effects of a major acquisition a year ago in second-quarter results it posted yesterday. Hanger earned $2.4 million, or 6 cents a common share, in the quarter, down from $4.9 million, or 24 cents a common share, in the second quarter of 1999. Revenue was more than double the year-earlier quarter - $125.9 million compared with $56.4 million - but profit slipped, in part because of acquisition-related costs.

In the Region Magellan settles suit accusing company of fixing prices Magellan Health Services, Inc., the Columbia-based mental-health insurer, announced yesterday the settlement of a lawsuit charging it and several competitors with price-fixing. The settlement acknowledges there was no evidence of price-fixing, and involves no payment to the plaintiffs or their lawyers, Magellan said. The suit was filed two years ago in U.S. District Court in New York by therapists, charging Magellan and other mental-health insurers with fixing prices to drive down reimbursements to psychiatrists, psychologists and other providers.