Business briefs

Mar. 29, 2013 @ 06:41 PM

Online Music Network looks to raise $750,000

DURHAM – An online live music lessons start-up has raised $512,295, according to a U.S. Securities and Exchange Commission filing.

That’s out of a total $750,000 that the company doing business under the name Zenph Inc. is looking to raise in the offering, according to the filing.

The company is the start-up that emerged after the purchase of assets from Zenph Sound Innovations, a company that was in the business of using software to recreate original music performances, or “recompositions.”

To launch Zenph Inc.’s website, the Zenph Online Education Network, or ZOEN, Intersouth Partners led a $900,000 financing round.

And according to a previous interview with the company’s CEO Kirk Owen last year, company officials had planned to build out more features to their website would allow for the use of software for the analysis of the lessons using the technology from the former Zenph Sound Innovations.

Vaccine developer Medicago’s loss widens in 2012

QUEBEC CITY - Medicago Inc., a clinical-stage, Canada-based company working to develop influenza vaccines produced using tobacco leaves, reported Thursday its consolidated loss last year was about $32.67 million.

That compares to a loss of $20.992 million in the prior year. Its operating expenses were up about 79 percent to $38.19 million in the year.

The increase in operating expenses was due to an increase in research and development expenses as well as for some clinical trial expenses, according to a news release.

 “2013 will also prove to be an important year,” Andy Sheldon, company president and CEO, said in a statement in the release. “We expect to report interim pandemic readiness Phase II data for our H5N1 vaccine candidate and Phase II clinical data for our quadrivalent seasonal candidate.”

Sheldon said in the release that company officials believe their proprietary, plant-based manufacturing technology has the potential to “transform the speed and economics of vaccine production.”

Tranzyme Pharma 2012 loss grows about 3 percent

DURHAM – Tranzyme Pharma, a Durham-based biopharmaceutical company that discontinued clinical trials for two drug candidates last year, reported a net loss of $22.8 million last year.

The company’s revenue was down about 17.6 percent to $8.4 million in the year. Its total operating expenses for the year were down about 11 percent to $27.5 million.

Research and development expenses were down about 15 percent to $21 million– a decrease primarily due to a reduction in expenses for the company’s Phase 3 clinical trial for ulimorelin offset by an increase in expenses for a Phase 2b clinical trials for TZP-102.

The company had planned to focus on developing TZP-102 after halting new drug application activities for ulimorelin. But the company discontinued patient enrollment in a Phase 2b trial for TZP-102 when an analysis found a very large placebo effect, and no treatment effect.

In February, the company announced that its board made a decision to looking into strategic alternatives, including the possibility of a merger, sale, other form of business combination, or other transaction to maximize value to its stockholders.