Erich Mohr, chairman and chief executive of MedGenesis, said the seed round came from high net worth individuals, mostly within the U.S.

Mohr said that MedGenesis has just retained Edgemont Capital Partners of New York to place the Series A, which he expects to come largely from venture capital firms, although he has received interest from existing individual backers. The round is expected to close by mid-2007.

Based in Victoria, B.C., MedGenesis was founded in February with technology licensed from the University of California.

Constella Group, a leading global provider of professional health services, announced today that it has signed a definitive agreement to acquire Lineberry Research Associates (LRA), a full-service, U.S. contract research organization and consulting firm based in Research Triangle Park, N.C.

Founded in 1995, LRA is a leading provider of regulatory affairs, medical writing, product development strategy, clinical trial management and data management services for pharmaceutical and biotechnology companies. LRA employs more than 75 people, all of whom will join Constella's pharmaceutical product development business unit once the acquisition is complete, which is expected to occur within the next 30 days.

PAREXEL International Corporation (NASDAQ: PRXL), a leading global bio/pharmaceutical services organization, today announced the execution of a definitive purchase agreement to acquire the business and operations of California Clinical Trials Medical Group, Inc. (“CCT”) and Behavioral and Medical Research, LLC (“BMR”). Established in 1981 with headquarters in San Diego, CCT and BMR provide a broad range of specialty Phase I – IV clinical research services through four clinical sites in California. The purchase price is $65 million, and the acquisition is expected to close within the next thirty days.

Questcor Pharmaceuticals, Inc. (AMEX:QSC) today announced the acquisition of U.S. rights to Doral(R) (quazepam), a non-narcotic, selective benzodiazepine receptor agonist that is indicated for the treatment of insomnia, characterized by difficulty in falling asleep, frequent nocturnal awakenings, and/or early morning awakenings. Questcor is acquiring the product from MedPointe Inc. for $2.5 million in cash and a future milestone payment of $1.5 million. Gross ex-factory sales for Doral in 2005 were $1.1 million.

"Sleep disturbance and insomnia is a very common side effect of many, if not most, neurological diseases and disorders such as Multiple Sclerosis, Epilepsy, Parkinson's disease, and Alzheimer's disease and is a critical concern of Questcor's targeted physicians. We believe that Doral will complement our efforts to expand the prescribing of our lead product, H.P. Acthar(R) Gel (repository corticotropin injection), and will allow Questcor to significantly leverage our forty person national neurology sales force," said Jim Fares, President and CEO of Questcor.

Azur Pharma Limited (“Azur Pharma”) today announced that it has acquired the U.S. rights to Gastrocrom® (cromolyn sodium, usp Oral Concentrate) from UCB Pharma, Inc (“UCB”).  Gastrocrom® is indicated in the management of patients suffering from mastocytosis, a rare disorder characterized by an abnormal accumulation of mast cells in various organ systems.  Annual sales of Gastrocrom® amount to approximately US$5 million.

“I am pleased to announce our first product acquisition, Gastrocrom®, a mature and stable prescription product indicated for a rare and often chronic disorder.  This acquisition is an important first step as we seek to execute on our mission of creating a U.S. pharmaceutical business focused on developing and marketing products in specialist therapeutic areas.” commented Mr. Seamus Mulligan, Azur Pharma’s Chairman and Chief Executive Officer.