Tuesday, January 20, 2009

Abraxis Bioscience Spins Out Personalized Medicine Firm

Los Angeles-based Abraxis Biosciences disclosed this morning that the firm's board has approved a plan to create a new company, Abraxis Health, Inc., which will focus on biomarkers and personalized medicine. According to Abraxis, the new firm will focus on identifying compounds linked to specific diseases -- biomarkers -- focused on predictive, personalized medicine. Abraxis Health will gain the drug discoveyr, pilot operations, and development operations of Abraxis BioScience. Abraxis BioScience said it will focus entirely on its ABRAXANE cancer treatment. Dr. Soon-Shiong will become Chairman and CEO of the spinout.