Monogram signs $25M deal with Pfizer; sees 1st-qtr losses narrow to $3.4M

USA-based drugmaker Monogram Biosciences says that it has signed an agreement with fellow US firm Pfizer, under which the latter will invest $25.0 million in the former through a 3% senior secured convertible note, which is payable in 2010. Alfred Merriweather, Monogram's chief financial officer, said that the investment would allow the firm to address business and financial opportunities, while providing a firm basis for its continued growth.

Companies to collaborate on HIV test

In a separate announcement, Pfizer and Monogram say they have entered into a non-exclusive collaboration deal to make Monogram's HIV co-receptor tropism assay available around the world, allowing physicians to determine the most appropriate therapeutic regimen for a patient.