Raptor acquires ALDH2 drug for new R&D unit

The USA's Raptor Pharmaceuticals has acquired its first clinical-stage product and also formed a wholly-owned unit, Bennu Pharmaceuticals, to be responsible for clinical development of internally-discovered therapeutic candidates based on its novel drug delivery platforms and in-licensed clinical-stage products. Bennu will focus initially on a product targeting aldehyde dehydrogenase deficiency, a genetic metabolic disorder. The agent was among assets acquired by Raptor from Convivia, a California-based development-stage drugmaker. Raptor also named Convivia's chief exevutive, Ted Daley, president of Bennu. The firm plans to file an Investigational New Drug submission to the Food and Drug Administration to initiate a Phase II trial in 2008, subject to FDA approval of its IND.