Viratek Unveils Program to Develop Gene-Blocking Drugs
Viratek Inc. on Tuesday unveiled a new research program designed to develop drugs that would block specific genes that cause disease.
The new multimillion-dollar program will be headed by Wilfried Eckehart Seifert, former head of a laboratory in Germany, a company spokesman said. Seifert and his group of 15 scientists will be part of Viratek’s existing research and development operations. The new research will target ways to fight cancer and other diseases with genetic materials, the company said.
In Tuesday’s trading on the American Stock Exchange, Viratek’s stock lost $1.25 a share to close at $12.25. On Monday, it had gained $1.625.
“The stock was up Monday because someone let the word out there was going to be an announcement, and the announcement was not what they were expecting,” said Harold Meyers president of H.J. Meyers, a Beverly Hills investment bank that has underwritten securities for Viratek. “This is good news about this new guy they’ve hired.”
The Costa Mesa pharmaceutical company, which had $5.5 million in revenue for 1992, specializes in developing and licensing new drug compounds. It is 70% owned by ICN Pharmaceuticals Inc.
