Alza spins out Macroflux

Johnson & Johnson (JNJ) subsidiary Alza (Mountain View, Calif.) spun out its Macroflux business into drug delivery company Macroflux (Mountain View, Calif.). The newco will develop compounds using its Macroflux transdermal delivery technology. Macroflux also raised $75 million in a series A round led by Nomura Phase4. New Enterprise Associates and HBM Partners also participated in the financing, and Alza will retain an undisclosed stake in the newco.

The newco has a parathyroid hormone (PTH) program using the technology to treat severe osteoporosis. The product is expected to enter Phase II testing by the first half of 2007. Macroflux has four other programs that have completed initial human trials outside the U.S. ...