Camelot Pharmacal L.L.C., Sheffield Medical Technologies Inc. deal

SHM signed a letter of intent to acquire Camelot, a privately held pharmaceutical company, for an undisclosed amount. Products and indications were not disclosed. SHM and its Ion Pharmaceuticals Inc. subsidiary (Boston, Mass.) are developing a nebulizer system to deliver drugs to the lungs, anti-proliferative therapies, a prostate cancer drug and diagnostics and drugs for HIV.

SHM had $4 million in cash as of Sept. 30, and lost $7 million in each of the past two years. ...