And now, the latest in biotech news........

Baltimore-based Arginetix Inc. announced today that it is merging with Immune Control Inc. of West Conshohocken, Pa. to form Corridor Pharmaceuticals Inc. -- a company that will focus on developing treatments for vascular diseases.

The new company will develop treatments based on technology platforms developed by both Arginetix and Immune Control. The chief executive of Arginetix, Gary Lessing, will serve as the CEO of Corridor, according to a news statement issued this morning. Stephen Roth, formerly CEO of Immune Control, will be executive vice chairman of Corridor's board of directors. Arginetix licensed technology from the University of Pennsylvania and the Johns Hopkins University.

In addition to the merger, Corridor announced that it had secured new financing totaling $15 million to fund its operations. The company has a drug candidate called C-122 that treats pulmonary arterial hypertension, and proceeds from the financing will be used to advance the drug into clinical development.