Spec pharma has created significant value in the US, but not, so far, in Europe. Still, Europe's spec pharma hopefuls aren't giving up, and they're trying out variations on the theme--some starting with infrastructure, others with products.

Marinus Pharmaceuticals was founded to take ganaxolone, a problematic compound for which tantalizing human efficacy data already exists and reformulate it to overcome the pharmacokinetic and cost problems holding it back. In just two years since in-licensing it, Marinus has succeeded in reformulating the drug and putting it back into clinical testing for two epilepsy indications with hopes of building a multi-indication franchise around it.

Specialty pharma RHEI Pharmaceuticals' mission is to in-license China rights to partners' approved drugs or late-stage candidates, shepherd them through regulatory approval, and launch them in the China marketplace.

A preview of the emerging health care companies profiled in the current issue of Start-Up. This month's profile group, "Moving beyond Accutane and Botox", includes profiles of Magen BioSciences, Neosil, Syntopix and TransDerm. Plus these Start-Ups Across Health Care: Cardiak, Innovive Pharmaceuticals, RHEI Pharmaceuticals and ViewRay.