Cash-strapped Canadian biotech Ambrilia Biopharma is continuing with its cost-cutting efforts. The Quebec-based company announced that it is cutting a Phase III study of octreotide acetate (C2L) in acromegalic patients. Study 303, as it was known, included clinical centers in both Europe and the USA and was evaluating several doses of Ambrilia's drug. No safety problems or adverse events were apparent at the six months mark, where the company is halting the trial. Ambrilia said that with the help of various partners, it is continuing with its regulatory filings process and discussions, and will be using earlier study results to support its work.
Ambrilia, which is holding out for a possible sale or merger, is one of many Canadian biotechs struggling to stay afloat during the financial crisis. The company previously announced a round of layoffs and just last week sold off an early-stage cancer program to Kotinos Pharmaceuticals.
- check out Ambrilia's release