Genaera will cut its staff by 30 percent as it shutters its development program for Evizon, an experimental therapy that has been in mid-stage trials for wet age-related macular degeneration. Genaera reported disappointing results from the most recent mid-stage study. Company officials announced that Genaera now plans to shift its focus to trodusquemine (MSI-1436), a new obesity drug in Phase I as Banc of America Securities is brought on to explore "strategic alternatives."
"This restructuring is a fundamental shift in direction for Genaera, but represents the best match of our development programs to the new realities of the marketplace," said Zola Horovitz, the board's lead director. "By re-focusing resources from the Evizon development program, Genaera has the opportunity to bring trodusquemine forward and address a significant market opportunity in the treatment of obesity."
- check out the company's press release [1] on the decision
- here's the UPI report [2] on Genaera
Links:
[1] http://www.fiercebiotech.com/node/5097
[2] http://www.upi.com/HealthBusiness/view.php?StoryID=20070103-063645-1178r