With a financial earthquake shaking up the ranks of the world's biotech companies, Bradmer Pharmaceuticals has opted to cut back as it loses hope in finding new operating capital. Bradmer is cutting 13 jobs--70 percent of its staff--suspending enrollment in a clinical trial and shelving the contract manufacturing of Neuradiab, an experimental therapy for brain cancer.
"We believe it is prudent in today's uncertain economic climate to take all appropriate measures to conserve existing capital until a new strategy is adopted by our Board," said Dr. Alan M. Ezrin, president and CEO of Bradmer. "The major cost drivers for Bradmer are clinical operations support, patient enrollment rate and contract manufacturing. By suspending these activities, we will significantly reduce our ongoing expenditures. However, we will continue to support and track the progress of all patients currently enrolled in the GLASS-ART Trial. The Company intends to maintain the ability to pursue business development strategies for Neuradiab and is continuing to explore opportunities that would permit further development of Neuradiab."
Bradmer announced in mid-February that it was undertaking a strategic review to map out the best way forward. The developer also said that the CRO then in charge of enrollment for the Phase II trial of Neuradiab was unable to hit its goals for the study.
- check out the Bradmer release
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