San Diego-based Anadys Pharmaceuticals unveiled plans to slash its staff by 40 percent and drop one of its drug development programs in a move to cut costs. Anadys also says that it was able to raise $17.5 million from the sale of shares to continue funding its lead program for hepatitis C.
The lead program for ANA598 will forge ahead with a Phase II study while the developer says it will seek a licensing partner for ANA773. There was no word on exactly how many workers are affected by the restructuring at Anadys, but Xconomy estimated that 20 workers would be affected.
"We have now completed three Phase I studies of ANA598 and we have seen potent antiviral activity, as well as good tolerability," said Steve Worland, Ph.D., president and CEO of Anadys. "As we complete preparations for the first Phase II study of ANA598 in combination with interferon and ribavirin, we have decided to focus our future investments on this important asset and to take these cost-sparing measures which we expect to ensure our ability to complete the Phase II study with our expected cash resources. The proposed Phase II study is expected to provide important data at the end of this year and in the first two quarters of 2010."