DOV formulates new development strategy

Citing a series of challenges this year, DOV Pharmaceutical says it plans to refocus its corporate strategy to cut costs and advance new therapies. DOV also says it has notified Merck that it wants to terminate its license deal for DOV 21,947, which may give it an option to develop a new partnership agreement. Somerset, NJ-based DOV says it will focus on early and mid-stage trials of therapies for neuropsychiatric disorders while advancing later-stage therapies through collaborations. DOV says it is working with HSBC Securities to evaluate its "strategic options."

"We have been faced with many challenges this year and have been working tirelessly to determine how to address these challenges and offer our stakeholders a value-driven strategic plan," said Barbara Duncan, president and CFO of DOV. "We believe that our decision to focus on the development of products emanating from our core areas of research and early stage clinical programs will significantly reduce our cash burn while we continue to evaluate strategic options for the company."

- here's the release on DOV's plans