Reeling from the U.S. government's recent rejection of its radiation sickness therapy, Hollis-Eden has announced plans to chop a quarter of its work force and refocus its development work in a bid to cut its burn rate. Hollis-Eden CEO Richard Hollis bitterly announced recently that he would no longer work with the U.S. government and that the company will no longer invest in biodefense. Now the company says it will concentrate most of its efforts on two programs: HE3286 for type 2 diabetes and rheumatoid arthritis and HE3235 for prostate and breast cancer. Hollis-Eden also said that Daniel D. Burgess, COO and CFO, is resigning to become the CEO of a biopharmaceutical company.
"With the recent announcements of positive preclinical activity with HE3286 in models of type 2 diabetes and rheumatoid arthritis, and with HE3235 in models of prostate and breast cancer, we have created an abundance of opportunity," said Hollis. Hollis has provided a scathing review of Project BioShield, the government's multi-billion dollar program aimed at developing new therapies to counter a bioterror attack.
- check out this release on the cuts
- read the AP report