Labopharm said today that it's reviewing options for its assets, technologies and products and considering "potential business combinations that could create value for shareholders." The Canadian company revealed in March that it was undertaking a strategic review following CEO James Howard-Tripp's departure. At the time it laid off 38 people, or about a third of its staff. Management says it will continue to examine ways to control its costs and look for potential cost reductions, including capitalizing on two technology platforms--Intellita and Polymetric Nano-Delivery Systems.
Labopharm execs are also examining the future of depression drug Oleptro. It's in discussions with partner Gruppo Angelini to restructure its agreement on the drug to preserve capital. Angelini handles commercialization of Oleptro in the U.S.
"Although we continue to believe that Oleptro is a valuable product for the treatment of depression, we feel it is in the Company's best interest to come to an agreement with Angelini that allows us to preserve our cash," said CEO Mark D'Souza in a statement.
- take a look at Labopharm's release