Nuvelo cuts staff, drops program on Phase II failure

Nuvelo has axed its development program for alfimeprase after seeing it fail in a Phase II clinical trial. As a result, Nuvelo announced that it is slashing 40 jobs and that Dr. Michael Levy, the company's R&D chief, is departing. Next up in the pipeline: top-line data from Nuvelo's Phase I proof-of-concept trial with NU172 and the initiation of a Phase I trial with NU206. And the company says it has the cash on hand to look for new in-licensing deals to beef up its prospects.

"The value proposition for alfimeprase in CO was to restore catheter function with similar efficacy to CathfloActivase, but in a much shorter time frame. We did not see the robust increase in activity or dose response expected with the significantly increased dose and concentration we tested in the SONOMA-3 trial," said CEO Dr. Ted W. Love. "We have conducted high-quality, comprehensive development of alfimeprase and are confident that our decision to shut down this program is appropriate for our business."

- check out this press release
- read the story in the San Jose Business Journal