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Current clinical and late preclinical product assets
Synavive™: analyses continue to suggest that Synavive MAY have commercial potential and we are engaged in multiple partnership conversations.
Press Release Source: CombinatoRx, Incorporated
CombinatoRx Concentrates on Core Strengths
Thursday November 20, 4:01 pm ET
CAMBRIDGE, Mass.--(BUSINESS WIRE)--CombinatoRx, Incorporated (NASDAQ: CRXX - News) today announced a further restructuring, effective immediately, to focus on the core strength of the company: identifying novel product candidates based on unexpected biological synergies. This restructuring will include a planned further reduction of the Company’s Cambridge workforce by approximately 30 employees, bringing the total workforce reduction to approximately 65%. These measures should allow the company to operate without additional equity financing for at least four more years.
“Our technology is uniquely capable of delivering important insights into how multiple drugs interacting with multiple targets affect the complex biology of human disease,” commented Alexis Borisy, President and CEO of CombinatoRx. “We have shown that our high throughput combination screening technology is a very effective tool for defining clinical candidates with novel properties, and that the effects observed in vitro have also demonstrated clinical results.”
Refocusing the CombinatoRx Business Model
Focusing efforts on core strengths
Identifying novel product candidates with unexpected biological synergies using our unique combination high throughput screening (cHTS) technology.
Securing valuable intellectual property rights on synergies of highly-targeted agents.
Discovering interesting new biology and mechanisms that can be accessed through new chemical entities (NCEs).
Remaining committed to our existing drug discovery collaborations in areas such as Duchenne Muscular Dystrophy, Cystic Fibrosis, Biodefense, etc.
Partnering at both the discovery and product development stage, as well as partnering existing product assets.
Current clinical and late preclinical product assets
Synavive™: analyses continue to suggest that Synavive may have commercial potential and we are engaged in multiple partnership conversations.
CRx-170: safety data from COMET-1 trial of Synavive reinforces potential value of CRx-170 in neuropathic/inflammatory pain.
CRx-401: an interim analysis on the first 50 subjects enrolled in the CRx-401 phase 2 clinical study in Type 2 diabetes indicates that the trial is unlikely to detect a treatment advantage of the CRx-401 combination of bezafibrate and diflunisal over bezafibrate alone. Enrollment in the trial is complete with approximately 110 subjects. A full analysis of the data, including genomic markers, will be available in 2009.
CRx-197: a phase 2a trial in subjects with plaque psoriasis is fully enrolled and should be completed by the end of the year with data available in Q1 2009.
CRx-191: has shown statistically significant combination vs. parts activity in a phase 2a clinical trial, and remains a candidate for potential out-licensing.
Multiple presentations of preclinical data for our B-cell malignancy programs at upcoming American Society of Hematology (ASH) annual meeting in December.
Financial Implications
Current cash reserves to fund operations without additional equity financing for at least four more years.
Approximately 55 employees will remain after the restructuring, focused primarily on research activities and partnering product assets.
Planning to consolidate Cambridge facility.
Ongoing operating cash burn reduced to between $5-10 million annually, providing financial viability and strategic flexibility.
Increasing 2008 restructuring charge to between $3.2 and $4.0 million, to be recognized in the fourth quarter of 2008. |
