>>BURLINGAME, Calif., Jan. 15 /PRNewswire-FirstCall/ -- Valentis, Inc. (Nasdaq: VLTS - news) today announced that it will significantly reduce its preclinical product development efforts and suspend its clinical programs in oncology to lower its anticipated cash burn rate from approximately $9 million per quarter to approximately $5 million per quarter over the next six months. As part of the reorganization, the company expects to close its research facility in The Woodlands, Texas by mid-2002.
Valentis will focus its efforts on clinical development of its del-1 GeneMedicine(TM) product for peripheral arterial disease and ischemic heart disease. The company's remaining preclinical discovery efforts will be focused on the development of its proprietary GeneSwitch® system and OptiPEG(TM) technologies. Together, these programs provide Valentis three broad technology platforms from which it can develop novel products.
As part of the restructuring, up to 45 jobs will be eliminated. In addition, two senior executives, Dr. Alain Rolland, Sr. Vice President Preclinical Research & Development and head of The Woodlands center, and Bennet Weintraub, Chief Financial Officer and Vice President Finance, will be leaving the company after their responsibilities under the restructuring have been completed.<<
snip
Cheers, Tuck |
