>>CHARLESTOWN, Mass.--(BUSINESS WIRE)--May 8, 2002--BioTransplant (Nasdaq: BTRN - news) today announced a cost reduction program in order to advance the Company's product lines while streamlining operations and reducing overall costs.
This program includes a reduction in workforce and spending cuts impacting all segments of the Company.
"These cost reduction measures are expected to conserve the needed resources to continue developing BioTransplant's promising product lines," commented Dr. Elliot Lebowitz, CEO of BioTransplant.
With these spending adjustments, BioTransplant expects to have operating capital for approximately three to four fiscal quarters.
BioTransplant currently has the following clinical programs:
- Siplizumab
The Company's licensee, MedImmune, Inc., is conducting Phase
II clinical trials for siplizumab, a proprietary anti-T cell
monoclonal antibody for the treatment of psoriasis.
- Eligix(TM) HDM Cell Separation System
The Eligix System is a novel cell selection device for bone
marrow transplantations, with applications in cancer,
autoimmune diseases and transplantation. GAMBRO BCT is
currently marketing the Eligix System in Europe. BioTransplant
retains rights to North America and Japan and receives
milestone payments, licensing fees and shares revenues
elsewhere.
- AlloMune(TM) System
BioTransplant is conducting Phase I/II clinical trials with
the AlloMune System, which will combine siplizumab with the
HDM cell separation device to address the current problems of
transplantation. The Company recently announced that a kidney
transplant patient in a BioTransplant and Massachusetts
General Hospital study is nearing the four-year milestone
without immune suppressive drugs.<<
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I guess I prefer this to dilution at these prices. I wonder how the market will react given the vagueness here, and how soon we'll get details. Maybe the market already has reacted. Volume seems relatively low right now.
Cheers, Tuck |
