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Biotech / Medical : Biotech Restructurings

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From: tnsaf	7/7/2008 11:20:20 AM
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Sunday, July 6, 2008 Introgen cuts 29% of jobs as it moves to market cancer therapy Austin Business Journal Introgen Therapeutics Inc. is reducing its development staff to focus on regulatory review and commercial activities. The pharmaceutical company that is working on cancer therapies plans to cut 20 of its 70 employees. The jobs eliminated are mainly associated with Advexin development and regulatory submission programs that have been recently completed. Some of the about 50 remaining Introgen employees and some new employees are expected to join Introgen's manufacturing unit, Introgen Technical Services Inc. On June 30 the Austin-based company -- which has most of its staff and operations in Houston and only its executive team in Austin -- announced that it applied with the U.S. Food and Drug Administration to market its newest cancer drug. The move was seen as a milestone for a company that has spent more than a decade in the drug development phase. Introgen (NASDAQ: INGN) applied for priority review of its Advexin p53 treatment. If the drug is approved for priority review, the FDA will have six months from the submission date to decide. Advexin p53 is designed to treat recurrent head and neck cancer. By harnessing the body's natural tumor-suppression mechanisms, the treatment fights cancer without some of the toxicities associated with conventional cancer treatments. Gendux Molecular Ltd., a subsidiary of Introgen, has also applied for approval from the European Medicines Evaluation Agency. The FDA submission is based on positive phase II and III clinical trials involving patients with recurrent, end-stage squamous cell carcinoma of the head and neck.

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