Following a comprehensive review of this program and taking into consideration the challenging financial market conditions, ImaRx's Board of Directors and management concluded that it is in the best interests of the Company and its shareholders to actively seek strategic alternatives for the funding and future development of its SonoLysis technology.
"Based on the encouraging results that were demonstrated in the first cohort of our TUCSON study, we believe that our SonoLysis technology remains an attractive development opportunity in ischemic stroke", stated Bradford A. Zakes. "We are actively evaluating options that will secure funding for the development of this technology while preserving the opportunity for our shareholders to realize significant value from our SonoLysis program."
Urokinase Business Update
Urokinase, the Company's first FDA-approved commercially available product is indicated for the treatment of acute massive pulmonary embolism. Formerly marketed as Abbokinase(R), the FDA approved ImaRx's request to market the product under a new trade name, Kinlytic. The Company acquired urokinase and all related assets, including an approximate four-year supply of inventory, from Abbott Laboratories (NYSE: ABT) in April 2006.
The Company commenced sales of urokinase in October 2006 and
experienced consistent hospital pull-through in 2007. In order to continue
selling product, the Company has maintained an ongoing stability testing
program to support extending the expiration dating of the urokinase
inventory. In October 2007, results from the stability testing program
successfully met all of the required specifica
|SOURCE ImaRx Therapeutics, Inc.|
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