Strativa Pharmaceuticals, a Division of Par Pharmaceutical, Announces the Discontinuation of the Development Program for Pa...( WOODCLIFF LAKE N.J. Feb. 25 /- St...)

WOODCLIFF LAKE, N.J., Feb. 25 /PRNewswire-FirstCall/ -- Strativa Pharmaceuticals, the proprietary products division of a wholly owned subsidiary of Par Pharmaceutical Companies, Inc. (NYSE: PRX) today announced that its development partner, Immtech Pharmaceuticals, Inc. (Amex: IMM) has chosen to discontinue the development program for pafuramidine maleate, an investigative therapy.

On February 22, 2008, Immtech announced that it had received additional reports of adverse events related to abnormal kidney function that resulted in hospitalization of several volunteers from the ongoing safety study. These events occurred more than 60 days after subjects received pafuramidine. Kidney biopsy results have been interpreted as being consistent with drug- induced hypersensitivity and inflammation. The affected safety study volunteers are receiving full follow-up monitoring and medical care.

After receiving recommendations from the Data Safety Monitoring Board, the Steering Committee for the pneumocystis pneumonia (PCP) study and others, and in consultation with the US Food and Drug Administration (FDA) and Immtech's licensing partners, including Strativa, Immtech has chosen to discontinue the development program for pafuramidine.

Previously, Strativa had acquired commercialization rights in the U.S. to the Phase III oral drug candidate for the treatment of PCP in AIDS patients for $3 million, which was incurred as Research & Development (R&D) expense in 2007. In light of Immtech's discontinuation of the paf
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