- Plan Includes Shut Down of Discovery Operations and Expansion of Business
Development Activities -
LA JOLLA, Calif., Sept. 25 /PRNewswire/ -- TorreyPines Therapeutics, Inc. (Nasdaq: TPTX) today announced that it will transition from a discovery and development company to a development-only company, focusing on its three clinical development programs. As a result, TorreyPines will streamline operations through the shut down of its discovery operations, and seek to monetize non-core assets through the expansion of its business development efforts. On September 30, 2008, the company will reduce its work force by approximately 50 percent, primarily in the area of discovery. As a result of this restructuring the company expects to decrease its spending going forward. The company will retain 13 employees supporting preclinical, clinical, business development, and administrative activities.
TorreyPines' 2008 strategic plan, as presented in February 2008, is intended to maximize the value of the company's clinical stage product candidates: tezampanel, NGX426 and NGX267. By year end 2008 TorreyPines Therapeutics will:
-- Conduct an end-of-Phase II meeting with the U.S. Food and Drug Administration (FDA) to discuss the Phase III program for tezampanel in acute migraine headache. The end-of-Phase II meeting with the FDA is scheduled for September 29th. As reported in October 2007, tezampanel, an AMPA/kainate receptor antagonist, met its primary endpoint of headache pain relief in a double-blind, placebo-controlled Phase IIb trial in 306 patients with acute migraine headache. This trial marked the sixth clinical study demonstrating tezampanel's effectiveness in the treatment of chronic pain.
|SOURCE TorreyPines Therapeutics, Inc.|
Copyright©2008 PR Newswire.
All rights reserved