-- Announce SBI-087 Phase 1 rheumatoid arthritis trial data by end of Q4 2009 (currently enrolling; conducted by Wyeth)
-- Initiate SBI-087 Phase 1 systemic lupus erythematosus trial by end of Q1 2009 (conducted by Wyeth)
"Concentrating our resources on our clinical stage product candidates, as well as our preclinical programs that we believe have the greatest potential for value creation, while streamlining operations will increase our financial flexibility by reducing ongoing operating expenses and decreasing the need for additional financing in the short term," said Peter Thompson, M.D., FACP, president, CEO and chairman of Trubion. "While this type of action is always very difficult, we believe these actions will provide us with the best opportunity for near-term success and establish a foundation for building long-term stockholder value. I would like to thank all Trubion employees for their ongoing dedication to our mission of becoming a leading provider of protein therapeutics for the treatment of autoimmune and inflammatory diseases and cancer."
Estimated charges of approximately $0.8 million will be recorded in the first quarter of 2009 in connection with one-time work-force reduction costs, including severance and other benefits. Trubion will continue to support the programs developed under its collaboration with Wyeth and all expenses incurred will continue to be reimbursed by Wyeth. Based on its current forecast, and excluding any proceeds from potential new partnerships or financings, the reductions announced today, in combination with targeted investments in preclinical and clinical programs, are expected to support the company's operations into the second half of 2010.
Trubion will announce financial results for the fourth quarter and year ended Dec. 31, 2008, on March 12, 2009, after market close.'/>"/>
|SOURCE Trubion Pharmaceuticals Inc.|
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