Navigation Links
Genaera Corporation Implements Cash Conservation Plan
Date:3/30/2009

PLYMOUTH MEETING, Pa., March 30 /PRNewswire-FirstCall/ -- Genaera Corporation (Nasdaq: GENR) today announced that it will implement a plan to conserve existing cash resources in order to maintain the ability to pursue business development strategies for trodusquemine (MSI-1436), the first-in-class, highly selective inhibitor of PTP1B and Genaera's lead drug candidate for the treatment of type 2 diabetes and obesity, and explore strategic alternatives. The Company will also actively seek ways to monetize the anti-IL9 antibody (MEDI-528) and pexiganan programs.

The plan will reduce operating expenditures leaving cash resources available for strategic deployment and result in an approximate 80 percent reduction in headcount by May 1, 2009.

"We believe it is prudent to take all appropriate measures to conserve existing capital while weighing our options going forward," commented Jack Armstrong, President and Chief Executive Officer of Genaera.

Genaera estimates that it will incur restructuring charges of approximately $1.3 million in the second quarter of 2009 associated with the reduction in force. As of December 31, 2008, Genaera had cash, cash equivalents and short-term investments of approximately $8.1 million.

About Genaera

Genaera Corporation is developing trodusquemine (MSI-1436), for type 2 diabetes and obesity currently in phase 1 clinical testing and has a fully out-licensed partnership with MedImmune, Inc. that is in phase 2 clinical testing in asthma. For further information, please see our website at www.genaera.com.

This announcement contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties, known and unknown. Forward-looking statements reflect management's current views and are based on certain expectations and assumptions. You may identify some of these forward-looking statements by the use of words in the statements such as "anticipate," "believe," "continue," "develop," "expect," "plan" and "potential" or other words of similar meaning. Genaera's actual results and performance could differ materially from those currently anticipated and expressed in these and other forward-looking statements as a result of a number of risk factors, including, but not limited to the risks and uncertainties discussed in Genaera's filings with the U.S. Securities and Exchange Commission, all of which are available from the Commission in its EDGAR database at www.sec.gov as well as from other sources. You are encouraged to read these reports. Given the uncertainties affecting development stage pharmaceutical companies, you are cautioned not to place undue reliance on any such forward-looking statements, any of which may turn out to be wrong due to inaccurate assumptions, unknown risks, uncertainties or other factors. Genaera does not intend (and it is not obligated) to publicly update, revise or correct these forward-looking statements or the risk factors that may relate thereto.


'/>"/>
SOURCE Genaera Corporation
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Genaera Corporation Receives Audit Opinion Containing Going Concern Explanatory Paragraph
2. Genaera Corporation Announces 2008 Financial Results
3. Genaera to Present at BIO CEO & Investor Conference
4. Genaera to Participate in Obesity Panel at RBC Capital Markets Healthcare Conference
5. Genaera to Present at Therapeutic Area Partnerships 2008
6. Genaera Receives Non-Compliance Notice From NASDAQ
7. Genaera Corporations 2008 Annual Stockholder Meeting Results
8. Xmark Comments on Genaera Cost-Saving Plan
9. Genaera Corporation Receives Audit Opinion Containing Going Concern Explanatory Paragraph
10. Genaera Corporation Announces Licensing of Exclusive Rights to Pexiganan, a Novel Anti-Infective Drug Candidate, by Macrochem Corporation
11. Genaera Announces Formation of Scientific Advisory Board for Obesity Drug Candidate Trodusquemine (MSI-1436)
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/27/2016)... , ... May 27, 2016 , ... ... to help educate the many who are unaware of the plight of aphasia. ... will run within the “Stroke Awareness” campaign. , The link between stroke and ...
(Date:5/27/2016)... , ... May 27, 2016 , ... ... scholarships to students studying complementary medicine. Allison Outerbridge is this year’s Life ... award on May 18 at the university’s Student Leadership Awards ceremony. , Outerbridge ...
(Date:5/26/2016)... New Hampshire (PRWEB) , ... May 26, 2016 , ... ... skin care products, has been honored with a 2016 When Work Works Award for ... prestigious award, part of the national When Work Works project administered by the Families ...
(Date:5/26/2016)... ... ... Connor Sports, through its Connor Cares initiative, will continue to expand ... Tour that will commemorate the Indiana Fever legend’s hall-of-fame career and final WNBA ... levels of the game, Connor Sports has committed to a significantly increased focus on ...
(Date:5/26/2016)... , ... May 26, 2016 , ... There are nearly ... than 32 million cancer survivors worldwide. On Sunday, June 5, 2016, communities around the ... National Cancer Survivors Day®. , National Cancer Survivors Day® is an annual worldwide ...
Breaking Medicine News(10 mins):
(Date:5/25/2016)... , May 25, 2016 According ... Share, Development, Growth and Demand Forecast to 2022 - ... Pump and Others)" published by P&S Market Research, the ... million in 2015, and it is expected to grow ... type, the insulin pump segment is expected to witness ...
(Date:5/25/2016)... SOUTHLAKE, Texas , May 25, 2016 /PRNewswire/ ... today the issuance to it by the US ...  9,218,608. The company,s technology includes proprietary processes for ... claims for health and wellness programs, HIPAA compliance ... "Our ...
(Date:5/25/2016)... ReportsnReports.com adds "Chronic Cough ... provides an overview on therapeutic pipeline of Chronic ... therapeutics assessment by drug target, mechanism of action ... along with latest updates, and featured news and ... in the therapeutic development for Chronic Cough and ...
Breaking Medicine Technology: