SCHERING-PLOUGH HALTS TWO ACRUX PROGRAMS
August 17th 2008 05:33
Friday August 15, 2008
Daily news on ASX-listed biotechnology companies
* ASX EVEN, BIOTECHS UP: IMPEDIMED UP 14%, LABTECH DOWN 17.5%
* SCHERING-PLOUGH HALTS TWO ACRUX PROGRAMS
* IDT PROFIT UP 30% TO $7.1m ON REVENUE UP 18%
* AVANT QUITS SELECT VACCINES
* GIACONDA’S $40m INVESTOR GRANTED EXTENSION
* GENERA APPOINTS WILLIAM TAPP, DAVID SYMONS DIRECTORS
* PACKER & CO (LUDWIG) TAKES 17% OF CIRCADIAN
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ACRUX
Acrux says Schering-Plough has stopped two collaborations originally signed with Akzo Nobel’s Organon (see Biotech Daily; March 1, 2007).
Acrux said that Schering Plough had acquired Organon in November 2007 and despite “the successful and timely delivery of formulations by Acrux” decided not to proceed with two early-stage product development collaborations.
Acrux chief executive officer Dr Richard Treagus told Biotech Daily that Schering-Plough conducted a portfolio review and re-prioritization of research and development after its acquisition of Organon and despite Acrux developing the formulation of two Organon products as transdermal metered dose sprays in January 2008, the programs had been axed by the new management.
No one from Schering-Plough was available to comment.
The collaborations used Acrux technology for two undisclosed Organon products, one a contraceptive drug and the other a “non-contraceptive women’s health” compound.
Acrux received a $1 million up-front fee from the deal, but no further milestone payments.
Dr Treagus said the work done was “not a major expenditure, but it is always disappointing to lose a partner”.
“We have a broad pipeline and an array of partners,” Dr Treagus said.
“We are looking for a new partner in the contraceptive area and pursuing [development of] Nestorone, a fourth generation progesterone drug which is not effective orally,” he said.
In a media release to the ASX, Dr Treagus said two clinical trials of Nestorone and estrogen combination sprays were fully recruited and due to report results in the second half of 2008.
“We will now seek new partners to bring these and other contraceptive formulations to women in this $US7 billion market,” he said.
Acrux said the incremental costs incurred in the Organon collaboration were “immaterial” and the announcement had “no impact on Acrux’s funding”.
Acrux fell 7.5 cents or 5.88 percent to $1.20.
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